The Central Bureau of Investigation (CBI) filed its first charge sheet on Monday against the former Managing Director and Chief executive of Punjab National Bank (PNB), Usha Ananthasubramaniam and several others for the alleged nearly $ 2bn PNB scam by businessman Nirav Modi.
Anathasubramaniam is the current MD and CEO of Allahabad Bank. He served PNB from 2015-2017.
Other names in the charge sheet include PNB executive directors Sanji Saran and Brahmaji Rao, General Manager- Nehal Ahad.
It has been revealed that these officials did not follow circulars issued by the central bank on the SWIFT control system in 2016. Regarding the case, All of them are questioned by the CBI.
It is alleged that Nirav Modi, and his uncle Mehul Choksi, all partners of Diamond R US, Solar Exports, Stellar Diamonds in conspiracy with Gokulnath Shetty, then PNB manager, and others had caused the bank ‘loss’ through fraudulent transactions without following prescribed measures.
CBI has alleged that Shetty, while being posted in the forex department at PNB’ Brady House branch in Mumbai, fraudulently issued letters of undertakings for the Modi and Choksi groups in favor of overseas banks without the following procedure.
The CBI has detailed the roles of Modi, Nishal Modi (his brother) and Subhash Parab, an executive in Nirav Modi’s company. Officials said.
The agency has registered multiple FIRs in the fraud and most of the accused in the cases are common names such as Modi, Ami (his wife) and Choksi.
Both Modi and Choksi had left the country before PNB filed the complaint with CBI.
So far, 19 people have been arrested in the case.