The government on Monday asked the Board of Allahabad Bank to do away with all the powers of its CEO and MD Usha Ananthasubramanian, former chief of Punjab National Bank, in connection with the $2 billion fraud in PNB.
The Board of Punjab National Bank (PNB) has also been asked to strip way the two executive directors of all powers, Financial Services Secretary Rajiv Kumar told reporters here.
The announcement came within few hours of CBI filing its first chargesheet in the country’s largest financial scam of more than $2 billion in PNB allegedly executed by billionaire jeweller Nirav Modi.
The chargesheet has detailed the alleged role of former PNB chief Ananthasubramanian, who is now Allahabad Bank CEO and MD, in the scam.
The CBI has also named PNB executive directors K V Brahmaji Rao and Sanjiv Sharan, and general manager (international operations) Nehal Ahad in its chargesheet.
The CBI has along with these names, named PNB executive directors K V Brahmaji Rao and Sanjiv Sharan, and general manager (international operations) Nehal Ahad in its chargesheet.
He also said the Board meeting of PNB was on and the ministry was waiting for its resolution.
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