SFIO summons ICICI CEO, Axis Bank MD

SBI share prices on Wednesday dropped 3.84% to close at Rs246.65 on the BSE

A consortium of 31 banks led by ICICI Bank has loans close to Rs 5,200 crore to Mehul Chokshi's Gitanjali Group.

Axis Bank, the third largest private sector lender, does not have any direct exposure to Gitanjali, while it was among the several banks whose overseas branches had loaned money to PNB based on the fraudulent LoUs.

The Serious Fraud investigation office has sent summons to officials of 31 banks for questioning.

Prior, a senior authority of the ICICI Bank was summoned to the CBI office in Mumbai. These include ICICI bank head Chanda Kocchar and PNB bank MD and CEO Sunil Mehta.

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Kochhar and Sharma have been asked to be present at the SFIO's Mumbai office. Both of them have been accused of being in the centre of the Rs 11,400 bank fraud. We have not issued any Letter of Undertaking (LOU) nor do we have any purchaser's acknowledge introduction against LOUs for regard to the Nirav Modi gathering of organizations and in addition the Gitanjali gathering of companies...

Working capital is used to finance operations of a company; it is not used to buy long-term assets or investments, but used to cover costs such as salaries and other expenses.

The court, set up under the Prevention of Money Laundering Act (PMLA), had issued the NBWs on applications filed by the Enforcement Directorate (ED), one of the agencies probing the bank fraud cases registered in February. The official handling the case sought 100 per cent cash guarantee before any such letters could be issued to which the company officials said no such guarantee was sought in the past. He did not divulge any other details about Chitalia's alleged role in the PNB fraud.

Investigators are seeking to probe the chiefs of India's biggest lenders as they widen their investigation into the Rs13,600cr fraud at Punjab National Bank (PNB), a Bloomberg report has revealed. The bank had earlier clarified that they "have not issued any Letter of Undertaking (LOU) nor do we have any buyer's credit exposure against LOUs with respect to the Nirav Modi group of companies as well as the Gitanjali group of companies".

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