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HomeIndiaGovernanceCBI now probing Rs 4,918 crore loan to Choksi, given by a...

CBI now probing Rs 4,918 crore loan to Choksi, given by a 31-bank consortium led by ICICI

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CBI sources say this loan was given to Mehul Choksi’s Gitanjali group in 2013-14, could be added to the PNB scam amount at a later stage.

New Delhi: The Central Bureau of Investigation (CBI) has initiated a probe in connection with a loan of Rs 4,918 crore given to Mehul Choksi’s Gitanjali group of companies by a consortium of 31 banks led by ICICI Bank.

According to sources, the details of this loan came to the fore last month, while raids were being conducted on the offices of Choksi and Nirav Modi in connection with the Punjab National Bank fraud. Following the revelation, N.S. Kannan, executive director of ICICI Bank, was also questioned in Mumbai. No separate FIR has been registered though.

“Documents regarding this loan were found during a raid at one of Mehul Choksi’s offices, following which the executive director of ICICI was called for questioning. This pertains to a loan of Rs 4,918 crore given to Gitanjali in 2013-14,” a CBI source said.

Of the total amount, Rs 405 crore was loaned by ICICI.

An investigator also said that the sum of Rs 4,918 crore may at a later stage be added to the Rs 13,578 crore PNB scam involving Choksi and Modi.

Meanwhile, in the ongoing investigation into the PNB scam regarding issuance of Letters of Understanding to Choksi and Modi’s companies, officials have been called in for questioning.

“Three officials are being questioned in that case — two are from Canara Bank, Bahrain, and another official of Bank of India, Antwerp, Belgium. The two are being examined. They are being questioned on why they did not carry out due diligence,” a CBI source said.

Break-up of the loan

ICICI Bank — Rs 405 crore

Punjab National Bank — Rs 587 crore

Corporation Bank — Rs 297 crore

Bank of Baroda — Rs 265 crore

Central Bank of India — Rs 206 crore

Syndicate Bank — Rs 231 crore

Canara Bank — Rs 195 crore

Indian Overseas Bank — Rs 176 crore

Bank of India — Rs 173 crore

State Bank of Hyderabad — Rs 140 crore

Dena Bank — Rs 121 crore

J&K Bank — Rs 121 crore

Oriental Bank of Commerce — Rs 121 crore

Union Bank of India — Rs 121 crore

Exim Bank — Rs 109 crore

IDBI Bank — Rs 99 crore

Karnataka Bank — Rs 87 crore

State Bank of Bikaner & Jaipur — Rs 87 crore

State Bank of India — Rs 52 crore

Vijaya Bank — Rs 63 crore

IndusInd Bank — Rs 58 crore

Karur Vysya Bank — Rs 30 crore

Lakshmi Vilas Bank — Rs 30 crore

Bank of Maharashtra — Rs 24 crore

Allahabad Bank — Rs 419 crore

Andhra Bank — Rs 240 crore

United Bank — Rs 207 crore

Standard Chartered Bank — Rs 100 crore

SBM Bank Mauritius Ltd — Rs 75 crore

Catholic Syrian Bank — Rs 50 crore

Punjab & Sind Bank — Rs 29 crore

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