MUMBAI: A distinct CBI court docket right here granted bail on Monday to Usha Ananthasubramanian, former managing director and CEO of Allahabad bank, in reference to the Rs 14,000 crore fraud on the Punjab National Bank (PNB).
Earlier this month, the court docket had taken cognisance of the sanction granted by the President to prosecute Ananthasubramanian within the case.
As in step with the procedure, when a court docket takes cognisance of the sanction, summons are issued to the accused to seem prior to the court docket.
Thereafter, the accused can transfer a bail software.
Accordingly, Ananthasubramanian appeared prior to particular pass judgement on J C Jagdale and implemented for bail which used to be granted by the court docket.
The government had pushed aside Ananathasubramanian on August 14 within the pastime of Allahabad Bank.
Three months in the past, she used to be divested of her powers as MD and CEO of the Allahabad Bank following the country's largest bank fraud allegedly performed by diamond jeweller Nirav Modi and colleagues on the PNB.
Ananathasubramanian, who used to be the MD and CEO of the Punjab National Bank prior to transferring to the Allahabad Bank, used to be named within the CBI rate sheet in reference to the Rs 14,000 crore fraud through faux LoUs in connivance with some PNB staff.
It used to be alleged that she did not workout proper control over the functioning of the PNB while serving because the bank's Managing Director.
It enabled the fraud within the bank through misuse of SWIFT (Society for Worldwide Interbank Financial Telecommunications), an international fee gateway for enormous transactions, at PNB's Brady House branch.
Ananthasubramanian had enjoyed leadership roles within the PNB in two stints. She headed the bank between August 2015 and May 2017, prior to transferring to the Allahabad Bank. She used to be executive director on the bank from July 2011 to November 2013.
Nirav Modi and his uncle Mehul Choksi, in connivance with certain bank officials, allegedly cheated PNB of about Rs 14,000 crore through issuance of fraudulent letters of endeavor (LoUs).
The Mumbai branch of the PNB had fraudulently issued LoUs for the gang of companies belonging to Nirav Modi since March 2011.
The general collection of LoUs issued to the corporations of Nirav Modi, his relations and the Nirav Modi Group had been 1,213, and to Mehul Choksi, his relations and the Gitanjali Group had been 377.
Besides Anathasubramanian, the CBI court docket had additionally taken cognisance of sanction for prosecution towards former PNB executive director Sanjiv Sharan. He too used to be granted bail today on an identical floor.
Earlier this month, the court docket had taken cognisance of the sanction granted by the President to prosecute Ananthasubramanian within the case.
As in step with the procedure, when a court docket takes cognisance of the sanction, summons are issued to the accused to seem prior to the court docket.
Thereafter, the accused can transfer a bail software.
Accordingly, Ananthasubramanian appeared prior to particular pass judgement on J C Jagdale and implemented for bail which used to be granted by the court docket.
The government had pushed aside Ananathasubramanian on August 14 within the pastime of Allahabad Bank.
Three months in the past, she used to be divested of her powers as MD and CEO of the Allahabad Bank following the country's largest bank fraud allegedly performed by diamond jeweller Nirav Modi and colleagues on the PNB.
Ananathasubramanian, who used to be the MD and CEO of the Punjab National Bank prior to transferring to the Allahabad Bank, used to be named within the CBI rate sheet in reference to the Rs 14,000 crore fraud through faux LoUs in connivance with some PNB staff.
It used to be alleged that she did not workout proper control over the functioning of the PNB while serving because the bank's Managing Director.
It enabled the fraud within the bank through misuse of SWIFT (Society for Worldwide Interbank Financial Telecommunications), an international fee gateway for enormous transactions, at PNB's Brady House branch.
Ananthasubramanian had enjoyed leadership roles within the PNB in two stints. She headed the bank between August 2015 and May 2017, prior to transferring to the Allahabad Bank. She used to be executive director on the bank from July 2011 to November 2013.
Nirav Modi and his uncle Mehul Choksi, in connivance with certain bank officials, allegedly cheated PNB of about Rs 14,000 crore through issuance of fraudulent letters of endeavor (LoUs).
The Mumbai branch of the PNB had fraudulently issued LoUs for the gang of companies belonging to Nirav Modi since March 2011.
The general collection of LoUs issued to the corporations of Nirav Modi, his relations and the Nirav Modi Group had been 1,213, and to Mehul Choksi, his relations and the Gitanjali Group had been 377.
Besides Anathasubramanian, the CBI court docket had additionally taken cognisance of sanction for prosecution towards former PNB executive director Sanjiv Sharan. He too used to be granted bail today on an identical floor.
PNB fraud: CBI court grants bail to ex-MD Usha Anathasubramanian
![PNB fraud: CBI court grants bail to ex-MD Usha Anathasubramanian]()
Reviewed by Kailash
on
August 20, 2018
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