Govt begins action against Allahabad Bank chief, 2 PNB directors for removal

Govt begins action against Allahabad Bank chief, 2 PNB directors for removal

A second charge sheet involving Nirav Modi's uncle Mehul Choksi of Gitanjali Gems will be submitted this week, the public prosecutor said during the submission of the first charge sheet.

A similar fraud was detected in 2016, in which funds under the garb of LoUs were transferred in favour of a Hong-Kong-based company, purportedly issued by the Chandigarh branch of a nationalised bank to overseas branches of two other nationalised banks, including PNB.

Authorities have arrested at least 20 people and a court has issued non-bailable warrants against accused jewellers Nirav Modi and his uncle Mehul Choksi. This to deter the prospects of the accused seeking bail on the ground that the probe agency failed to file its chargesheet against them in the stipulated period of 90 days as mandated under the Code of Criminal Procedure (CrPC), sources told The Indian Express. 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. They did not record the details on SWIFT interbank messaging system or PNB's own networks and handed demand drafts to Nirav and his firms.

Non-interest income or other income is projected to decline by to Rs 2,367.3 crore from Rs 3,102.80 crore, as per the same Reuters estimates.

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Ananthasubramanian was the managing director and chief executive officer of PNB from 2015 to 2017 and was questioned recently by the CBI in connection with the case.

The department will not spare anyone involved in corruption and lapses, irrespective of his or her position and will take speedy action against them while honest officers have nothing to fear about, he said, adding the government would solidly stand behind honest officers. According to the chargesheet, the reconciliation of SWIFT system and Core Banking System, which enables inter-connectivity between branches and real-time updation of transactions, was not done despite reminders by the RBI.

Venkatachalam does not agree with the view that RBI was misled by PNB officials on the possible misuse of LoU.

On February 27, soon after Rs 13,700-crore fraud came to light, Ananthasubramanian was grilled by the CBI. Vipul Ambani, CFO of Firestar International, the flagship of Nirav Modi's global business, was allegedly aware of the illegalities and kept all the related documents with him. "Agencies have filed chargesheets against bank management teams, there should not be any integrity issues in PSBs", Kumar said.

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