PNB Scam: ICICI Chanda Kochhar and Axis Bank Shikha Sharma Summoned

by Olga Hunt March 7, 2018, 0:11
PNB Scam: ICICI Chanda Kochhar and Axis Bank Shikha Sharma Summoned

ICICI Bank led the 31-bank consortium that extended credit to the tune of Rs 5,280 crore to Mehul Choksi's Gitanjali Group.

Quoting sources, media agency ANI said the SFIO had issued letters to some banks asking to explain about the working capital facility given to Gitanjali group.

Prior, a senior authority of the ICICI Bank was summoned to the CBI office in Mumbai.

In a late night development, SFIO summoned PNB MD and CEO Sunil Mehta for recording of his statement in the Rs 12,700-crore fraud. SFIO sources indicated they may soon summon other banks that are part of the consortium. Prominent among 31 banks in the Consortium which played a role in the grant of these loans were ICICI Bank and Axis Bank.

Both Kochhar and Sharma have been asked to appear either in person or send their representatives. However, this did not stop the federal probe agency, the CBI, from questioning its Executive Director NS Kanan last week.

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Earlier in the day, Vipul Chitalia, the Vice President of Gitanjali Group of Companies, was apprehended at Mumbai airport and brought to the CBI office at the Bandra-Kurla Complex for questioning.

Mumbai: The extent of the unravelling fraud at India's state-run Punjab National Bank (PNB) could rise beyond the almost $2 billion mark so far outlined by the lender, according to a source involved in the probe and court documents reviewed by Reuters.

According to court filings, the exposure to three companies controlled by Modi has been estimated at Rs6,498 crore ($999 million), while firms controlled by Choksi have been accused of defrauding the bank of Rs6,138 crore.

March 06 (ANI): Congress MPs in presence of party president Rahul Gandhi on Tuesday staged a protest near Mahatma Gandhi statue in the Parliament over Punjab National Bank (PNB) scam involving diamond merchant Nirav Modi and his uncle Mehul Choksi. In PNB's case, it said the outstanding LoUs were not available on its core banking system run on Infosys's Finacle software, and so went undetected.

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