Fri. Mar 29th, 2024

The Central Bureau of Investigation (CBI) made some big disclosures pertaining to probes into Nirav Modi’s fraudulent dealings with Punjab National Bank yesterday, claiming that former managing director and CEO Usha Ananthasubramanian was aware of the happenings but she did not take any action on it.

While submitting its 12,000 page charge sheet for the case before a special court in Mumbai, CBI claimed that Ananthasubramanian and other senior officials of the bank were fully aware of Nirav Modi’s “fraudulent activities” involving PNB and other overseas banks, yet they did not take any corrective measures and even misguided the Reserve Bank of India.

CBI has alleged that the RBI had issued several circulars in 2016 with respect to cybersecurity controls and SWIFT operations wherein all banks had been advised to comprehensively audit their SWIFT infrastructure and ensure strict vigil on transactions made on it. Nirav Modi had bribed officials of PNB to help him siphon of money through this very facility overseas.

The charge sheet says PNB’s senior management had misled RBI in reply to these circulars through a letter in which they had claimed that their bank allows outward SWIFT transactions only after conducting thorough compliances and no such transactions can be completed without these records in place.

Based on this charge sheet, the court allowed CBI to issue fresh non-bailable warrants against Nirav Modi and senior executives of his company. Modi is presently said to have traveled to London using a Singaporean passport, so the investigation agency has also sought help from international agencies like Interpol for his arrest.

By dhruv

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