Economy

ICICI's Chanda Kochhar, Axis Bank's Shikha Sharma summoned in PNB scam case

ICICI's Chanda Kochhar, Axis Bank's Shikha Sharma summoned in PNB scam case

NS Kannan, executive director ICICI bank, was the leader of consortium of the bank that lent money to Gitanjali Group, it has been alleged. The sources said the two top bank officials were summoned for giving loan facility to Gitanjali Group and would be questioned. The second largest private sector bank in the country has already stated that it has exposure in the case of Gitanjali Gems, but has no exposure in the case involving Nirav Modi and PNB. The SFIO is a fraud investigating agency, which comes under the jurisdiction of the Ministry of Corporate Affairs. Our intention is to get the information from these two banks. Both of them have been accused of being in the centre of the Rs 11,400 bank fraud.

The representatives from Axis Bank arrived at SFIO some time back for being questioned and have left now. A slew of agencies, including the CBI and ministerial arms like the Enforcement Directorate as well as the SFIO are probing the scam. According to PTI, V Srinivasan, Deputy Managing Director of Axis Bank was seen exiting the SFIO office in south Mumbai on Tuesday.

Before this, CBI has detained Vipul Chitalia, the Vice President of Gitanjali Group of Companies, as a part of its probe into the PBN scam.

More news: Rahul joins protest for special status to Andhra

One of the biggest financial scams of the country surfaced when the companies of Nirav Modi and Mehul Choksi approached the PNB's Brady Road branch, Mumbai, in January this year, seeking LoU for payments to suppliers.

ICICI Bank had before asserted it didn't have any presentation to Nirav Modi gathering of organizations yet the bank was just loaning working funding to the gathering alongside a few different banks. Since they had no pre-arranged credit limit, the branch official asked the companies to put down the full amount as collateral so the bank could issue LoUs to authorise the credit. The ICICI Bank stock declined to a low of Rs 298.60 on the exchanges today, losing about 1.75, but has recovered to Rs 301.50, down just 0.5% from its previous closing price.


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