PNB posts biggest ever quarterly loss of ₹ 13417 cr in Q4

Nirav Modi

Former PNB managing director Usha Ananthasubramanian, who now heads Allahabad Bank, and Nirav Modi's brother, Nishal, are also among the 22 people named in the chargesheet. CBI has also booked KV Brahmaji Rao and Sanjiv Sharan, both Executive Directors and Nehal Ahad, GM (International) in its chargesheet.

He also added that they have initiated the removal of three board level officers, two ED officers of PNB and one Managing Director of Allahabad Bank.

"The accusations by the CBI against the top executive has taken cognisance of the fact that repeated red flags were ignored by the lender and for this the bucks stops at the management".

The PNB board has chose to remove the EDs named in the CBI chargesheet in an emergency meeting on the insistence from the government's nominee director.

Ananthasubramanian and the two PNB executives did not reply to multiple calls and messages seeking comment, while Allahabad Bank was not reachable for comment.

The officials said Nirav Modi and Nishal were beneficiaries of the fraud, authorised signatories, and in the know of the whole scam.

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The Reserve Bank of India, meanwhile, asked Allahabad Bank, which is already under the prompt corrective action mechanism, to restrict expansion of risk-weighted average and reduce exposure to un-rated and high-risk advances, the filing said.

Diamantaire Nirav Modi is accused of allegedly defrauding the Punjab National Bank of Rs 6,498 crore, allegedly by raising credit from overseas branches of other Indian banks by using illegal guarantees with the help of several top-level PNB officials.

The chargesheet deals with the first FIR registered in the case relating to the fraudulent issuance over Rs 6,000 crore of Letters of Undertaking to Diamond R US, Solar Exports and Stellar Diamonds.

For the full fiscal 2017-18, bank posted standalone loss of Rs 12,282.82 crore against a profit of Rs 1,324.80 crore in 2016-17. The agency will file supplementary charge sheets for the remaining amount in which it will detail the role of other accused such as Mehul Choksi, his companies, and Nirav Modi's wife Ami Modi, they said. According to CBI sources, PNB employees helped execute a fraud amounting to Rs 11,300 crore through LoUs and letters of credits (LoCs).

So far, the 19 arrests made include PNB officials Gokulnath Shetty, Manoj Kharat, Bechhu Tiwari, Yashwant Joshi, and Praful Sawant. The transactions happened without any sanctioned limit or cash margin and without making any entries in the bank's CBS system.

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