Saturday, 23 June, 2018

CBI to chargesheet Modi, Allahabad Bank CEO in its first chargesheet

Nirav Modi Protesters burning a print-out of Nirav Modi's face
Frederick Owens | 15 May, 2018, 01:34

Along with Usha, three other top officials of PNB, Brahmaji Rao (Executive Director), Sanjiv Sharan (Executive Director) and Nehal Ahad (General Manager) have been named as accused.

"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.

The decision was taken after a PNB board meeting took place on Monday. "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. Regarding the case, All of them are questioned by the CBI.

Replying to an RTI query, the central bank also said it does not have "specific information" on what resulted in detection of over Rs 13,000 crore scam at PNB and directed the application to the state-run bank for providing those details. The chargesheet detailed the alleged role of PNB's former chief Ananthasubramanian in the scam.

Nirav Modi along with his uncle has been named in the huge scam, which PNB disclosed in February leading to a massive turmoil in the banking system of the country. Usha has been booked for not implementing the RBI circular.

Lewis Hamilton Wins Spain Grand Prix
Hamilton made a clean getaway from pole, getting the holeshot into Turn 1. "For us it was a ideal result today", he added. Grosjean's spin that caused carnage on Lap 1 was the only bit of excitement of the Grand Prix. "But I wasn't", he said.


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Only this time the sensor will be placed below the camera module unlike Note 8 that had its scanner put beside the camera module. If it's Samsung , it'll be kind of interesting since the finger print location before the Galaxy S9 was, in my opinion, awful.


With DFS initiating the removal action, the PNB has chose to divest ED officers to replace them.

On February 14, Punjab National Bank disclosed to stock exchanges that it had filed a formal complaint with the CBI in January end regarding fraudulent transactions worth almost Rs 11,400 crore. However, sources said the Allahabad Bank board is likely to meet in a day or two. The government is a majority stakeholder in these banks.

The government holds a little over 65 per cent stake in Allahabad Bank and close to 62 per cent in the Punjab National Bank. Around 10 days ago we had asked explanations from the two executive directors at the PNB and the current MD and CEO in Allahabad Bank. Disciplinary actions were initiated under Section 8 of Bank Nationalisation Act and we will take strong action if wrongdoing is found against management of banks.

This is first of the two chargesheets the agency plans to file in the case. He also informed that the board meeting of PNB was on and the ministry was waiting for its resolution.

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