PNB fraud: CBI names 2 EDs, ex-CEO Usha Ananthasubramanian in charge sheet

Central Bureau of Investigation (CBI) found their involvement in the Rs 140 billion fraud related to group of companies belonging to Nirav Modi and Mehul Choksi

The Union government cracked the whip on three top former and incumbent Punjab National Bank (PNB) executives after the Central Bureau of Investigation (CBI) named them in its charge sheet in the Rs 65-billion fraud related to group of companies belonging to Nirav Modi.

While the government directed Allahabad Bank to “divest all the powers” of its managing director and chief executive officer Usha Ananthasubramanian, who was previously heading PNB, two executive directors at PNB — Sanjiv Sharan and K V Brahmaji Rao — have been removed from the board, Department of Financial Services (DFS) Secretary Rajiv Kumar said.

“This is a