PNB fraud: CBI court grants bail to ex-MD Usha Anathasubramanian

PNB fraud: CBI court grants bail to ex-MD Usha Anathasubramanian thumbnail
MUMBAI: A special CBI court here granted bail on Monday to Usha Ananthasubramanian, former managing director and CEO of Allahabad bank, in connection with the Rs 14,000 crore fraud at the Punjab National Bank (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 J C Jagdale and applied for bail which was granted by the court.

The government had dismissed Ananathasubramanian on August 14 in the interest of Allahabad Bank.

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.



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