Fresh chargesheet names Mehul Choksi, PNB ex-MD


Wednesday's chargesheet was restricted to six Letter of Undertakings (LoUs) and six Foreign Letters of Credit (FLCs) which Choksi allegedly fraudulently procured from PNB to raise a loan of Rs 512 crore.

The quarterly loss of Rs 13,416 crore was attributed mainly to higher provisioning particularly to account for bad assets rising more than three-fold from Rs 4,910.39 crore to Rs 16,202.82 crore.

The CBI had filed the first charge sheet against some former and current bank officials on Monday.

Modi and his fellow people along with some officials of PNB frauded the bank of around $2 billion.

Chargesheet mentions that 12 transactions has been done worth around 512 crores.

Other PNB employees not arrested but named in the document include executive directors Brahmaji Rao and Sanjiv Saran and general manager, global banking division, Nehal Ahad.

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Notwithstanding the infusion of Rs 5400 crore from the government and investment of Rs 5000 crore from qualified institutional investors, the bank's capital capital adequacy ration stood at 9.2% as of March 2018, just about the minimum regulatory requirement of 9%. So far this year, the stock declined 55%.

Besides, the housing finance firm's Net Interest Income (NII) registered a growth of 36 per cent to Rs 451.8 crore from Rs 332.7 crore. On the NSE, the shares plunged 11.92 per cent to settle at Rs 75.70.

As per the quarterly number, the RBI detected Gross NPA divergence of Rs 2,207 crore during the FY17.

Others named in the chargesheet include arrested PNB employees Manoj Kharat, single-window bank operator (clerk), MK Sharma, internal chief auditor, Bechu Tiwari, chief manager in-charge of forex department, Yashwant Joshi, Scale II manager of the forex department and Prafful Sawant, Scale-I officer handling the exports section. On consolidated basis, the bank booked a loss of Rs 12,130.05 crore as against a profit of Rs 1,187.24 crore in 2016-17, while total income rose Rs 57,608.19 crore from Rs 57,225.66 crore a year ago.

Incidentally, BDO India LLP, the firm engaged by PNB to conduct a forensic investigation into the fraud committed by Modi and his companies, has also shared its findings with the USA bankruptcy court. The CBI said that during the investigations, 52 premises were searched and statements of 59 witnesses were recorded.