Investigation revealed that without any follow up action, the accused – executive director Sanjiv Sharan and general manager Nehal Ahad sent a false response to questionnaire sent by RBI.
The Central Bureau of Investigation (CBI) is probing whether Punjab National Bank (PNB) top officials were reaping the fruits of corruption in billionaire jeweller Nirav Modi scam or were they happened to be ignorant or unknowingly omitted the massive fraud happening in the Brady House branch. "We are trying to find quid pro quo in the case involving banks top officials,"said a senior CBI officer adding that they will also be filing a supplementary charge sheet in the case.
Sources said that investigation revealed that during the period August 14, 2015 to May 5, 2017 while Usha Ananthasubramanian functioned as MD and CEO of PNB, relevant circulars, caution, notice and urgent questionnaire issued by RBI were brought to her notice and she dealt with the same. "In spite of her knowledge about the modus operandi in SWIFT frauds which involved PNB Dubai and Indian Overseas Bank Chandigarh as indicated by her noting of IT department note dated August 23, 2016, she did not take any meaningful corrective measures in her capacity as the executive head of the bank,"the officer said.
He further said that had she unauthorizedly delegated the RBI guidelines work to her subordinates without any follow up action or action taken report, thereby facilitating the accused in continuance of fraud.
Investigation revealed that without any follow up action, the accused – executive director Sanjiv Sharan and general manager Nehal Ahad sent a false response to questionnaire sent by RBI.
Ananthasubramanian, executive directors – KV Brahmaji Rao and Sanjiv Sharan and Ahad did not protect the interest of the bank despite circulars and caution notice issued by RBI.
It is also in evident that senior officers of Nirav Modi group entities like Vipul Ambani were meeting Ananthasubramanian in order to continue with the credit facilities the group entities. This also indicated clearly that she was aware of facilities extended to various group entities of Nirva Modi, the officer stated.
Sharan has been functioning as executive director of PNB from September 15, 2016 till date and he has also dealt with all the relevant circulars, caution notice and urgent questionnaire issued by RBI but did not protect the interest of the bank by not taking timely corrective steps and follow up action.
Investigation revealed that Sharan had approved the misleading reply of the urgent questionnaire of RBI prepared by Ahad.
Rao also dealt with circulars by he also ignored the RBI caution notes and did not protect the bank. As executive director, he was responsible for supervising Mumbai zone and Mumbai city circle under which PNB Brady House Branch falls. He as also responsible for supervising Fraud Risk management, Treasury through NOSTRO reconciliation, audit and inspection of branches.
Investigation revealed that Ananthasubramanian, Rao, Sharan, Ahad, all of whom were supervisory level in PNB had through their acts and omission, facilities the issuance of fraudulent letter of undertakings by accused Brady House bank employees. "The patronage extended by the four accused senior officials of the bank to the accused persons working in PNB Brady House resulted in huge wrongful loss to bank corresponding wrongful gain to the accused persons. We are now trying to find quid pro quo in the case now," said the officer.
‘False Reply To RBI’
Investigation has shown that without any follow-up action, the accused – executive director Sanjiv Sharan and general manager Nehal Ahad – sent a false response to questionnaire sent by RBI.
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