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Kumar also said that the Allahabad Bank will call a board meeting and then decide to divest the power of its Managing Director named in Central Bureau of Investigation (CBI) charge sheet. "This was the duty of the senior management to minimise the risk in the system", Rajiv Kumar, secretary in the finance ministry's department of financial services, said on May 14.

Usha, who is now serving as CEO and MD of Allahabad Bank, had held the same post in PNB from August 2015 to 2017.

Ananthasubramanian, who is now the MD and CEO of Allahabad Bank, Executive Directors of Punjab National Bank K V Brahmaji Rao and Sanjiv Sharan, and General Manager (International Banking) Nehal Ahad are four senior bank executives who have been charge-sheeted by the agency.

The CBI will file second chargesheet in the case, involving Mehul Choksi of Gitanjali Gems Ltd, by the end of this week.

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The move comes after Ms. AnanthaSubramanian was named in the CBI chargesheet, along with 21 others in the Nirav Modi scam. Ananthasubramanian was the CEO of the PNB at that point in time, said the CBI.

Nirav Modi, of course, will be named in the chargesheet. The duo have denied the allegations against them, and authorities said they both left the country before the fraud was uncovered.

When asked about action against two MDs named in the FIR related to loans given to Aircel by IDBI Bank, he said, "I would like to make it clear that you can not take action only on hearsay".

The CBI today filed its first chargesheet in the country's largest financial scam worth over United States dollars 2 billion at PNB allegedly committed by billionaire jeweller Nirav Modi. A source familiar with the matter said more people were likely to be charged this week.

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The bank's losses on account of the fraud related to letters of undertaking issued to group of companies belonging to Nirav Modi and Mehul Choksi was revised upwards to Rs 143.5 billion. She is accused of not complying with a 2016 circular of the Reserve Bank of India on the Swift (Society for Worldwide Inter-bank Financial Telecommunications) system.

The role of bank's former chief Usha Ananthasubramanian has been detailed in the chargesheet.

The officials said supplementary charge sheets will have information from foreign governments, shell companies, foreign banks, and detail the role of officials posted in foreign branches of Indian banks which issued credits to Modi's firms on the basis of PNB LoUs etc.

This was a clear "misrepresentation" of facts to the RBI by top officials of PNB, they said. Earlier, a Reuters poll had estimated the state-run lender to report a net loss of Rs 3,908.6 crore. She was the managing director of PNB until May 5 previous year.

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  • Jill Young