Nirav Modi case: 2 PNB Executive Directors Dismissed

Written By Xappie Desk | Updated: January 20, 2019 16:17 IST
Nirav Modi case: 2 PNB Executive Directors Dismissed

Two Punjab National Bank executive directors have been dismissed by the government for negligence in the control of the operations, which caused the 14000-crore Nirav Modi Scam. Of the two, K. Veera Brahmaji Rao has been dismissed with only few days before his retirement i.e.; on January 2018 and Sanjiv Sharan is due to retire on May 2019.
K. Veera Brahmaji Rao was appointed as an executive director in January 2014, before which he was with Vijaya Bank. In PNB, he was responsible for multiple divisions, including risk management, treasury and operations. Sharan was general manager with PNB before being elevated as executive director on September 2016.
Former PNB deputy manager Gokulnath Shetty was prime accused in the Modi scam, had admitted to mishandling the bank's SWIFT messaging system to issue illegal bank guarantees since 2011.