PNB scam: CBI names Mehul Choksi as 'wanted'

PNB scam: CBI names Mehul Choksi as 'wanted'

PNB scam: CBI names Mehul Choksi as 'wanted'

The Punjab National Bank (PNB) has reported a net loss of Rs 13,416.91 crore for the fourth quarter ending March 2018. "Nirav Modi has cheated the bank of about Rs 6490.2 crore", said a CBI official.

On Wednesday, the Central Bureau of Investigation (CBI) filed the second charge sheet in connection with the Punjab National Bank (PNB) fraud case. Bank will make payments to the concerned banks on the due dates of LOUs/FLCs.

Aniyath Nair, director of Gili; Nitin Sahi, assistant finance officer of Gitanjali; Kapil Khandelwal, chief financial officer of Geetanjali; and Vipul Chetalia, head, banking operations of the Gitanjali group; have also been named as accused. The PNB had on Tuesday reported a net loss, after closing hours of the stock markets, of Rs 13,417 crore for quarter ended March, against a net profit of Rs 262 crore for the corresponding quarter in 2016-17. Ananthasubramanian was earlier with the PNB.

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PNB further said it has paid Rs 6,586.11 crore to other banks to discharge its liabilities towards Letter of Undertakings (LoUs) and Foreign Letter of Credits (FLCs) issued fraudulently and in unauthorised manner to certain overseas branches of Indian banks through the misuse of SWIFT system of the bank, which was then not integrated with CBS (core banking solutions).

As a result, provisions for the bad loans jumped four-fold to Rs 16,202.82 crore for the quarter under review compared to Rs 4,910.39 crore parked aside in the same period a year ago.

PNB, which raised 50 billion rupees from a share sale in December and has received almost 55 billion rupees from the government as part of a $32 billion bank recapitalisation programme, has said it is adequately capitalised for now.

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PNB accounted for Rs 44274 crore of incremental bad loans in the March quarter - including Rs 7579 crore related to the fraud and 102.37 billion rupees after the stricter RBI rules - taking its gross non-performing assets ratio to 18.38 percent of the total at the end of March. Out of this, the much talked about Nirav Modi scam accounted for about Rs 7580 crore, meaning the bank's lending moves left a lot to be desired.

The bank's fourth-quarter losses were largely incurred by having to set aside funds to pay the other banks for the illegal guarantees.

"PNB may also be restricted to conduct normal business".

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