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CBI charge-sheet PNB, Top Honchos, alleges misrepresented factual position on LoUs to RBI

May 14th, 2018 11:37 pm | By | Category: LATEST NEWS

CBI charge-sheet Top honchos of Punjab National Bank for “misrepresented” the factual position on letters of understanding (LoUs) to the RBI and ignored its warnings when credit facilities worth over USD 2 billion were fraudulently cleared by its branch in Mumbai.

CBI has said then PNB MD and CEO Usha Ananthasubramanian and her top officials also failed to prevent the fraud despite having knowledge of the modus operandi, according to sources.

Ananthasubramanian,MD and CEO of Allahabad Bank,Executive Directors of Punjab National Bank K V Brahmaji Rao and Sanjiv Sharan, and General Manager (International Banking) Nehal Ahad are four senior bank executives who have been charge-sheeted by the agency.

Giving details of the charges against Ananthasubramanian, the agency sources said she was the MD and CEO of PNB when a similar case of LoU fraud was reported from Indian Overseas Bank, Chandigarh in 2016 where credits were issued by PNB’s Dubai branch on the basis of these guarantees.

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