Insta
PNB Case: ICICI Bank CEO Chanda Kochhar, Axis Bank MD Shikha Sharma Called In For Questioning
Axis Bank MD Shikha Sharma (L) and ICICI Bank CEO Chanda Kochhar (R). (Pradeep Gaur and Abhijit Bhatlekar via Mint/Getty Images)
ICICI Bank Chief Executive Officer (CEO) Chanda Kochhar and Axis Bank Managing Director (MD) Shikha Sharma have been issued notices to appear for questioning in the Nirav Modi PNB case, MoneyControl has reported.
The notices have been issued by the Serious Fraud Investigation Office (SFIO), asking them to appear before Mumbai SFIO today, or send their representatives alternatively.
The questioning is in purview of the Rs 5,200 crore loan given to Mehul Choksi’s Gitanjali group by a consortium of 31 banks led by ICICI.
The case is being probed by the Enforcement Directorate (ED), which had earlier confirmed that Choksi and Nirav Modi had diverted the loan amount to related companies. Several of Choksi’s and Nirav Modi’s firms are under the ED scanner since the issue was brought to notice last month.
ED hopes to recover Rs 3,000-4,000 crore from the real estate holdings of the groups in addition to the Rs 5,816 crore worth of diamonds and other precious stones seized by the agency.
Bombay Stock Exchange (BSE) has sought clarifications from both banks about the news, but neither had responded.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest
