CBI questions PNB ex-MD Usha Ananthasubramanian, ICICI's ED over Nirav case

The CBI on Tuesday said it has questioned former Punjab National Bank Managing Director Usha Anant Subramanian and ICICI Bank Executive Director N S Kanan in connection with its Rs 126.36 billion bank fraud case.

A CBI official said Subramanian was quizzed at the agency's Mumbai office.

"The agency also questioned the ICICI Executive Director because it was the leader of a consortium of banks that sent money to Mehul Choksi's Gitanjali Group," the official said.

He said the Central Bureau of Investigation received a complaint from the PNB alleging a loss of Rs 12.51 billion -- all linked to Gitanjali Group.

Besides, two PNB General Managers Nehal Ahad and Vimlesh Kumar were also questioned, apart from two statutory auditors of the PNB, in the case.

On Monday, the CBI questioned three statutory auditors and two General Managers of PNB.

The CBI had filed the first FIR in the scam on February 14 against Nirav Modi, his wife Ami, brother Nishal, uncle Mehul Choksi and his firms Diamond R US, Solar Exports and Stellar Diamond.

Nirav Modi, his family and Choksi left the country in early January. The FIR mentions fraud of around Rs 64 billion.

The CBI filed the second FIR on February 15 for Rs 48.86 billion fraud against the Gitanjali Group headed by Choksi.

The official said CBI had written to the Chief Vigilance Officers of five banks to share details of money credited to Nostro accounts of PNB on receiving Letters of Understanding and Foreign Letters of Credit, which were then withdrawn by Nirav and Choksi's group as buyers' credit.

The agency has till date arrested 12 persons in the case.