PNB fraud: CBI files second chargesheet naming Choksi, firms

PNB fraud: CBI files second chargesheet naming Choksi, firms

Now, the NY court where three of Nirav Modi's companies filed for bankruptcy has reportedly called for an investigation into the role of the bank's employees in the alleged fraud before deciding on proceedings.

The chargesheet was filed in a special CBI court in Mumbai, an official said.

Some analysts expressed concern that the size of the losses, coupled with surging bad debts across the Indian banking sector, might weaken PNB's capital reserves to the extent it could damage the bank's growth prospects. The list included PNB's former MD and CEO Usha Ananthasubramanian and her top officials - Executive Directors KV Brahmaji Rao and Sanjeev Saran and General Manager Nehal Ahad. Read also: Rs.13000 crore PNB fraud case: Two executive directors of PNB, CEO and MD of Allahabad Bank divested of all powers The CBI has examined 59 witnesses in the case, conducted searches at 52 premises and seized 2,400 documents.

The PSU lender said it made provisions and contingencies worth Rs 20353.10 crore for the quarter ended March.

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In absolute term, the gross NPA of the bank surged to Rs 86,620 crore in the fourth quarter as compared to Rs 55,370 crore in same quarter a year ago. The stock was trading around Rs 231 in the last week of October 2017.

The remaining provision of Rs 7,178.42 crore will be made during the first three quarters of the ensuing financial year.

The fraud this week dragged PNB into a $1.98 billion fourth-quarter net loss, the worst loss ever recorded by an Indian bank.

Total hit to PNB on account of the Nirav Modi-scam is Rs 14,356.84 crore.

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PNB's share has dropped from a level of Rs 194 crore in January-end before the scam was revealed to a level of Rs 83.85 on Tuesday end of trade after tanking 6% post the announcement of its quarterly results. Consequently the government share holding rose is 62.25 per cent on March 31, 2018 from to 57.04 per cent before preferential allotment. "Q4FY18 loss of Rs 13,400 crore and FY19 loss estimate of Rs 8,000 crore could lead to a spiral of capital-raising at low multiples", the global brokerage house said.

The statement further said several steps are in the pipeline or have already been initiated by the bank to reduce dependence on human intervention.

To ensure proper checks and balances, PNB has gone for a four-way split for loan operations and created a focused off-site centre for monitoring all foreign exchange businesses.

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