Published On : Tue, Mar 6th, 2018

ICICI Bank, Axis Bank chiefs summoned in PNB fraud case

Mumbai: ICICI Bank chief Chand Kocchar and Axis Bank’s Shikha Sharma have been summoned in the PNB fraud case. ICICI Bank led a consortium of 31 banks that lent working capital of over Rs 5280 crore to Mehul Choksi’s Gitanjali group.

Last week, ICICI Bank informed that it had no exposure to the Nirav Modi group of companies, but had given working capital loans of Rs 405 crore to the Gitanjali group.

Kochhar and Sharma have been summoned by the Serious Fraud Investigation Office to give their statement, but not as accused.

The statement comes amid questioning of ICICI Bank’s Executive Director NS Kannan by the Central Bureau of Investigation last week relating to the Punjab National Bank scam worth Rs 12,700 crore.