PNB Scam: CBI files chargesheet against Mehul Choksi, 17 other

Mehul Choksi  PNB

"The charge sheet was filed under Indian Penal Code sections of conspiracy and cheating, and under relevant sections of the Prevention of Corruption Act, before Special Judge, CBI cases, Mumbai, on the allegation of committing a fraud to the tune of Rs 7,080.86 crore". The bank made payments to the tune of almost Rs 6600 crore to other banks to whom it owed money on underwriting commitments with regard to the letters of undertakings that were fraudulently issued to the Nirav Modi group.

Since these two executive directors did not attend today's board meeting to consider and approve the fourth quarter financial result, so their signatures are not on the annual financial results.

That led to a more than tripling of its total provisions from a year earlier to Rs 20353 crore.

The development comes a day after PNB recorded a huge loss worth Rs 13,417 crore in its fourth-quarter net loss on Tuesday.

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Notwithstanding the infusion of Rs 5400 crore from the government and investment of Rs 5000 crore from qualified institutional investors, the bank's capital capital adequacy ration stood at 9.2% as of March 2018, just about the minimum regulatory requirement of 9%.

PNB said it had allocated 71.78bn rupees to pay around half the amount it owes in the three months to March 31, while setting aside the other 50pc over the next three quarters.

The m-cap of PNB Housing Finance stood at Rs 21,265.20 crore on May 16 compared with PNB's Rs 20,856.10 crore. Accordingly, the net profit of the bank was adjusted to Rs 532.6 crore as against declared profit of Rs 1,324.8 crore for entire 2016-17.

An analyst with a private brokerage firm who did not wish to be identified said the loss reported may vary depending on the decision of the bank management on whether to spread the impact of the bond losses and gratuity expenses across quarters or provide for the same in entirety in the March quarter. "Further, the internal audit process is also being augmented to give higher weight to the off-site monitoring mechanism and reduce dependence on physical inspection and audit to identify risks", it said. "Mr. Shetty obtained quotes by Debajyoti Dutta, proprietor of Rishika Financials for Mr. Choksi's companies for the issuance of LoU by PNB out of which Mr. Shetty compelled Mr. Dutta to part with an aggregate sum of ₹1,02,53,664 as illegal gratification by way of cheques for himself and his family by threatening Mr. Dutta of stopping his business".

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