Chandigarh, August 14: The government on Monday dismissed Allahabad Bank managing director and CEO Usha Ananthasubramanian on the last day of her work. Ananthasubramanian was MD of Punjab National Bank between August 2015 and May 2017 and had also served as its executive director. She was dismissed with immediate effect.

According to a Times of India report, the government allowed the CBI to move against her and Punjab National Bank executive director Sanjiv Sharan in the Rs 14,000 crore fraud case, masterminded by Nirav Modi and Mehul Choksi. With Ananthasubramanian’s dismissal, the number of banks without a fulltime MDs has increased further as the tenure of Melvyn Rego at Syndicate Bank also ended on Monday. Allahabad Bank CEO Usha Ananthasubramanian to be Removed for Involvement in PNB Scam, Stock Slips

The government is yet to fill up vacancies at Central Bank of India, Canara Bank, Andhra Bank, Dena Bank and Punjab & Sind Bank.  Usha has been ranked 19th most powerful women in business by Fortune India and is also the first women chairman of the Indian Banking Association.

Nirav Modi, his family and Choksi left the country in early January. The FIR mentions fraud of around Rs 64 billion. The CBI filed the second FIR on February 15 for Rs 48.86 billion fraud against the Gitanjali Group headed by Choksi.

(The above story first appeared on LatestLY on Aug 14, 2018 10:32 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).