Former managing director of scam-hit Punjab National Bank and Allahabad Bank, Usha Ananthasubramanian, was divested of all her powers three months ago, after CBI named her involvement in the Rs 14,000 crore PNB scam. She, however, had continued to be an employee of the bank until this Monday, when the government dismissed her from the service, according to PTI.
Reports further add that the government has permitted the CBI to prosecute Usha and Sanjiv Sharan, former executive director of the PNB.
Usha Ananthasubramanian headed PNB between August 2015 and May 2017 and then moved to Allahabad bank. She was also the executive director at PNB from July 2011 to November 2013. She also headed Bharatiya Mahila Bank and became the first woman chairman in January this year of the Indian Banks’ Association (IBA).
Coming to the PNB fraud, it was discovered at the bank’s Brady House branch in Mumbai earlier this year. The investigation unveiled that some fraud LoUs/FLCs were issued to various overseas branches of Indian banks by misusing the SWIFT messaging system, allegedly involving certain employees of the bank in the case alongwith jewellery magnate Nirav Modi and his uncle Mehul Choksi.