PNB misrepresented factual position on LoUs to RBI: CBI
Top officials of PNB "misrepresented" the factual position on Letters of Undertaking (LoUs) to the RBI, according to a CBI chargesheet. PNB also allegedly ignored the central bank's warnings when credit facilities worth over $2 billion were fraudulently cleared by its branch in Mumbai. The chargesheet named 22 persons including Nirav Modi, his brother, and former PNB CEO Usha Ananthasubramanian.