August 14, 2018

Nirav Modi scam: CBI files 2nd charge-sheet, names Gitanjali Gems and Choksi

17 May 2018, 02:56 | Glen Norman

PNB fraud CBI files second chargesheet naming Choksi firms

PNB fraud CBI files second chargesheet naming Choksi firms

In its charge sheet filed in the CBI special court in Mumbai, the agency has also charged 16 other entities on the charges of criminal conspiracy, cheating and provisions under the Prevention of Corruption Act.

On Monday, it had filed charges against 22 people including jeweller Nirav Modi, former PNB chief Usha Ananthasubramanian, two of the bank's executive directors, and three companies belonging to Nirav Modi.

Of this, the bank made payments of Rs6,500 crore to seven banks honouring these LoUs in the March quarter, that is expected to reflect in the quarterly results.

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Some analysts expressed concern that the size of the losses, coupled with surging bad debts across the Indian banking sector, might weaken PNB's capital reserves to the extent it could damage the bank's growth prospects.

The PSU lender said it made provisions and contingencies worth Rs 20353.10 crore for the quarter ended March. Provisions soared 254 percent to Rs 20,350 crore.

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. "After including outstanding amounts under other credit facilities to the above entities, the amount involved now works out to Rs 14,356.84 crore", the bank said in its notes to accounts. 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. Accordingly, the net profit of the bank was adjusted to Rs 532.6 crore as against declared profit of Rs 1,324.8 crore for entire 2016-17. Consequently the government share holding rose is 62.25 per cent on March 31, 2018 from to 57.04 per cent before preferential allotment.

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Tighter RBI rules announced in February, which did away with half a dozen loan restructuring schemes, have led to banks reporting a surge in bad loans in the March quarter, and several of them reporting losses. The total income for the fiscal rose marginally to Rs 56,876.63 crore, up from Rs 56,227.36 crore a year earlier.

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

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