CEO of ICICI Bank Chanda Kochhar among 31 bankers summoned over PNB scam

Mumbai: Widening the scope of investigation into the multi-billion dollar PNB loan scam, the Serious Fraud Investigation Office (SFIO) has summoned the top management of about 31 banks having exposure to Mehul Choksi-promoted Gitanjali Gems.

Among the top executives summoned on Tuesday includes Chanda Kochhar, MD and CEO of ICICI Bank and Shikha Sharma, CEO of Axis Bank. They were asked to appear either in person or send their representatives. While V. Srinivas, deputy-managing director of Axis Bank appeared before the investigating agency, ICICI Bank has sought more time from SFIO to reply to summons.

ICICI Bank was the lead bank in a consortium that advanced over Rs 5,000 crore as working capital loans to Gitanjali Gems. Mehul Choksi and Nirav Modi, the alleged masterminds behind the Rs 12,700-crore scam, had fled the country in January before PNB made a disclosure to the stock exchanges about the fraud.