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.
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