Govt begins action against Allahabad Bank chief, 2 PNB directors for removal

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Kumar also said that the Allahabad Bank will call a board meeting and then decide to divest the power of its Managing Director named in Central Bureau of Investigation (CBI) charge sheet.

The CBI filed its first chargesheet in the country's largest financial scam worth over Dollars 2 billion at PNB allegedly committed by billionaire jeweller Nirav Modi. Ananthasubramanian was PNB's chief executive during August 2015-May 2017.

Four individuals including Ananthasubramanian, two PNB executive directors and a general manager (international operations) namely K V Brahmaji Rao, Sanjiv Sharan and Nehal Ahad are charged under Section 409 of the Indian Penal Code for criminal breach of trust and Section 420 for cheating. He also informed that the board meeting of PNB was on and the ministry was waiting for its resolution.

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A Ministry official told IANS that the Department of Financial Services (DFS) had asked the government representative in the Allahabad Bank to come up with a proposal before the board to strip Ananthasubramanian of her powers.

"The said information is based on media news and till now no formal communication has been received by the bank on the matter".

The chargesheet, filed in a Mumbai court, detailed the alleged role of the PNB's former chief Usha Ananthasubramanian.

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On Monday, Reserve Bank imposed restrictions on Allahabad Bank's lending to risky assets and raising high-cost deposits in view of deteriorating financial health. PNB's earnings will be pressurised as it will have to make enough provisions to deal with the scam-related payouts to other banks.

On April 6, the court issued a notice to the ED on a plea of Gitanjali Gems, seeking quashing of a money laundering case against the company. We have initiated action for that (removal) also. "However, it is negligence and not fraud but action needs to be taken to show that someone is accountable", said Ashvin Parekh, who runs Ashvin Parekh Advisory Services, a consultancy firm. "They are responsible person and it's only a few who are into this kind of thing otherwise by and large bankers have contributed to the economic growth of the country".

Usha was recently grilled by the CBI on February 27 in connection with the case. The stock exchanges had asked a query from the bank asking if its CEO was charged by CBI in the PNB fraud.

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