PNB scam: CBI to file chargesheet against several senior bankers

Nirav Modi

PNB scam: CBI files its first charge-sheet

According to the CBI, Nirav Modi, who left the country in January, his brother Nishal Modi and Subash Parab, an executive in Modi's firms, allegedly conspired for issuance of fraudulent Letters of Undertaking.

Kumar also said that the Allahabad Bank will call a board meeting and then decide to divest the power of its Managing Director named in Central Bureau of Investigation (CBI) charge sheet.

So far, 19 people have been arrested in the case. Following this, it is also to be noted that the accused would not be able to sought for bail. Ananthasubramanian was PNB's chief executive during August 2015-May 2017.

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Meanwhile, two separate applications have also been filed with the police for registration of treason case against Nawaz Sharif. He added: Even if the statement (of Sharif) is taken as a big news by India, it is not a compelling evidence.

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.

NII or Net interest income (difference between interest earned and expended) is likely to rise by seven percent to Rs 3,939.7 crore, said the Reuters poll projections, as against Rs 3,683.5 crore in the same quarter a year ago. The agency will file supplementary charge sheets for the remaining amount in which it will detail the role of other accused such as Mehul Choksi, his companies, and Nirav Modi's wife Ami Modi, they said.

This is the first charge sheet that has been filed against the absconding jeweller since the CBI and ED registered cases against him. "Similarly, the degree of due diligence addressed by a top banker would be best understood by the banking regulator", they said. She was head of the core management team constituted by the Ministry of Finance for coordinating the process of formation of a women-centric bank.

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Venkatachalam does not agree with the view that RBI was misled by PNB officials on the possible misuse of LoU. But now that is slowing down, partly because of a fear of taking decisions and partly because of lending curbs imposed by the RBI on 11 of India's 21 PSU banks because of mounting bad loans. Internal auditors Mohinder Sharma and Bishnubrata Mishra sat in the same room with Shetty, but did not point out the system failures or illegalities and chartered accountants did not raise red flags over unsecured loans.

The CBI has severely indicted Ananthasubramanian in its chargesheet.

The agency has not given in detail the role of Mehul Choksi in the present chargesheet.

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The victim's family has appealed to the SC to enhance the three year jail time given by the lower court. In 2007, the Supreme Court had stayed Sidhu's conviction and had granted him bail.

Arrested Nirav Modi-owned Firestar officials include Hemant Bhat, Vipul Ambani, Manish Bosamiya, Miten Pandiya, and Sanjay Rambhiya.

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