On the day she was to retire, the government dismissed Usha Ananthasubramanian, the former MD of Rs 14,000 crore scam-hit PNB, The Indian Express reported citing unidentified Finance Ministry officials. Monday was officially her last working day. The government’s decision came about three months after the government-owned Allahabad Bank divested her of all powers after her name was mentioned in the chargesheet field by CBI in the PNB scam. The veteran banker was divested of all powers on the directions of the finance ministr
Also read: PNB-Nirav Modi scam: Government dismisses former MD Usha Ananthasubramanian from service
The central government issued permission to the Central Bureau of Investigation (CBI) to prosecute Usha Ananthasubramanian and ex-PNB executive director Sanjiv Sharan in scam, the report added.
Usha Ananthasubramanian career so far
The senior banker headed the PNB bank from August 2015 to May 2017. She was an executive director at the scam-hit bank from July 2011 to November 2013. Usha Ananthasubramanian also headed the Bharatiya Mahila Bank which was later on merger with SBI in the month of April of 2017. She also became the first woman chairman in the month of January this year of the banking association, IBA.
About PNB fraud
It was earlier this year that a fraud to the tune of Rs 14,000 crore at PNB’s Brady House branch was detected. It was learned that certain employees of the bank along with gems and jewellery businessman Nirav Modi and his uncle Mehul Choksi floated fraud LoUs/FLCs. These were issued to numerous foreign branches of Indian banks by misusing the SWIFT messaging system.