NEW DELHI: Not handiest Punjab National Bank officials, including its best brass, have been complicit in the systematic fraud, but they misled Reserve Bank of India by claiming that “all is well” when requested about any conceivable irregularities concerning Letters of Undertaking (LoUs) in 2016, CBI probe in the biggest bank loot involving Nirav Modi has concluded.
Four months after the diamantaire fled the country alongwith his family after siphoning off public’s savings price Rs 13,578 crore, the agency on Monday filed a chargesheet naming 22 persons including Nirav Modi, his brother Neeshal Modi, former Punjab National Bank MD-CEO – Usha Ananthasubramanian, two former govt directors of the second largest Public-Sector Bank – Okay V Brahmaji Rao and Sanjiv Sharan and former Deputy Manager of PNB Brady House department – Gokulnath Shetty among others.
Nirav’s uncle Mehul Choksi, touted as the mastermind of the rip-off, and wife Ami Nirav Modi, had been ignored of the first chargesheet as their roles will likely be detailed in some other chargesheet likely to be filed in a week’s time.
The agency claimed in its chargesheet that Nirav Modi and his 3 firms – Diamond R US, Solar Exports and Stellar Diamonds, siphoned of Rs 6,498.20 crore the use of 150 Letters of Undertaking (LoUs) issued to in a foreign country branches of alternative Indian banks from PNB’s Brady House department, Mumbai, between 2011 and 2017. “The PNB officers issued the LoUs to in a foreign country banks for obtaining purchaser's credit in favour of Nirav Modi’s corporations with none sanctioned restrict or cash margin and with out making entries in the Core Banking System (CBS) of the bank,” stated Abhishek Dayal, CBI Spokesperson.
Usha Ananthasubramanian, who held charge as MD-CEO of PNB (these days Allahabad Bank CEO-MD), has been charged alongwith others for criminal conspiracy, dishonest, criminal breach of accept as true with and prevention of corruption act, as she and her workforce knew concerning the modus operandi regarding use of Letters of Undertaking (LoUs) for availing cash from in a foreign country branches but lied about it to the RBI and did not implement the circulars and warning notices of the federal bank regarding safeguarding of SWIFT operations.
“In 2016, a identical fraud had come to note in Indian Overseas Bank’s Chandigarh department from the place LoU was issued to PNB’s Dubai department by positive individuals/firms. Those LoUs have been honoured by PNB in Dubai. Though that matter had no reference to Nirav Modi’s case, Usha Ananthasubramanian and her workforce have been in the wisdom of the modus operandi being utilized in her bank. Based on IOB fraud, RBI issued positive guidelines to the banks and three next circulars. RBI additionally sought a document from PNB whether any such matter was reported in the bank. She and her workforce, despite figuring out the modus operandi, failed to prevent the rip-off. In fact, former General Manager (International Banking Division) – Nehal Ahad sent a document, licensed by Ananthasubramanian, to RBI stating that everything was alright”, stated a CBI officer, sharing details of chargesheet.
However, CBI sources stated, different MDs/CMDs/govt directors of Punjab National Bank, who served between 2011 and 2017, are also below scanner.
CBI has named Ahad, former GM Rajesh Jindal, the main hyperlink in the rip-off – Gokulnath Shetty (then Deputy Manager of Brady House department), Manoj Kharat (then single window operator), Bechu Tiwary (chief supervisor), Yashwant Joshi (Manager), Praful Sawant (senior bank officer) and two inner chief auditors – Mohinder Sharma and Bishnu Brat Mishra aside from Ananthasubramanian, Rao and Sharan among PNB officials.
The personal persons named by CBI in its chargesheet instead of Modi brothers include their employees – Vipul Ambani, Hemant Bhatt, Arjun Patil, Kavita Mankikar, Miten Pandya, Manish Bosamia, Subhash Parab and a chartered accountant – Sanjay Rambhia.
The CBI probe published that Gokulnath Shetty, who issued the LoUs favouring bills to Modi, sat on the identical seat for seven years and continued issuing LoUs with “impunity”.
Vipul Ambani, a cousin of Mukesh Ambani, allegedly had a hand in hiding the paperwork associated with the fraud and he additionally visited PNB department a number of occasions for meeting bank officials for LoUs.
The inner auditors of PNB, CBI has said, have been “just about” sitting in the same room as Shetty for years but they didn’t lift an alarm while the CA of Modi’s firms didn’t mention the loans price over Rs five,000 crore in his reports.
Four months after the diamantaire fled the country alongwith his family after siphoning off public’s savings price Rs 13,578 crore, the agency on Monday filed a chargesheet naming 22 persons including Nirav Modi, his brother Neeshal Modi, former Punjab National Bank MD-CEO – Usha Ananthasubramanian, two former govt directors of the second largest Public-Sector Bank – Okay V Brahmaji Rao and Sanjiv Sharan and former Deputy Manager of PNB Brady House department – Gokulnath Shetty among others.
Nirav’s uncle Mehul Choksi, touted as the mastermind of the rip-off, and wife Ami Nirav Modi, had been ignored of the first chargesheet as their roles will likely be detailed in some other chargesheet likely to be filed in a week’s time.
The agency claimed in its chargesheet that Nirav Modi and his 3 firms – Diamond R US, Solar Exports and Stellar Diamonds, siphoned of Rs 6,498.20 crore the use of 150 Letters of Undertaking (LoUs) issued to in a foreign country branches of alternative Indian banks from PNB’s Brady House department, Mumbai, between 2011 and 2017. “The PNB officers issued the LoUs to in a foreign country banks for obtaining purchaser's credit in favour of Nirav Modi’s corporations with none sanctioned restrict or cash margin and with out making entries in the Core Banking System (CBS) of the bank,” stated Abhishek Dayal, CBI Spokesperson.
Usha Ananthasubramanian, who held charge as MD-CEO of PNB (these days Allahabad Bank CEO-MD), has been charged alongwith others for criminal conspiracy, dishonest, criminal breach of accept as true with and prevention of corruption act, as she and her workforce knew concerning the modus operandi regarding use of Letters of Undertaking (LoUs) for availing cash from in a foreign country branches but lied about it to the RBI and did not implement the circulars and warning notices of the federal bank regarding safeguarding of SWIFT operations.
“In 2016, a identical fraud had come to note in Indian Overseas Bank’s Chandigarh department from the place LoU was issued to PNB’s Dubai department by positive individuals/firms. Those LoUs have been honoured by PNB in Dubai. Though that matter had no reference to Nirav Modi’s case, Usha Ananthasubramanian and her workforce have been in the wisdom of the modus operandi being utilized in her bank. Based on IOB fraud, RBI issued positive guidelines to the banks and three next circulars. RBI additionally sought a document from PNB whether any such matter was reported in the bank. She and her workforce, despite figuring out the modus operandi, failed to prevent the rip-off. In fact, former General Manager (International Banking Division) – Nehal Ahad sent a document, licensed by Ananthasubramanian, to RBI stating that everything was alright”, stated a CBI officer, sharing details of chargesheet.
However, CBI sources stated, different MDs/CMDs/govt directors of Punjab National Bank, who served between 2011 and 2017, are also below scanner.
CBI has named Ahad, former GM Rajesh Jindal, the main hyperlink in the rip-off – Gokulnath Shetty (then Deputy Manager of Brady House department), Manoj Kharat (then single window operator), Bechu Tiwary (chief supervisor), Yashwant Joshi (Manager), Praful Sawant (senior bank officer) and two inner chief auditors – Mohinder Sharma and Bishnu Brat Mishra aside from Ananthasubramanian, Rao and Sharan among PNB officials.
The personal persons named by CBI in its chargesheet instead of Modi brothers include their employees – Vipul Ambani, Hemant Bhatt, Arjun Patil, Kavita Mankikar, Miten Pandya, Manish Bosamia, Subhash Parab and a chartered accountant – Sanjay Rambhia.
The CBI probe published that Gokulnath Shetty, who issued the LoUs favouring bills to Modi, sat on the identical seat for seven years and continued issuing LoUs with “impunity”.
Vipul Ambani, a cousin of Mukesh Ambani, allegedly had a hand in hiding the paperwork associated with the fraud and he additionally visited PNB department a number of occasions for meeting bank officials for LoUs.
The inner auditors of PNB, CBI has said, have been “just about” sitting in the same room as Shetty for years but they didn’t lift an alarm while the CA of Modi’s firms didn’t mention the loans price over Rs five,000 crore in his reports.
PNB lied to RBI despite knowing about LoU irregularities: CBI chargesheet
![PNB lied to RBI despite knowing about LoU irregularities: CBI chargesheet]()
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May 14, 2018
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