The board of state-owned Allahabad Bank divested Usha Ananthasubramanian, its managing director and and chief executive officer, of all powers with immediate effect. This was a directive given by the finance ministry after she was named in the CBI’s chargesheet in Punjab National Bank(PNB) fraud case.
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Ananthasubramanian, was the CMD of Punjab National Bank till May 2017. The finance ministry had asked the boards of Allahabad Bank and PNB to take action against Ananthasubramanian and two executive directors of PNB, on Monday. CBI filed its first chargesheet in the PNB fraud case detailing the roles of Nirav Modi, his brother Nishal Modi and Subhash Parab, an executive in Nirav Modi’s company, on Monday too.
Meanwhile, PNB today said that its total liability works out to Rs 14,356.84 crore on account of the fraud allegedly carried out by jewellery designer Nirav Modi and associates.
The fraud was detected at PNB’s Brady House branch in Mumbai.