Published: Wed, March 07, 2018
Sport | By Stuart Potter

PNB fraud case: ICICI's Chanda Kochhar, Axis Bank's Shikha Sharma summoned

PNB fraud case: ICICI's Chanda Kochhar, Axis Bank's Shikha Sharma summoned

NDTV revealed that ICICI Bank drove a consortium of 31 banks that loaned cash to Mehul Choksi's Gitanjali Group. ICICI Bank said that it has exposure in Gitanjali Gems, however it denied having any exposure in the PNB-Nirav Modi fraud case.

It has also been said that the SFIO may also summon all the 31 banks, which are a part of the consortium, for questioning in the case.

The SFIO also said PNB MD and CEO, Sunil Mehta, has been summoned on Wednesday. We are working capital loan specialists to the Gitanjali gathering of organizations alongside a few different banks in the consortium...

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Bombay Stock Exchange (BSE) has sought clarifications from both banks about the news, but neither had responded. Kochhar and Sharma will appear before the Serious Fraud Investigation Office (SFIO) in Mumbai on Tuesday afternoon, sources in the agency said. A team from Axis Bank, led by deputy managing director V Srinivasan and executives from the trade and transactions department, went to the SFIO office after the agency called them. We have not issued any Letter of Undertaking (LOU) nor do we have any purchaser's acknowledge introduction against LOUs for regard to the Nirav Modi gathering of organizations and in addition the Gitanjali gathering of companies...

Vipul Chitalia is Gitanjali group's vice-president for banking operations and had been named by other company officials as the group's key official who told them to prepare documents to get the letters of undertaking from the Punjab National Bank. He did not divulge any other details about Chitalia's alleged role in the PNB fraud.

WorldStage Newsonline-- Indian lawmakers on Tuesday asked the Prime Minister, Narendra Modi to speak on a $2-billion bank fraud case that brought business to a standstill in both houses of India's parliament. The scam unearthed at PNB's branch in Mumbai allegedly involved diamond merchant Nirav Modi and various officials from his company colluding with senior bank officials to issue LoUs without proper checks and securities.

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