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Nirav Modi Fraud: Allahabad Bank And PNB To Take Action Against MD Of ED

Punjab National Bank and Allahabad Bank may take a call on further action against two executive directors and the MD charge-sheeted in the Rs. 140 billion Nirav Modi fraud case, sources said.

Soon after Central Bureau of Investigation (CBI) recorded chargesheet in May pointed contribution of best officials of banks, PNB’s board chosen to divest two official chiefs all authorities.

According to the sources, PNB’s Board is scheduled to meet tomorrow and decide about the future course of action against its two executive directors K V Brahmaji Rao and Sanjiv Sharan.

The Allahabad Bank too would follow the suit, they said.

The CBI in its first chargesheet in the nation’s greatest monetary by business tycoon Nirav Modi also alleged the part of the PNB’s previous former Usha Ananthasubramanian, who is presently Allahabad Bank CEO and MD.

The board of Allahabad Bank stripped Ananthasubramanian from all her duties after the principal chargesheet in May itself.

Experts feel that since the charges are confined to procedural lapses with no criminal expectation, the board will take a choice in that light.

It is likewise noticed that PNB has guaranteed that it didn’t get a vital email on anticipating bank cheats, which was sent by the Reserve Bank of India (RBI).

PNB paid Rs 65.86 billion to different banks to release its liabilities towards Letters of Undertakings (LoUs) and Foreign Letters of Credit (FLCs) issued falsely and in unapproved way to certain abroad branches of Indian banks through the abuse of SWIFT system  of the bank, which was then not coordinated with CBS (Core Banking Solution).

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