Nirav Modi fraud cost Rs 14357 crore, says PNB

"We have initiated the removal of 3 board level officers, 2 ED officers of Punjab National Bank and 1 MD of Allahabad Bank", DSF secretary Rajiv Kumar said. "Usha Ananthasubramanian, who was the managing director of PNB from 2015 to 2017, has been named because she and some other senior officials did not implement the RBI's circular and a caution notice regarding measures to safeguard transactions".

One of the sources said K.V. Brahmaji Rao and Sanjiv Sharan, both executive directors at PNB, were also named, marking the first batch of formal charges to be filed in the $2 billion fraud case. The charge sheet has been filed under sections of cheating and conspiracy of the Indian Penal Code and relevant sections of the Prevention of Corruption Act, 1988.

"The (PNB) board has chose to divest EDs of the functional and financial responsibilities and have also requested the government to replace them", Kumar said, adding the government is committed to taking strict action against erring officials. She was the CEO and MD of PNB in 2016 when the fraud allegedly took place.

Rs 7579 crore in gross NPA addition was due to the Nirav Modi fraud; Rs 10,237 crore was due to RBI's new stressed asset circular.

The Reserve Bank of India had sent a questionnaire to the officials seeking to know the status of LoU issuing process in their bank which was responded to by Ahad in concurrence with his seniors including Ananthasubramanian in which he had stated that all was well in the bank, they said.

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"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.

"The moment I have definitive information either from the regulation side, supervision side or investigation side, the government will not hesitate in taking action to protect people's trust in the banking system", he said.

The officials said supplementary charge sheets will have information from foreign governments, shell companies, foreign banks, and detail the role of officials posted in foreign branches of Indian banks which issued credits to Modi's firms on the basis of PNB LoUs etc.

India's Punjab National Bank (PNB) is all set to announce its fourth quarter results today.

It is alleged that Modi and Choksi, in connivance with the then PNB deputy manager Gokulnath Shetty, transgressed banking procedures and fraudulently caused PNB "wrongful" loss. We had questioned some PNB Officials some days back over PNB fraud, SWIFT Issue. At NSE, shares of the company dived 6.10 per cent to close at Rs 83.85.


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