Mumbai, August 20:  Former MD and CEO of Allahabad Bank, Usha Ananthasubramanian has been granted bail on a surety bond of Rs 1 lakhs by Special CBI court in Mumbai. Last week, the government dismissed Usha 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.

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. In the month of May, RBI imposed restrictions on Allahabad Bank's lending to risky assets and raising high-cost deposits in view of deteriorating financial health. This directive came within days of RBI imposing similar restrictions on Dena Bank, which is under the Prompt Corrective Action (PCA) of the central bank.

(The above story first appeared on LatestLY on Aug 20, 2018 02:59 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).