CBI files first charge sheet in PNB Fraud case

The Correspondent Bureau

The April Edition of The Correspondent Magazine carried out the names of willful defaulters who have taken over more than  Rs 60,000 crore from the Indian Banks, but still, haven’t faced the heat of Indian judiciary. And today, The CBI has finally filed its first charge sheet in the country’s largest financial scam worth over USD 2 billion in Punjab National Bank by billionaire jeweller Nirav Modi, detailing the alleged role of the bank’s former chief Usha Ananthasubramanian, who is now Allahabad BankNSE -3.39 % CEO and MD.

The charge sheet, filed in a special court in Mumbai, also names several other top officials of the bank. The agency has also named PNB executive directors K V Brahmaji Rao and Sanjiv Sharan, and general manager (international operations) Nehal Ahad in its charge sheet.

The agency has detailed the roles of Nirav Modi, his brother Nishal Modi and Subhash Parab, an executive in Nirav Modi’s company.

The charge sheet basically deals with the first FIR registered in the case relating to the fraudulent issuance over Rs 6,000 crore of letters of undertaking to Diamond R US, Solar Exports and Stellar Diamonds.

The agency has not given in detail the role of Mehul Choksi in the present charge sheet. It is likely to come up when the CBI files supplementary charge sheet in the case related to the probe of the Gitanjali group.

The CBI has registered three separate FIRs in connection with the alleged fraud in the public sector bank by the companies of the nephew-uncle duo of Modi and Choksi. Both Modi and Choksi had left the country before PNB filed the complaint with the CBI.


Read More about the Wilful Defaulters involved in The Great Bank Robbery




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