PNB fraud: Former MD gets bail

Mumbai, August 20 

A special CBI court on Monday granted bail to Usha Ananthasubramanian, former MD and CEO of Allahabad Bank, in connection with the Rs 14,000-crore fraud at the PNB.

Earlier this month, the court had taken cognisance of the sanction granted by the President to prosecute Ananthasubramanian in the case.

As per the procedure, when a court takes cognisance of the sanction, summons are issued to the accused to appear before the court. Thereafter, the accused can move a bail application.

Accordingly, Ananthasubramanian appeared before special judge JC Jagdale and applied for bail which was granted by the court. The government had dismissed Ananathasubramanian on August 14.

Three months ago, she was divested of her powers as MD and CEO of the Allahabad Bank following the country’s biggest bank fraud allegedly carried out by diamond jeweller Nirav Modi and associates at the PNB. — PTI