On May 14, 2018, Central Bureau Investigation issued charges against 22 people.
- Against former CEO and 2 directors of PNB, on 2 partners of 3 private companies.
- Included 2 diamond firms, 7 of their employees and 10 additional staff from PNB.
- Follows CBI searches at 42 premises, and arrest of 15 people, with 80 witnesses.
- Did not name persons charged but Rajiv Kumar asked Allahabad Bank to remove
operational powers from CEO Usha Ananthasubramanian, PNB CEO 2015 to 2017.
- CBI said PNB official had acted in concert with the owners of companies involved, and had fraudulently issued large number of LoUs, CBI investigation is continuing.
- Investigation also revealed that the fraud was allegedly perpetrated despite RBI
circulars being issued on issue, which was in knowledge of senior officials of PNB.
- PNB officials had not implemented the circulars and caution notices issued by RBI regarding safeguarding of the SWIFT operations and misrepresented the situation.