Rs 14,300-cr fraud: Centre issues order to sack two PNB executive directors

The Centre said the PNB two executives failed in their capacity in the top management to justify their dismissal

The central government has sacked two Punjab National Bank (PNB) executive directors (EDs) for their alleged involvement in the Rs 14,300-crore fraud by a group of companies belonging to Nirav Modi and Mehul Choksi. The incident came to light a year back.

In an order issued on Friday, the finance ministry said the two EDs — K V Brahmaji Rao and Sanjiv Sharan — “failed in exercising proper control over the functioning of PNB which enabled the fraud” that went undetected for several years “snowballing into a large amount”.

The Centre said the two executives failed in their capacity in