Massive net loss worth Rs 13417 for scam hit PNB in Q4

May JohnsonMay 15, 2018

"PNB scam case: Central Bureau of Investigation submitted charge-sheet in Special CBI Court in Mumbai", the news agency ANI reported.

On Monday, the finance ministry had asked the boards of Allahabad Bank and PNB to take action against Ananthasubramanian and two executive directors of PNB.

Last month, the CBI had booked Syndicate Bank MD and CEO Melwyn Rego, who was deputy managing director of IDBI, along with several others in the Rs 600 crore IDBI loan default case. The charge sheet has been filed under sections of cheating and conspiracy of the Indian Penal Code and relevant sections of the Prevention of Corruption Act, 1988. Ananthasubramanian was the CEO of the PNB at that point in time, said the CBI. Vipul Ambani, CFO of Firestar International, the flagship of Nirav Modi's global business, was allegedly aware of the illegalities and kept all the related documents with him.

At the heart of the PNB fraud was the Society for Worldwide Interbank Financial Telecommunications (SWIFT) messaging system, which is used by banks worldwide to enable cross-border transactions.

After the IOB fraud had surfaced, the RBI had issued guidelines and circulars to prevent such frauds in the banks which were allegedly not implemented in PNB in its entirety, they said. Chartered Accountant Subhash Kumar Rambia has also been charged with not mentioning loans of Rs 1,700 crore taken by each of the three accused companies in their books, it said.

The officials said supplementary charge sheets will have information from foreign governments, shell companies, foreign banks, and detail the role of officials posted in foreign branches of Indian banks which issued credits to Modi's firms on the basis of PNB LoUs etc.

Usha was recently grilled by the CBI on February 27 in connection with the case.

Indonesian police say injuries in clashes at high-security jail
Police officers maintained tight security around the jail on Wednesday (local time) and kept onlookers away from the entrance. Islamic State claimed responsibility for the incident and said that 10 counter-terrorism officers had been killed.

Among accused is bank's former chief Usha Ananthasubramanian.

The CBI had filed three FIRs between January and March to probe the PNB fraud.

This was a clear "misrepresentation" of facts to the RBI by top officials of PNB, they said.

Group firms of jewellers Nirav Modi and Mehul Choksi are alleged to gave colluded with bank officials for issuance of fake letters of understanding that they used to borrow money from other banks' overseas branches.

The scam, which reportedly began in 2011, was detected in the third week of January this year, after which the PNB officials reported it to the concerned agencies.

Allahabad Bank stocks fell 3.39 per cent, while PNB stocks declined before making a comeback and closed with a near flat rise of half a per cent.

Related Articles:



« Previous article


Popular Pages

The TOP 3 participants of Eurovision-2018 according to bookies
That's not much time to get the props off stage, though the commercial breaks offer more breathing space for the crew. SuRie remained on stage, clapping with the crowd, until she was given another microphone to complete her performance.

Gap Makes Apology to China for Shirt That Omitted Taiwan
Gap announced that it stopped offering the T-shirts in question for the Chinese market and had them destroyed. Mercedes-Benz said sorry for quoting the Dalai Lama on social media.

Djokovic suffers another early exit in Madrid
Belgium's David Goffin , whom Edmund lost to on clay during Britain's run to Davis Cup glory in 2015, now awaits in the last 16. Thiem rallied to defeat Argentine Federico Delbonis 4-6, 6-3, 7-5 while Zverev cruised past Russia's Evgeny Donskoy 6-2, 7-5.

'Avengers: Infinity War' Becomes the Highest Grossing Superhero Movie of All Time
The film follows Gabrielle Union as a mother trying to rescue her children who are being held hostage by intruders in her house. Avengers: Infinity War , which was released on the 27th of April, has broken many records in box offices all over the world.

Ronaldo to undergo tests on his ankle injury, confirms Zidane
But Zidane had a positive update on the duo as he revealed, "Isco trained as normal and we'll see what happens there". Madrid play three more league games before taking on Liverpool in the Champions League final in Kiev on May 26.

Here's Where To Get Free Food And Drinks For Mother's Day
That's probably the least you can do to show your mother how much you love her and everything she does for you on a daily basis. Perhaps you have a woman in your life who's given a child up for adoption, or alternately know someone who's lost a child.

Sixers stumble late in 4th, eliminated by Boston
Embiid then had a verbal spat with Marcus Morris as he appeared to gesture that the Sixers were in the heads of the Celtics. The familiarity between the teams has done what it usually does - breed a bit of contempt.

Sneak Peek: Elon Musk says LA-area test tunnel nearly complete
As laid out by the Los Angeles Times , the Boring Company's plan traces a 2.7-mile route that lies 30 to 70 feet below ground. The actual objective of the Boring Company is to dig tunnels to help people get out of the traffic many sit in daily.

North Korea details plans to dismantle nuclear test site this month
Experts have said the pledge to dismantle the test site is a big step forward but verifying it will be hard . North Korea has invited the outside world to witness the dismantling of its nuclear facilities before.

Meghan Markle Wax Figure Debuts at Madame Tussauds Ahead of Royal Wedding
Duncan Garner calls Prince Harry's fiancé Meghan Markle an ice princess, while Mark Richardson wished he was still a bachelor. Either way, Meghan will have to curtsy to the Duke and Duchess of Cambridge , Prince Charles and Camilla, and the Queen .