PNB Case: ICICI Bank CEO Chanda Kochhar, Axis Bank MD Shikha Sharma Called In For QuestioningAxis 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.

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber
Advertisement