PNB Scam: CBI Files Two Charge Sheets Against Nirav Modi, Others

The CBI has detailed the alleged role of PNB’s former chief Usha Ananthasubramanian, who is now Allahabad Bank CEO.

Absconding diamantaire Nirav Modi.

(Photo: The Quint)

The Central Bureau of Investigation (CBI) on Wednesday, 16 May, filed a second charge sheet in Mumbai's Special CBI Court in the Punjab National Bank Scam case, where it named Mehul Choksi, uncle and partner of main accused Nirav Modi, as 'wanted.’

According to ANI, the 12,000-page charge sheet was filed under Sections 409, 420, 120B of the Indian Penal Code (IPC).

The CBI had earlier filed its first charge sheet in the country's largest financial scam worth over Rs 13,400 crore in the Punjab National Bank by billionaire jeweller Nirav Modi, detailing the alleged role of the bank's former chief Usha Ananthasubramanian, who is now Allahabad Bank CEO and MD, officials said.

The charge sheet, filed in a special court in Mumbai, also names several other top officials of the bank.

Ananthasubramanian was the MD and CEO of PNB from 2015 to 2017 – and was questioned recently by the CBI in connection with the case.

The agency has also named PNB executive directors KV Brahmaji Rao and Sanjiv Sharan, and general manager (international operations) Nehal Ahad in its chargesheet, reported PTI.

The agency has detailed the roles of Nirav Modi, his brother Nishal Modi and Subhash Parab, an executive in Nirav Modi's company, officials said.

According to CBI sources, cited by ANI, three companies and 22 individuals, including Nirav Modi and his brother Nishal Modi, have been named in the chargesheet, filed under Section 120B, and read with Sections 409 and 420 of the IPC and the relevant provisions of the Prevention of Corruption Act.

The 12 bank officials in the chargesheet include the then Brady House branch deputy manager Gokulnath Shetty, single-window operator Manoj Kharat, chief manager Bechhu Tiwari, manager Yashwant Joshi, officer Praful Sawant and others.

CBI sources, as quoted by ANI

CBI Doesn’t Detail Mehul Choksi’s Role

The chargesheet deals with the first FIR registered in the case relating to the fraudulent issuance of over Rs 6,000 crores worth of Letters of Undertaking to Diamond R US, Solar Exports and Stellar Diamonds.

The agency has not given in detail the role of Mehul Choksi in the present chargesheet. It is likely to come up when the CBI files supplementary chargesheets in the case related to the probe of the Gitanjali group.

The CBI has registered three separate FIRs in connection with the alleged fraud in the public sector bank by the companies of the nephew-uncle duo of Modi and Choksi. Both Modi and Choksi had left the country before PNB filed the complaint with the CBI.

Finance Ministry Asks Allahabad Bank Board to Take Away All Powers of its CEO

Hours after the CBI filed its first chargesheet in the PNB scam, the government cracked the whip as it asked the board of Allahabad Bank to take away all the powers of its CEO and MD Usha Ananthasubramanian.

The board of PNB too has been asked to divest two executive directors of all powers, Rajiv Kumar, secretary, Department of Financial Services (DFS) said.

Kumar further said a show cause notice was issued to them about 10 days back by the ministry, reported PTI.

He also informed that the board meeting of PNB had been on and the ministry was waiting for its resolution.

(With inputs from PTI)

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