Allahabad Bank CEO Usha Ananthasubramanian loses her executive powers

CBI names AllBank CEO Usha in PNB fraud case

Financial services secretary Rajiv Kumar said similar action is likely to be taken by the board of Allahabad Bank against Ananthasubramanian.

The board of Allahabad Bank, which met on Tuesday, made a decision to strip the the function of its chief executive officer and managing director Usha AnanthaSubramanian, the bank informed the exchanges.

One of the sources said K.V. Brahmaji Rao and Sanjiv Sharan, both executive directors at PNB, were also named, marking the first batch of formal charges to be filed in the $2 billion fraud case.

The move comes after the Narendra Modi government directed state-owned banks to push out the senior employees named in the CBI charge sheet.

The CBI probe has revealed that from 2011 to 2017, the accused officials along with Modi and others fraudulently issued a large number of LoUs to overseas banks for obtaining buyer's credit in favour of some of the jeweller's firms. She was the CEO and MD of PNB in 2016 when the fraud allegedly took place.

Modi's group companies - Diamonds R US, Stellar Diamonds, and Solar Exports - are also named in the chargesheet as borrowers. "Similarly, the degree of due diligence addressed by a top banker would be best understood by the banking regulator", they said.

The agency will file supplementary charge sheets for the remaining amount in which it will detail the role of other accused such as Mehul Choksi, his companies, and Nirav Modi's wife Ami Modi, they said.

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The sources said naming of Ananthasubramanian, who was at the helm of affairs in Punjab National Bank during 2015-17, in the charge sheet did not mean that her predecessors had been cleared by the agency.

Earlier this month, PNB said it was targeting growth of over 10 percent in loans and deposits in 2018/19 and that it had strengthened the process of credit underwriting and upgraded its systems to prevent further frauds.

The ED had registered the money laundering case against Nirav and others on the basis of a CBI FIR.

The chargesheet, filed in a Mumbai court, detailed the alleged role of the PNB's former chief Usha Ananthasubramanian. We had questioned some PNB Officials some days back over PNB fraud, SWIFT Issue. She was the managing director of PNB till May 5 previous year.

On BSE, the share price of PNB tumbled by Rs 3.40 or 3.80% to Rs 86 per piece.

Senior officials of PNB did not implement the circulars and caution notices issued by Reserve Bank of India regarding safeguarding SWIFT operation through which messages were sent to overseas banks to issue loans to the companies of Nirav Modi, they said.

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