Allahabad Bank CEO, Choksi charged with cheating, graft


"The charge sheet was filed under Indian Penal Code sections of conspiracy and cheating, and under relevant sections of the Prevention of Corruption Act, before Special Judge, CBI cases, Mumbai, on the allegation of committing a fraud to the tune of Rs 7,080.86 crore".

Police on Monday charged 22 people, including a former head of PNB and two of its current executive directors.

While the bank had reported a Profit after Tax for the year at Rs 1,324.80 crore, RBI, after considering under-reported provisioning, reworked the profit to less than half of it at Rs 532.60 crore.

(G.N.S) DT.16 New Delhi Most brokerages have turned bearish on fraud-hit Punjab National Bank after it posted largest ever quarterly loss by an Indian lender.

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Modi and his associates in connivance with some officials of PNB defrauded the bank of over USD 2 billion dollar. This was against Rs 4466.68 crore provisions it made in the third-quarter and Rs 5753.71 crore in the year-ago period.

Total provisions other than tax also increased to Rs 20,353.10 crore as against Rs 5,753.51 crore in the same quarter of the previous fiscal.

Besides, the housing finance firm's Net Interest Income (NII) registered a growth of 36 per cent to Rs 451.8 crore from Rs 332.7 crore. In a document dated May 10, Kartik Radia, Partner & Head - Business Advisory Services at BDO, declared that the three companies Firestar Diamond Inc, A. Jaffe Inc and Fantasy Inc that have filed for bankruptcy in NY received at least around $46 million (Rs 312.4 crore) in remittances from PNB since 2011, the time when Modi's fraudulent activities are believed to have commenced.

During the quarter, the government made capital infusion of Rs 5,473 crore by way of preferential allotment of equity.

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An analyst with a private brokerage firm who did not wish to be identified said the loss reported may vary depending on the decision of the bank management on whether to spread the impact of the bond losses and gratuity expenses across quarters or provide for the same in entirety in the March quarter.

"The bank plans to rely on artificial intelligence (AI) for reconciliation of accounts and incorporate analytics for improving audit systems".

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

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