PNB fraud: CBI files 1st chargesheet against Nirav Modi, former bank chief

PNB scam: CBI files its first charge-sheet

PNB-Nirav Modi fraud case: CBI files charge sheet; names ex-chief, senior officials of bank

The money was raised via 143 fraudulent letters of undertaking (LoUs) issued by then deputy manager Gokulnath Shetty and junior officer Manoj Kharat of PNB asking the Hong Kong branches of other public banks to pay. "She along with other bank officials has been named in the chargesheet as they could not give satisfactory replies in regard to the case during questioning by the agency", the CBI added.

CBI Spokesperson Abhishek Dayal said that the CBI has searched 42 premises, arrested 15 persons and questioned 80 witnesses in the case.

The Kolkata-based lender said last week that it had fully provided for the entire funded exposure in respect of two gems and jewellery borrower group, where fraud was declared by some banks.

The chargesheet pertains to the CBI's first FIR, which detected a scam of Rs 6.280 crore. PNB was allegedly defrauded by diamantaire Nirav Modi and his uncle Mehul Choksi, the promoter of Gitanjali Gems. Talking to reporters after addressing PNB board meeting Mr Kumar said that the action taken will be announced after the meeting.

"Senior officials of the PNB did not implement Reserve Bank of India (RBI) circulars on the matter and misrepresented the facts".

The government, he said, has taken a strict action which reflects its resolve to ensure the highest corporate governance in state-owned banks.

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The government holds a little over 65 per cent stake in Allahabad Bank and close to 62 per cent in the Punjab National Bank. Section 8 of Banking Regulation Act define how do you remove the director.

"One notice was issued 10 days back".

"Today agencies have filed the chargesheet". All government directors and nominees have been asked to attend bank board meetings and all ED and MD-level vacancies have been forwarded to the Banks Board Bureau.

The agency has registered multiple FIRs in the fraud and most of the accused in the cases are common names such as Modi, Ami (his wife) and Choksi.

The problem is generally in the large corporate side, while branches across the country by and large are corruption free, he said.

Punjab National Bank (PNB) on Monday divested responsibilities of two of its current Executive Directors-Brahmaji Rao and Sanjiv Sharan-named in the CBI chargesheet filed on the Nirav Modi perpetrated fraud. The stock exchanges had asked a query from the bank asking if its CEO was charged by CBI in the PNB fraud.

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