CBI names ex-PNB CEO Usha Ananthasubramanian in Nirav Modi case

Nirav Modi

Usha Ananthasubramaniam, who was the MD and the CEO of the PNB bank is also expected to be included in the charge sheet.

Ananthasubramanian was the managing director at PNB between 2015 and 2017, before she was appointed as head in Allahabad Bank.

"In 2016, a fraud of a similar nature was detected where the accused persons in criminal conspiracy with the branch officials siphoned off the bank funds under the garb of letter of comfort in favour of a Hong Kong-based company purportedly issued by the Chandigarh branch of a nationalised bank to the oversea branches of two other nationalised banks including PNB".

The Reserve Bank of India, meanwhile, asked Allahabad Bank, which is already under the prompt corrective action mechanism, to restrict expansion of risk-weighted average and reduce exposure to un-rated and high-risk advances, the filing said. However, sources said the Allahabad Bank board is likely to meet in a day or two.

The officials said Nirav Modi and Nishal were beneficiaries of the fraud, authorised signatories, and in the know of the whole scam.

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The federal government owns controlling stakes in state-run lenders including Allahabad Bank and PNB. Disciplinary actions were initiated under Section 8 of Bank Nationalisation Act and we will take strong action if wrongdoing is found against management of banks.

Nirav Modi along with his uncle has been named in the huge scam, which PNB disclosed in February leading to a massive turmoil in the banking system of the country. He also informed that the board meeting of PNB was on and the ministry was waiting for its resolution. "We issued notices and sought explantation 10 days back from top officials of these banks", he said.

Kumar said there is a set process for the removal and dismissal of directors from the board of a bank. The chargesheet pertains to the CBI's first FIR, which detected a scam of Rs 6.280 crore.

Its total provision jumped more than thrice to Rs 4873 crore although the bank did not specify how much of it was for coverage of these fraud cases. The finance ministry's directive to government nominees is seen as a move to prod the three senior bankers to put in their papers as their continuation without any work will create pressure on them.

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