MUMBAI: In the wake of the alleged multi-million fraud involving celebrity jeweller Nirav Modi and his family, the scam-hit Punjab National Bank (PNB) on Tuesday appointed AK Pradhan as the Group Chief Risk Officer.
Earlier today, the Central Bureau of Investigation (CBI) said PNB has informed the agency has detected a further scam of Rs 1,251 crore in respect to Gitanjali Gems.
"PNB has informed us that further scam of Rs 1,251 crore has been detected in respect to Gitanjali Gems. CBI is now probing Rs 12,636 crore which is (Nirav and Gitanjali) PNB scam, up from Rs 11,421 crore," said CBI.
In a related development, PNB's former managing director Usha Ananthasubramanian was questioned today in Mumbai. The two serving General Managers were also called for questioning.
The Executive Director of ICICI bank NS Kannan was called for questioning in connection with the PNB fraud. Kannan is the leader of the consortium of the bank that lent money to Gitanjali Group.
Earlier this month, it had emerged that the fraudulently issued Letters of Undertaking (LoUs) from Brady Road branch in Mumbai of PNB were issued in favour of Hong Kong branches of Allahabad Bank and Axis Bank. These letters helped facilitate Rs 280.7 crore fraud by jewellery designer Nirav Modi and his maternal uncle Mehul Choksi.
As per the FIR lodged with the CBI, Shetty and Kharat had transmitted SWIFT instructions to the above-mentioned banks for raising buyers credit and for funding the Nostro accounts of PNB, without due procedure. The LoUs were issued on behalf of Diamond R US, Solar Exports, Stellar Diamonds.