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Allahabad Bank CEO divested of her portfolio

Allahabad Bank CEO divested of her portfolio

The agency also named PNB Executive Directors K.V. Brahmaji Rao and Sanjiv Sharan, and General Managers Nehal Ahad (who dealt in worldwide operations) and Rajesh Jindal in its chargesheet filed in a special CBI court here.

".the board of directors of the bank in its meeting decided that Usha Ananthasubramanian, MD & CEO be divested of all functional responsibilities of the bank with immediate effect.", Allahabad Bank said in a regulatory filing.

PNB executive directors Brahmaji Rao and Sanji Saran, and general manager Nehal Ahad will also be charged.

The CBI filed the charge sheet for alleged criminal conspiracy, cheating, forgery and provisions of Prevention of Corruption Act.

The move comes after Ms. AnanthaSubramanian was named in the CBI chargesheet, along with 21 others in the Nirav Modi scam.

NEW DELHI: Allahabad Bank will hold its board meeting on Tuesday after the Finance Ministry's direction to take away all the powers of its MD and CEO Usha Ananthasubramanian. 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.

PNB, which raised 50 billion rupees from a share sale in December and has received almost 55 billion rupees from the government as part of a $32 billion bank recapitalisation programme, has said it is adequately capitalised for now.




India's Punjab National Bank (PNB) is all set to announce its fourth quarter results today.

When asked about action against two MDs named in the FIR related to loans given to Aircel by IDBI Bank, he said, "I would like to make it clear that you can not take action only on hearsay".

Both Norav Modi and Choksi had left the country before PNB filed the complaint with the CBI.

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.

PNB had reported a Rs 143.5 billion fraud in January, wherein a few of its employees had issued letters of undertaking, in collaboration of Nirav and Mehul firms, in an unauthorised manner. The amount of Rs 6,498.2 crore is one part of the bigger $2-billion fraud.

The financial services secretary said a show cause notice was issued to them about 10 days ago by the ministry.

The chargesheet says that Nirav Modi, Nishal, and other public and private persons conspired for the issuance of fraudulent LoUs in favour of the three firms (named in the chargesheet) without any sanctioned limit, cash margin and making entries in the Core Banking Solution (CBS) system.

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