SME Times News Bureau | 14 Aug, 2018
The central government on Monday dismissed former Allahabad Bank
Managing Director Usha Ananthasubramanian on the day she was to
superannuate from service, according to an official notification.
In
May this year, Ananthasubramanian had been divested of all her powers
as MD of Allahabad Bank after being named in a Central Bureau of
Investigation (CBI) chargesheet in the Rs 14,000 crore Punjab National
Bank (PNB) fraud allegedly committed by absconding diamantaire Nirav
Modi, but had continued to remain an employee of the bank.
Ananthasubramanian
was Chief Executive of the PNB between August 2015 and May 2017, before
moving to Allahabad Bank. She was earlier Executive Director at PNB
from July 2011 to November 2013.
Official sources said on Monday
that government has given permission to the CBI to prosecute
Ananthasubramanian and former PNB Executive Director Sanjiv Sharan in
the scam in which Modi's uncle Mehul Choksi is co-accused and who is
also absconding.
In the chargesheet filed in May in a Mumbai
court, the CBI alleged that Ananthasubramanian and other senior PNB
officials were aware of the fraud going on for some time but did not
take any corrective action.
