The Central Bureau of Investigation will soon file fresh charges in the $2 billion Punjab National Bank (PNB) fraud case and detail how the alleged wrongdoing was carried out, according to a source with direct knowledge of the matter.
Three other Modi employees, a PNB officer, and a relative of Modi’s are now also likely to be charged, said the source, who asked not to be identified as the charges have yet to be made public.
“The investigating officer’s report is in and the charge-sheet is ready. It is being reviewed by the head office,” said the source. CBI did not immediately respond to a request for comment. PNB, India’s second-biggest state-run bank, in 2018 alleged that a few rogue employees had issued fake bank guarantees over several years to help jewellery groups - controlled by Modi and his uncle Mehul Choksi - raise funds in foreign credit. Both have denied any wrongdoing.
Modi was arrested in London in March and is currently fighting extradition to India.