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CBI questions PNB ex-MD, ICICI’s executive director in Rs 12,636 crore fraud case

On Monday, the CBI questioned three statutory auditors and two general managers of PNB.

business Updated: Feb 27, 2018 20:18 IST
Indo Asian News Service
Indo Asian News Service
Indo Asian News Service, New Delhi/Mumbai
PNB fraud,CBI,Punjab National Bank
A man leaves an automated teller machine (ATM) facility of Punjab National Bank (PNB) in New Delhi, on February 27, 2018. (REUTERS)

The CBI said on Tuesday it has questioned former Punjab National Bank managing director Usha Ananthasubramanian and ICICI Bank executive director NS Kanan in connection with its Rs 12,636 crore bank fraud case.

A CBI official said Ananthasubramanian — currently the CEO and MD of Allahabad Bank and the chief of Indian Banks Association — was quizzed at the agency’s Mumbai office.

“The agency also questioned the ICICI executive director because it was the leader of a consortium of banks that sent money to Mehul Choksi’s Gitanjali Group,” the official said.

According to the CBI official, a loan totalling Rs 5,000 crore was given to the Gitanjali Group in 2016 by a consortium of 34 banks.

The official said ICICI Bank had an exposure of about Rs 773 crore and the PNB over Rs 500 crore.

He also said the CBI received a complaint from PNB alleging an additional loss of Rs 1,251 crore — all linked to Gitanjali Group. The scam now stands at Rs 12,636 crore, reported news agency PTI quoting CBI sources.

Besides, two PNB general managers Nehal Ahad and Vimlesh Kumar were also questioned, apart from two statutory auditors of the PNB, in the case.

On Monday, the CBI questioned three statutory auditors and two general managers of PNB.

The CBI had filed the first FIR in the fraud on January 31 against Nirav Modi, his wife Ami, brother Nishal, uncle Mehul Choksi and his firms Diamond R US, Solar Exports and Stellar Diamond.

Nirav Modi, his family and Choksi left the country in early January. The FIR mentions fraud of around Rs 6,400 crore.

The CBI filed the second FIR on February 15 for Rs 4,886.72 crore fraud against the Gitanjali Group headed by Choksi.

The official said CBI had written to the chief vigilance officers of five banks to share details of money credited to Nostro accounts of PNB on receiving Letters of Understanding and Foreign Letters of Credit, which were then withdrawn by Nirav and Choksi’s group as buyers’ credit.

The agency has till date arrested 12 people in the case.

First Published: Feb 27, 2018 18:47 IST