teknolojiarsivi.com
teknolojiarsivi.com May 27, 2018


Punjab National Bank Hits Near $2 Billion Quarterly Loss

15 May 2018, 10:26 | Rose Hansen

Billionaire jeweller Nirav Modi is at the centre of the over $2 billion PNB fraud

Billionaire jeweller Nirav Modi is at the centre of the over $2 billion PNB fraud

The chargesheet details the alleged role of Ananthasubramanian, and several other bank officials, including two executive directors of PNB - KV Brahmaji Rao and Sanjiv Sharan.

Rajiv Kumar, Secretary, Dept Financial Services (DFS) told media-persons, "PNB board meeting is underway, they will announce the action taken after the meeting".

The board of Allahabad Bank, which met on Tuesday, chose to strip the the function of its chief executive officer and managing director Usha AnanthaSubramanian, the bank informed the exchanges.

Ananthasubramanian, who is now the MD and CEO of Allahabad Bank, Executive Directors of Punjab National Bank K V Brahmaji Rao and Sanjiv Sharan, and General Manager (International Banking) Nehal Ahad are four senior bank executives who have been charge-sheeted by the agency.

Following its probe, CBI will on Monday file a charge sheet in a court naming people who have allegedly violated Indian law by their involvement in the bank fraud, a police source said.

The Delhi-based lender's earnings came under pressure after it made provisions for the Rs12,636 crore Nirav Modi scam-related payouts to other banks. The CBI recently questioned Ananthasubramanian in connection with the scam.


PNB has cleared dues of Rs 65.9 billion to foreign branches of Indian banks to which it had issued these LoUs.

"As on 31 March 2018, 28 accounts were falling under the purview of this framework for which bank has made provision of Rs 31.2 billion", PNB said.

When asked about action against two MDs named in the FIR related to loans given to Aircel by IDBI Bank, he said, "I would like to make it clear that you can not take action only on hearsay". Chartered Accountant Subhash Kumar Rambia has also been charged with not mentioning loans of Rs 1,700 crore taken by each of the three accused companies in their books, it said. Before PNB filed the complaint with the CBI, both Modi and Choksi had left the country.

The CBI filed its first charge sheet on the scam in which diamond trader Nirav Modi is accused of defrauding the bank through fake letters of undertaking.

Three FIRs have been filed by CBI in this particular case against Nirav Modi, Mehul Choksi and also against Modi's company Firestar Diamonds between January and March. She was the managing director of PNB till May 5 previous year.

Allahabad Bank stocks fell 3.39 per cent, while PNB stocks declined before making a comeback and closed with a near flat rise of half a per cent. "Reconciliation of SWIFT (Society for Worldwide Inter-Bank Financial Telecommunication) messaging system CBS was not done despite repeated caution notices of the RBI", a CBI official said.



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