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CBI grills PNB ex-MD, ICICI's ED in Rs 12,600 cr fraud case

The CBI on Tuesday said it has questioned former Punjab National Bank Managing Director Usha Ananthasubramanian and ICICI Bank Executive Director N.S. Kanan in connection with its over Rs 12,600 crore bank fraud case.

Reported by: PTI, New Delhi [ Published on: February 27, 2018 21:16 IST ]
CBI grills PNB ex-MD, ICICI's ED in Rs 12,600 cr fraud case
CBI grills PNB ex-MD, ICICI's ED in Rs 12,600 cr fraud case

The CBI on Tuesday said it has questioned former Punjab National Bank Managing Director Usha Ananthasubramanian and ICICI Bank Executive Director N.S. Kanan in connection with its over Rs 12,600 crore bank fraud case.

A CBI official said Ananthasubramanian was quizzed at the agency's Mumbai office. 

Ananthasubramanian is currently the CEO and MD of Allahabad Bank and also the chief of Indian Banks Association. 

"The agency also questioned the ICICI Bank 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 CBI officials, 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 said the Central Bureau of Investigation received a complaint from the PNB alleging a loss of Rs 1,251 crore -- all linked to Gitanjali Group.

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 scam on February 14 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 a 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credited to Nostro accounts of PNB on receiving Letters of Understanding and Foreign Letters of Credit, which were then withdrawn by Nirav and Choksi's group as buyers' credit.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 persons in the case.

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