PNB scam probe widens to include private lenders

Axis Bank CEO Shikha Sharma. Source https

Besides, the Reserve Bank of India imposing a penalty of Rs 3 crore on Axis Bank for violation of NPA (Non-Performing Assets) classification norms and Rs 2 crore on Indian Overseas Bank for not complying with the KYC (Know Your Customer) regulations, also proved to be a dampener. 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.

The source, who asked not to be named, said investigators had not yet recovered all the papers and loan guarantees allegedly issued by rogue employees of the bank, and consequently believed the bank's exposure could be greater than revealed so far.

The central bank also said the action on the two commercial banks is based on deficiencies in regulatory compliance "and is not meant to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers". "We would like to question both of them", the head was quoted as saying. It does not have any exposure to companies linked with Modi. We are working capital lenders to the Gitanjali group of companies along with several other banks in the consortium...

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Chitalia was stopped at the airport and brought to the CBI office at the Bandra-Kurla Complex for questioning, a CBI official said.

Before this, CBI has detained Vipul Chitalia, the Vice President of Gitanjali Group of Companies, as a part of its probe into the PBN scam.

It is alleged that firms colluded with officials at a city branch of state-run PNB to clear letters of undertakings (LoUs) without proper diligence, resulting in the scam.

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Both Modi and Choksi are alleged to have frauded Punjab National Bank with Rs 12,600 crore.

The jewelers are accused of getting letters of undertaking (LoUs) based on fraudulent claims from PNB, which bank officials did not enter in their internal software to avoid scrutiny.

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