The Punjab National Bank (PNB) fraud now amounts to ₹12,636 crore, with the bank reporting more transactions involving diamond merchant Mehul Choksi’s Gitanjali group of companies to the Central Bureau of Investigation.
“The bank authorities have shared details of additional fraudulent transactions worth ₹1,251 crore made on behalf of the Gitanjali group. Accordingly, the scope of investigation has been expanded,” said a CBI official.
On Tuesday, the agency examined former PNB Managing Director Usha Ananthasubramanian in connection with the case. She is currently Chief Executive Officer of the Allahabad Bank, said the official.
General Managers Nehal Ahad, who was posted with the bank’s international division, and Vimlesh Kumar of the Mumbai zone were also quizzed along with two statutory auditors.
“We also sought some clarifications from N.S. Kannan, Executive Director of the ICICI Bank that is the leader of a consortium of over 30 banks that has lent ₹5,280 crore to the Gitanjali group. ICICI Bank had an exposure of ₹773 crore,” the official said. During searches, the agency had earlier seized documents pertaining to the loans.
An ICICI Bank spokesperson said: "We are working capital lenders to the Gitanjali group of companies along with several other banks in the consortium. Our exposure to the Gitanjali group of companies is not the largest among lenders in the consortium.
"We are fully cooperating with the investigating agencies in their efforts."
The Enforcement Directorate has moved the court seeking issuance of a non-bailable warrant against Nirav Modi as he failed to appear before the investigating team despite repeated summonses. Through email response to ED notices , he expressed his inability to join the probe as he was “busy” trying to save his business.
For its part, the Income-Tax Department has filed prosecution cases against Mr. Modi and has sought issuance of non-bailable warrant against him for failure to comply with the summons.
