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CBI names three more as accused

Tuesday, May 15, 2018
By Bhavna Uchil

PNB fraud case

CEO of Allahabad Bank, who was earlier with PNB, in the net

In its chargesheet filed before a special CBI court in the city yesterday, the agency has named three new persons among the 25 accused in the multi-crore Punjab National Bank fraud case. Among them is Usha Ananthasubramaniam, presently Managing Director and CEO of Allahabad Bank.

Anathasubramanaiam was earlier with PNB as MD and CEO. The 57-year-old has been ranked by Fortune India as the 19th most Powerful Women in Business.

The other two persons named newly as accused by the agency are K V Bhramaji Rao, former executive director at PNB, and Sanjiv Sharan, also a former executive director at the bank.

Among the 25 named as accused, three are firms of the prime accused Nirav Modi and his brother and co-accused Nishal Modi. They include Diamonds  R Us, Stellar Diamonds and Solar Exports.

The agency has charged the accused for the offences of criminal conspiracy, criminal breach of trust by public servant or banker, etc, and cheating under the IPC and under the Prevention of Corruption  Act for the offence of public servant committing criminal misconduct.

Seven employees of  the three firms have also been named as accused in the chargesheet. One chartered accountant has been named as accused. Among the PNB officials named in the chargesheet apart from Usha Ananthasubramaniam, Bhramaji Rao and Sanjiv Sharan are two general managers: Nehal Ahad and Rajesh Jandial, General Manager, Bechu Tiwari, chief manager, Yashwant Joshi, manager, Gokulnath Shetty, then deputy manager, Praful Sawant, officer, two internal chief auditors: Mohinder Sharma and Bishnubrat Mishra and Manoj Kharat, Single Window Operator.

The case related to fraudulent letters of undertaking worth Rs. 11,600 crore issued by PNB to firms of Nirav Modi, Nishal Modi, Ami Modi and Mehul Choksi, which made it liable for the amount.

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