ICICI's Chanda Kochhar and Axis Bank's Shikha Sharma summoned in PNB scam

PNB case SFIO summons ICICI chief Chanda Kocchar Axis Bank's Shikha Sharma

A consortium of 31 banks led by ICICI Bank has loans close to Rs 5,200 crore to Mehul Chokshi's Gitanjali Group.

The CBI had earlier questioned ICICI bank executive director NS Kanan as part of the investigation in India's biggest banking fraud.

The central government is unable to make a breakthrough and able to arrest these money thief Vijaya Malliya-9000 crore, Mehul Choksi-12700 crore, Nirav Modi-11400 crore, Lalit Modi-1700 crore.

He said Chitalia was taken away from the Mumbai airport by the CBI, soon after he landed in the city from Bangkok.

ICICI Bank chief executive Chanda Kochhar and Axis Bank chief executive Shikha Sharma were summoned by the SFIO to help the agency understand the amount of exposure and whether due diligence was followed while lending.

Saying that the bank was fully cooperating with the investigation agencies, the ICICI Bank said: "Our exposure to the Gitanjali group of companies is not the largest among lenders in the consortium".

"The SFIO has today sought information on the accounts of the Nirav Modi and Gitanjali groups of companies". We are working capital loan specialists to the Gitanjali gathering of organizations alongside a few different banks in the consortium...

While SFIO had called Chanda Kochhar, MD & CEO, ICICI Bank and Shikha Sharma, MD & CEO of Axis Bank, both the lenders had sent their representatives to meet the investigating officers, banking industry sources said. Choksi, along with diamond jeweller Nirav Modi, has been accused of defrauding the Punjab National Bank of Rs 12,600 crore, including Rs 1,300 crore being added to the fraud kitty on February 26.

A slew of agencies, including the CBI and ministerial arms like the Enforcement Directorate as well as the SFIO are probing the scam.

"In the normal course of trade business, the bank, through the overseas branches, undertakes transactions against LoUs (Letters of Undertaking) issued by other banks". It is alleged that firms colluded with officials at a city branch of state-run PNB to clear letters of undertakings without proper diligence, resulting in the scam.


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