IN Nirav Modi scam of worth INR 11,600 crore, the Central Bureau of Investigation (CBI) will be submitting a chargesheet against Usha Ananthasubramanian, CEO and MD of Allahabad Bank. Usha was the CEO and MD of the Punjab National Bank in 2016. The CBI will file a chargesheet eventually with more specific details. Presently, few more names are added in the chargesheet including executive directors of PNB, i.e., Brahmaji Rao and Sanji Saran and general manager Nehal Ahad. It is been alleged that these officers have not adhered to RBI circulars on the SWIFT control system in 2016. Few others have been excluded from the chargesheet including Ami Modi, wife of Nirav, his brother Nishal Modi and uncle Mehul Choksi
By May 2018, a separate charge sheet will be filed against Mehul Choksi. The are allegations against Mehul Choksi, Modi, all partners of Diamond R US Solar Experts, Stellar Diamonds in conspiracy with Gokulnath Shetty, then PNB deputy manager, and others of causing the bank “wrongful” loss through “fraudulent’’ transactions without following prescribed procedures for approval. It has been alleged that Gokulnath, while he was working with the forex department at PNB’s Brady House branch in Mumbai, fraudulently gave letters of undertakings (LoUs) for the Modi and Choksi groups in favour of overseas banks without following the due procedure.
In the present case, there are two separate FIRs though most of the accused are same in both the FIR’s. In the first FIR Modi, Ami, Nishal and uncle Choksi along with some others are named as accused while the second FIR is primarily against Choksi, Gitanjali Gems and others. Presently, a total of 19 people are arrested and rest are absconding.