Special public prosecutor A Limosin filed the 7,500-page charge sheet before the court
The Central Bureau of Investigation (CBI) on Monday filed its first charge sheet in the PNB fraud case, including absconding accused Nirav Modi, before the Session's court in Mumbai. The charge sheet also includes four new names, all top officials in the Punjab National Bank (PNB).
Special public prosecutor A Limosin filed the 7,500-page charge sheet before the court. Limosin said, "The agency has filed the charge sheet against the 15 arrested people and names three absconding accused — Nirav Modi, Nirav's brother Nishal Modi and executive in Modi's company Subhash Parab. It also names three firms, Stellar Diamonds, Diamonds R Us and Solar exports as accused."
Limosin added that the agency has included four top PNB officials for aiding the fraud. "We have added four new names in the charge sheet, which includes former PNB chief Usha Ananthasubramanian, Executive directors KV Brahmaji Rao and Sanjiv Sharan, and general manager (international operations) Nehal Ahad."
Diamantaire Nirav Modi is accused of allegedly defrauding the Punjab National Bank of Rs 6,498 crore, allegedly by raising credit from overseas branches of other Indian banks by using illegal guarantees with the help of several top-level PNB officials.
According to a press release issued by CBI, "Investigations revealed that during the 2011 to 2017, the accused PNB officials, in conspiracy with owners of the firms and others, had fraudulently issued a large number of LoU's to overseas banks for obtaining buyer's credits in favour of the three named firms without any sanctioned limit or cash margin and without making entries in the CBS systems of the bank. The fraud was allegedly perpetrated despite the circulars issued by RBI, which was in the knowledge of senior officials of PNB. Further, the PNB officials did not implement the circulars and caution notices issued by the RBI regarding safeguarding the SWIFT operations and instead misrepresentation the factual situation to RBI."
AGENCY STATES
Fraud was allegedly perpetrated despite the circulars issued by RBI. PNB officials also did not implement caution notices issued regarding SWIFT operations.
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