In PNB fraud case, CBI submits its chargesheet

The CBI has submitted a charge-sheet in the special CBI court in the Punjab National Bank-Nirav Modi fraud case. The charge-sheet highlights the role of Nirav Modi, his brother Nishal and that of Subhash Purab, an executive at Diamond R US, Solar Exports and Stellar diamonds, which were owned by Modi. It also details the alleged role of Punjab National Bank’s former chief Usha Anantha Subramanium; she was the managing director and chief executive officer of PNB between August 2015 and May 2017. Subramanium is now the Managing Director at Allahabad Bank.

In all, 25 persons have been named in the first chargesheet. Among them are the executive directors of the Punjab National Bank — KV Brahmaji Rao and Sanjiv Sharan — and General Manager (International Operations) Nehal Ahad.

The charge sheet, however, does not mention in detail the role of Modi’s uncle Mehul Choksi and his Gitanjali group in the scam. It is expected to come up in the CBI’s supplementary chargesheets.

The charge sheet emanates from the first FIR registered relating to the fraudulent issuance over Rs. 6,000 crore of Letters of Undertaking to Diamond R US, Solar Exports and Stellar Diamonds.

They are believed to be part of the group that has infiltrated from Pakistan into this side in Tarnah Allah between the Londi and Bobbiyan Border Out Posts, according to reports.