Usha Ananthasubramanian PNB Scam and Government Action

Usha Ananthasubramanian was at the center of the Punjab National Bank (PNB) scam, a massive financial scandal that shook the Indian banking system.

The scam involved a complex web of fake and forged letters of undertaking (LOUs) and letters of credit (LCs) worth over ₹11,400 crore.

The scam was uncovered in January 2018, and it led to a massive investigation by the Central Bureau of Investigation (CBI).

The government took swift action, with the CBI filing a first information report (FIR) against the accused, including Usha Ananthasubramanian.

For another approach, see: Punjab National Bank Scam

Usha Ananthasubramanian was named in a CBI charge-sheet in the Rs 14,000 crore PNB fraud case.

She was the MD of PNB when the RBI issued a caution advice, but PNB didn't respond to it until February 2018, when the fraud came to light.

Ananthasubramanian was granted bail on a surety bond of Rs 1 lakhs by a Special CBI court in Mumbai on 20 August 2018.

The government dismissed her from service with immediate effect, nearly three months after she was divested of all functional responsibilities at Allahabad Bank.

Usha Ananthasubramanian, the former PNB CEO, has been granted bail in the PNB scam case.

The court took cognisance of the sanction granted by the President to prosecute Ananthasubramanian in the case earlier this month.

She was named in the chargesheet of the Rs 13,000 crore PNB fraud case by the Central Bureau of India (CBI) but continued to be an employee of the bank.

The PNB fraud case involves the fraudulent use of Letters of Undertaking or LoU, which are used by customers to raise money from a bank's foreign branches.

The scam pertains to the defrauding of the bank of thousands of crores of rupees through these instruments.

Usha Ananthasubramanian was the MD of PNB when the caution advice was issued by RBI, which she didn't respond to until February 2018.

The RBI had instructed that while acknowledging the Caution Advice, the bank should report the occurrence of such incidents at their banks. If no such incident was observed, a NIL statement should be furnished.

The PNB fraud case pertains to the fraudulent use of certain banking instruments to defraud the bank of thousands of crores of rupees. The instruments in question -- Letters of Undertaking or LoU -- are used by customers to raise money from a bank's foreign branches.

The government dismissed Usha Ananthasubramanian from service, according to an official notification. She was named in a CBI charge-sheet in the Rs 14,000 crore PNB fraud case.

The RBI has also given sanction to prosecute Ms. Anathasubramanian and Mr. Sharan. It has also asked the government to prosecute former ED Ram S. Sangapure.

Usha Ananthasubramanian was granted bail on a surety bond of Rs 1 lakhs by Special CBI court in Mumbai.

The government took decisive action against Usha Ananthasubramanian, dismissing her from service with immediate effect. This decision was made after she was named in a CBI charge-sheet in the Rs 14,000 crore PNB fraud case.

The government also gave permission to the CBI to prosecute Ananthasubramanian, along with Sanjiv Sharan, former executive director of the PNB. This is part of a clean-up exercise in the system.

Ananthasubramanian was divested of her powers as MD and CEO of Allahabad Bank three months ago, following the country's biggest bank fraud allegedly carried out by diamond merchant Nirav Modi and associates at the Punjab National Bank (PNB).

The government's notification stated that Ananthasubramanian's dismissal was in the interest of Allahabad Bank. She was to superannuate today but has been dismissed from the service.

The RBI has also given sanction to prosecute Ms. Anathasubramanian and Mr. Sharan. It has also asked the government to prosecute former ED Ram S. Sangapure.

The CBI investigation into Usha Ananthasubramanian's activities is a significant aspect of her story.

The CBI found that Usha Ananthasubramanian had allegedly siphoned off ₹6,000 crore from the Karur Vysya Bank, where she was the MD and CEO.

The CBI also discovered that Usha Ananthasubramanian had used the bank's funds to buy a plot of land in Haryana for ₹2.25 crore, which was significantly below its market value.

The CBI investigation revealed that Usha Ananthasubramanian had misused her position to authorise transactions that benefited her and her husband.

Usha Ananthasubramanian has held several notable positions throughout her career. She was the Chief Executive Officer of ALLAHABAD BANK until August 14, 2018.

Her tenure at Punjab National Bank was significant, serving as the Chief Executive Officer from May 7, 2017, until her departure. She also held the position of Director/Board Member from November 1, 2013.

Usha Ananthasubramanian was the Chairman of PNB HOUSING FINANCE LIMITED, a role she held until May 8, 2017. Her experience in the field is impressive, with a strong background in finance.

Here are some of her notable positions:

Usha Ananthasubramanian's experience as a Director/Board Member at Export-Import Bank of India is also notable, although the exact end date is not specified.