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CBI set to charge PNB ex-MD in Nirav Modi scam today

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MUMBAI: The CBI will submit a chargesheet against Allahabad Bank CEO & MD Usha Ananthasubramanian and several others on Monday in the over Rs 13,000 crore PNB scam allegedly perpetrated by businessman Nirav Modi. Ananthasubramanian was the MD and CEO of PNB in 2016.

The new names included in the chargesheet are of PNB executive directors Brahmaji Rao and Sanji Saran, and general manager Nehal Ahad. Sources said these officials had not complied with circulars issued by the RBI on the SWIFT control system in 2016. All of them have been questioned by the CBI in this case.

Some of the names that have been excluded are Ami Modi, wife of Nirav, his brother Nishal Modi and uncle Mehul Choksi. The CBI will file a supplementary chargesheet later with more details.

A separate chargesheet in the second case involving Mehul Choksi will be filed by May 18, where he will be named. It is alleged that Modi, Mehul Choksi, all partners of Diamond R US, Solar Exports, Stellar Diamonds in conspiracy with Gokulnath Shetty, then PNB deputy manager, and others had caused the bank “wrongful” loss through “fraudulent” transactions without following prescribed procedures for approval.

The CBI alleged that Shetty, while being posted in the forex department at PNB’s Brady House branch in Mumbai, fraudulently issued letters of undertakings (LoUs) for the Modi and Choksi groups in favour of overseas banks without following procedure.

The CBI has registered two separate FIRs in the fraud and most of the accused in both the cases are common names. The first FIR is against Modi, Ami, Nishal and uncle Choksi along with some others. The second FIR focuses on Choksi, Gitanjali Gems and others.

So far, 19 people have collectively been arrested in the case Modi and Choksi are absconding. All of them will be named in the chargesheet.

Updated: May 13, 2018 — 9:38 pm

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