CBI files chargesheet against Mehul Choksi, his company in PNB scam

New Delhi, May 16: The Central Bureau of Investigation on Wednesday filed its supplementary chargesheet against billionaire jeweller Mehul Choksi, his companies under Gitanjali Group in connection with over $2 billion scam in the Punjab National Bank (PNB).
In its chargesheet filed in the CBI special court, Mumbai, the agency has also charged 16 other entities, besides Choksi and his companies, on the charges of criminal conspiracy, cheating and provisions under the Prevention of Corruption Act.
Earlier on Monday, in a chargesheet filed in a special court in Mumbai, the CBI named several other top officials of the bank including former PNB chief Usha Ananthasubramanian.
The agency had also named PNB executive directors K V Brahmaji Rao and Sanjiv Sharan, and general manager (international operations) Nehal Ahad in its charge sheet.
CBI detailed the roles of Nirav Modi, his brother Nishal Modi and Subhash Parab, an executive in Nirav Modi’s company, officials said.
A day after on Tuesday, the bank posted a loss of Rs 13,416.91 crore for the fourth quarter (January-March 2018). Analysts claimed this to be the biggest ever loss to be incurred by a domestic lender, as bad loans increased.
The lender also said that it paid Rs 6,586.11 crore to other banks to discharge its liabilities related to Letter of Undertakings (LoUs) and Foreign Letter of Credits (FLCs) issued in the unauthorized manner to favor some overseas branches of Indian banks through the fraudulent use of SWIFT system of the bank, which was not integrated with CBS (core banking solutions).