The Central Bureau of Investigation (CBI) will now probe the Rs 5,280 crore loan given to Mehul Choksi's Gitanjali Group by a 31-bank consortium led by the ICICI Bank after the SFIO.
The Central Bureau of Investigation (CBI) will now probe the Rs 5,280 crore loan given to Mehul Choksi’s Gitanjali Group by a 31-bank consortium led by the ICICI Bank after the SFIO, according to media reports. It may be recalled that ICICI Bank MD & CEO Chanda Kochhar and Axis Bank MD Shikha Sharma were summoned by Serious Fraud Investigation Office (SFIO) on March 6 while investigating the loan given to the Gitanjali Group.
The CBI is currently probing the Rs 13,000 crore fraud at the Punjab National Bank (PNB) committed allegedly by diamond czar Nirav Modi and his uncle Mehul Choksi by obtaining fake Letters of Understanding (LoUs) in collusion with a former bank employee. PTI reported that the CBI has examined two officials of Canara Bank, Bahrain, and one official of Bank of India, Antwerp (Belgium) in the Nirav Modi-PNB fraud case.
A multi-agency probe is going on in the PNB fraud, which came to light on February 14 when the bank informed the stock exchanges that about the fake LoUs issued to Nirav Modi to the tune of Rs 11,400 crore then, which was later revised to about Rs 13,000 crore.
It is interesting to note that between SFIO’s summon and today’s CBI’s probe news, a lot of development in India’s private banks has happened. First, ICICI bank is embroiled in a controversy of alleged quid pro quo by CEO Chanda Kochhar to Videocon and second, after RBI’s objection, Shikha Sharma has asked for a shorter six-month fourth term at Axis Bank’s helm as against three-year offered earlier.