The CBI has sought sanction to prosecute then Punjab National Bank (PNB) managing director and chief executive officer Usha Ananth Subramanian and executive directors K. V. Brahmaji Rao and Sanjiv Sharan in connection with the bank fraud case against fugitive Mehul Choksi’s Gitanjali group of companies and others.
The agency registered the case on February 15, 2018, accusing the company and others of causing a loss of ₹4,887 crore to the bank. Mr. Choksi had flown out of the country on January 4, 2018; his nephew, Nirav Modi, and his family members left two days later.
While Mr. Choksi is fighting extradition proceedings in Antigua, of which he had taken citizenship, Mr. Modi is lodged in a London jail and his appeal against the court order allowing his extradition to India is currently pending in the High Court there.
