The Serious Fraud Investigation Office (SFIO) has summoned ICICI Bank chief Chanda Kochhar and Axis Bank chief Shikha Sharma to seek information on the Punjab National Bank fraud involving diamantaires Nirav Modi and Mehul Choksi.
ICICI Bank is the leader of a consortium of lenders to Mehul Choksi's Gitanjali Gems, and has an exposure of ₹500 crore. The SFIO is said to have asked senior executives from the 31 banks who have done business dealings with the firms promoted by Nirav and Choksi to be present at its office in Mumbai.
SFIO has summoned consortium of 31 banks that include ICICI, Axis and PNB.
According to the Central Bureau of Investigation (CBI), the government-run PNB official Gokulnath Shetty would return these documents to top company officials after issuing the letters that enabled Nirav Modi and his uncle Mehul Choksi's companies to get credit overseas.
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The CBI had earlier questioned ICICI bank executive director NS Kanan as part of the investigation in India's biggest banking fraud.
Kochhar and Sharma will appear before the (SFIO) in Mumbai on Tuesday afternoon, sources in the agency said. It does not have any exposure to companies linked with Modi.
Working capital is used to finance operations of a company; it is not used to buy long-term assets or investments, but used to cover costs such as salaries and other expenses.
One of the after effects is bank branches based overseas calling issuer banks to confirm an LoU is genuine.
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"The examination of the documents, including the bank's internal inspection report, revealed, inter alia, non-compliance with the directions issued by RBI on KYC norms", RBI said.
Shares of the State Bank of India fell 2.77 per cent to settle at Rs 256.50 on BSE, while that of ICICI Bank tumbled 2.64 per cent to end the day at Rs 295.10.
The jewelers are accused of getting letters of undertaking (LoUs) based on fraudulent claims from PNB, which bank officials did not enter in their internal software to avoid scrutiny.
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