Mumbai/New Delhi: The Enforcement Directorate (ED) on Thursday filed its first charge sheet in the Punjab National Bank (PNB) fraud case, said two people with direct knowledge of the matter, including an official from the investigative agency.
PNB’s total exposure to the entities involved in the fraud now stands at Rs14,356 crore. A special Prevention of Money Laundering court will hear the case on Monday.
“The charge sheet has named 24 as accused in the case, including 18 individuals and six companies. The charge sheet will pave the way for the investigative agency to extradite Nirav Modi to India," the ED official said on condition of anonymity.
The charge sheet focuses on the money laundering aspect and the role of Modi and others in perpetrating the alleged fraud.
The ED charge sheet does not name Usha Ananthasubramanian, former CEO and managing director of PNB, said the second person cited above.
“ED’s charge sheet is alleging fund diversion and how 15 shell companies or dummy companies were used to divert and siphon off funds. A trail of about Rs4,000 crore has been outlined in the charge sheet," said this person.
“Based on the charge sheet, we will approach the Interpol for a red corner notice. After getting a response from Interpol, we will send an extradition request to the respective jurisdiction," said the ED official.
The ED charge sheet comes after the Central Bureau of Investigation (CBI) filed two charge sheets earlier this month against jewellers Modi and Mehul Choksi and some current and former officials of PNB.
In its charge sheet on 14 May, CBI alleged that Modi, through his companies, siphoned off Rs6,498.20 crore using letters of undertaking fraudulently secured from PNB’s Brady House branch in Mumbai. In its 16 May charge sheet, CBI said Choksi through his firms swindled Rs7,080.86 crore.
Meanwhile, Rajiv Singh, a 1993-batch IPS officer of Tripura cadre, who was heading investigations into the case, has been prematurely repatriated from CBI with immediate effect, said a CBI spokesperson. The reason for this was not immediately clear.