PNB fraud: Government dismisses ex-MD Usha Anathasubramanian
The government today dismissed Usha Ananathasubramanian, who was three months ago divested of her powers as MD and CEO Allahabad Bank following the country’s biggest bank fraud allegedly carried out by Nirav Modi and associates at PNBNSE 0.25 %.
MD and CEO of Punjab National Bank before moving to Allahabad Bank, Ananathasubramanian was named in the CBI charge-sheet in connection with the Rs 14,000 crore fraud through fake LoUs in connivance with some PNB employees.
She has been dismissed with immediate effect in the interest of Allahabad Bank, sources citing government notification said.
It was alleged that she failed to exercise proper control over the functioning of PNB while serving as MD of the bank. It enabled the fraud in the bank through misuse of SWIFT at PNB’s Brady House branch.
Besides Anathasubramanian, the government has given sanction for prosecution against PNB executive director Sanjiv Sharan as part of the clean up exercise in the system.
However, the government is yet to take any decision on another PNB ED K V Brahmaji Rao, whose name also figured in the CBI charge-sheet.