Friday, 17 August, 2018

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

CBI names ex-PNB CEO Usha Ananthasubramanian in Nirav Modi case CBI names ex-PNB CEO Usha Ananthasubramanian in Nirav Modi case
Russell Knight | 15 May, 2018, 13:24

The voluminous chargesheet names 25 accused including Usha Ananthasubramanian, MD & CEO of Allahabad Bank, two Executive Directors of PNB, Brahmaji Rao and Sanjeev Saran and its General Manager Nehal Ahad and Modi's three firms - Stellar Diamonds, Solar Exports and Diamond R' US.

The CBI has chargesheeted Ananthasubramanian and 21 others, including 11 bank officials in connection with the fraud in PNB allegedly masterminded by diamantire Nirav Modi and his uncle Mehul Choksi.

The finance ministry has also asked the PNB board to divest two executive directors of all powers, financial services secretary Rajiv Kumar told reporters. He also informed that the board meeting of PNB was on and the ministry was waiting for its resolution.

Chargesheet against absconding accused Nirav Modi, former MD and CEO of PNB Usha Ananthasubramanian and several others in the over Rs 13,000 crore PNB scam.

"On Monday, the PNB held a board meeting and chose to remove the two executive directors, requesting the government to replace them", Rajiv Kumar, financial services secretary, told reporters on Monday. Kumar said there is a set process for removal and dismissal of directors from the board of banks and that has been initiated.

He also added that they have initiated the removal of three board level officers, two ED officers of PNB and one Managing Director of Allahabad Bank.

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He said the whole system at PNB has failed and the top management has to take responsibility given the magnitude of the fraud.

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

It has been revealed that these officials did not follow circulars issued by the central bank on the SWIFT control system in 2016. So this is a clear message that we have to be responsible for what we do. "They misinterpreted the directives", a CBI officer said. The latest round of measures were taken with respect to the bank's capital-to-risk weighted assets ratio and leverage ratio position, Allahabad Bank said. "They are responsible person and it's only a few who are into this kind of thing otherwise by and large bankers have contributed to the economic growth of the country".

On a related note, the CBI today submitted a charge-sheet in a Special CBI Court in Maharashtra's Mumbai city in connection with the multi-crore scam.

The ED had registered the money laundering case against Nirav and others on the basis of a CBI FIR.

"At most a case could be made out for the MD and directors not observing sufficient due diligence in detecting the fraud", the director of a Delhi-based state-run bank said.

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