PNB fraud: Govt dismisses ex-MD Ananathasubramanian

New Delhi, August 13

The government on Monday dismissed Usha Ananathasubramanian, former MD and CEO of Punjab National Bank, and who was three months ago divested of her powers as MD and CEO of Allahabad Bank, following the country’s biggest bank fraud allegedly carried out by Nirav Modi and associates at PNB.

She was named in the CBI chargesheet in connection with the Rs 14,000-crore fraud. She has been dismissed with immediate effect in the interest of Allahabad Bank, sources citing government notification said.

It was alleged that she failed to exercise proper control over the functioning of PNB while serving as MD of the bank. It enabled the fraud in the bank through misuse of SWIFT at PNB’s Brady House branch.

Besides Anathasubramanian, the government has given sanction for prosecution against PNB executive director Sanjiv Sharan as part of the clean-up exercise in the system.

Ananthasubramanian had enjoyed leadership roles in PNB in two stints. She headed the bank between August 2015 and May 2017, before moving to Allahabad Bank. She was executive director at the bank from July 2011 to November 2013. — PTI