PNB-Nirav Modi fraud case: CBI files charge sheet; names ex-chief, senior officials of bank

The CBI on Monday filed its first charge sheet in the country’s largest financial scam worth over $2 billion in the Punjab National Bank (PNB) by billionaire jeweller Nirav Modi, detailing the alleged role of the bank’s former chief Usha Ananthasubramanian, who is now the Allahabad Bank CEO and MD, officials said.

The charge sheet, filed in a special court in Mumbai, also named PNB executive directors K.V. Brahmaji Rao and Sanjiv Sharan, and general manager (international operations) Nehal Ahad.

Ms. Ananthasubramanian was the MD and CEO of PNB from 2015 to 2017 and was questioned recently by the CBI in connection with the case.

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

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

No details of Mehul Choksi in charge sheet

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

The CBI registered three FIRs in connection with the alleged fraud in the bank by the companies of the nephew-uncle duo of Modi and Choksi.

Both left the country before the PNB filed a complaint with the CBI.

Source by thehindu