PNB scam: Ex-MD of Allahabad Bank granted bail

Mumbai: A special Central Bureau of Investigation (CBI) court here on Monday granted anticipatory bail to former Managing Director (MD) and Chief Executive Officer (CEO) of the Allahabad Bank, Usha Ananthasubramanian, on a surety bond of Rs 1 lakh in multi-crore Punjab National Bank (PNB) scam.

Ananthasubramanian was the MD of PNB between August 2015 and May 2017, and also served its executive director.

On August 13, she was removed as MD and CEO of the Allahabad Bank. Last week the Centre gave sanction to CBI for her prosecution.

Her name appeared in CBI’s first charge sheet in May 2018, citing irregularities during her tenure at the PNB bank.

The scam pertains to the fraudulent use of Letter of Understanding by diamantaire Nirav Modi and his uncle Mehul Choksi to dupe the PNB of nearly USD 2 billion, with the purported involvement of a few employees of the bank.