PNB scam: CBI names jeweller Mehul Choksi, his companies in supplementary chargesheet

PNB scam: CBI names jeweller Mehul Choksi, his companies in supplementary chargesheet

The remaining amount will be covered in three quarters of 2017-18.

The agency has alleged Rs 7,080.86 crore were siphoned off by Choksi and his companies using 142 letters of undertaking and 58 foreign letters of credit, the officials said.

Yesterday, the bank board, following government diktat, had divested two executive directors - K V Brahmaji Rao and Sanjiv Sharan - of all financial and executive powers.

In connection with the pleas filed on the Gitanjali Gems in the court, the ED said, "The Company cleverly veils any reference to Mehul Choksi, who left India in the twilight of the scam coming to the notice of the law enforcement agencies".

On the National Stock Exchange, the stock declined to Rs 74.15 and is now down 12% at Rs 75.65.

Currently, the market cap of PNB Housing stands at Rs21,122.08 crore, while PNB has Rs20,856.13 crore in market cap.

Total provisions other than tax also increased to Rs 20,353.10 crore as against Rs 5,753.51 crore in the same quarter of the previous fiscal.

Various brokerages downgraded Punjab National Bank (PNB) after the state-run lender suffered a huge loss of Rs 13,416.91 crore for the January-March quarter.

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.

As per the quarterly number, the RBI detected Gross NPA divergence of Rs 2,207 crore during the FY17.

"Similarly, the current Managing Director of PNB Sunil Mehta should also keep away from the bank on moral grounds till the probe into the alleged scam is over", Venkatachalam added. Year 2018-19 could also be a year of losses, " Edelweiss Securities said in a note. "The bank has consumed a lot more capital and there would be further impact on Tier-1 ratio in the ensuing quarters till the balance sheet is stabilized", said Kotak Institutional equities in a note to its investors.

"The bank plans to rely on artificial intelligence (AI) for reconciliation of accounts and incorporate analytics for improving audit systems". And now, it's led to the highest quarterly loss ever by an Indian bank.

Incidentally, BDO India LLP, the firm engaged by PNB to conduct a forensic investigation into the fraud committed by Modi and his companies, has also shared its findings with the USA bankruptcy court.

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