Saturday, 18 August, 2018

Nirav Modi Named As "Wanted Accused" In First Chargesheet On PNB Scam

I-T Scrutiny CBI names AllBank CEO Usha in PNB fraud case
Jean Garcia | 14 May, 2018, 13:18

Currently, the charge sheet which is filed by CBI is against the fraud committed by Nirav Modi. The Rs 13,400 crore PNB scam involving Nirav Modi made headlines and exposed the corruption within state-owned banks. The accused will not be able to apply for bail now.

The Central Bureau of Investigation (CBI) on Monday filed its first chargesheet in a court against absconding accused Nirav Modi and several others following an investigation into the $2 billion fraud at state-run Punjab National Bank (PNB). She did not comply with the Reserve Bank of Indias (RBI) circulars issued on the Society for Worldwide Inter-bank Financial Telecommunications (SWIFT) control system in 2016.

Both are also accused on charges of money laundering (under the Prevention of Money Laundering Act) in alleged connivance with some employees of PNB and have been stated by probe agencies to have left India before criminal charges were pressed against them. However, all 19 people who were arrested in the case are going to be named in the chargesheet.

Other names in the charge sheet include PNB executive directors Sanji Saran and Brahmaji Rao, General Manager- Nehal Ahad.

Anathasubramaniam is the current MD and CEO of Allahabad Bank.

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The CBI registered three FIRs in connection with the alleged fraud in the bank by the companies of the nephew-uncle duo of Modi and Choksi.

If these funds were routed through the firms back to the now fugitive diamantaire without ever being used for the import of semiprecious or precious stones, they may complete the money trail behind India's largest banking fraud that went undetected for seven long years.

The remittance money trail from PNB leads to Modi-controlled American firms, Firestar Diamond, Fantasy and A. Jaffe, which are now seeking bankruptcy protection in the US.

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

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