CBI files second chargesheet in the Nirav Modi-PNB scam

The CBI on Wednesday filed a second charge-sheet into the Nirav Modi-Punjab National Bank (PNB) scam.

In the second charge-sheet, the Central Bureau of Investigation (CBI) has named Nirav Modi's uncle Mehul Chinubhai Choksi, MD of Gitanjali Gems Ltd.

A total of 18 people including employees of the PNB have been named in the charge sheet.

In the first charge-sheet filed on Monday, the CBI named Nirav Modi; Usha Ananthasubramanian, MD & CEO of Allahabad Bank, who was a former CEO of PNB; two executive directors of PNB, KV Brahmaji Rao and Sanjeev Saran, and a general manager Nehal Ahad.

In the supplementary charge-sheet, filed before a special CBI court, the agency said the accused had hatched a criminal conspiracy and had defrauded the PNB to the tune of Rs 7,080.86 crores (approximately).

This was done by fraudulently issuing Letters of Undertaking to overseas banks for obtaining Buyer’s Credit and also issuing Foreign Letters of Credit in favour of three companies without any sanctioned limit or cash margin and without making entries in the CBS system of the bank.

During the investigation, the CBI conducted searches at 52 premises and arrested several people.

A large number of witnesses were examined and voluminous documents collected.

Those charge sheeted include Gokulnath Shetty, the then Deputy Manager of PNB at MCB Brady House, Mumbai; Manoj Hanumat Karat, Single Window Operator at PNB MCB, Brady House, Mumbai; Gitanjali Gems Ltd; Gili India Ltd; Nakshtra Brand Ltd among others.