The Central Bureau of Investigation (CBI) filed its first chargesheet in PNB scam today. The Rs 13,400 crore PNB scam involving Nirav Modi made headlines and exposed the corruption within state-owned banks.

CBI filed the chargesheet in a Mumbai court just before the 90-day period to file charges against those arrested ends. Following this, it is also to be noted that the accused would not be able to sought for bail.

Usha Ananthasubramanian, Managing Director and CEO of the Allahabad Bank, who held the same position at Punjab National Bank earlier, had been named as an accused along with other senior officials, according to the chargesheet.She was MD and CEO of the Punjab National Bank in 2016.

The CBI said that senior PNB officials did not comply with RBI's circulars over SWIFT control system, a platform for encashing letters of undertaking (LoU).

Besides, CBI also named Nirav Modi as an absconding accused.

Also read Nirav Modi’s US firms got Rs 300 cr PNB remittances

Apart from the arrested accused the probe agency have named three firms of which one is Stellar Diamond. CBI's first chargesheet also named Brahmaji Rao, Sanji Saran and Nehal Ahad.

PNB, India's second largest state-owned bank after SBI, in February unearthed that that it had been duped of Rs 12,000 crore through the fraud guarantees for Nirav Modi and Mehul Choksi.

Also read Nirav Modi scam fails to take away shine from diamond business, De Beers pegs for better growth in India

Meanwhile, US firms, controlled by Nirav Modi, have been found to be the recipients of at least $46 million (or over Rs 300 crore) in remittances from Punjab National Bank (PNB) since 2011, show findings of accounting firm BDO’s ongoing forensic investigation shared with an American court.

If these funds were routed through the firms back to the now fugitive diamantaire without ever being used for the import of semiprecious or precious stones, they may complete the money trail behind India’s largest banking fraud that went undetected for seven long years.

The remittance money trail from PNB leads to Modi-controlled American firms, Firestar Diamond, Fantasy and A. Jaffe, which are currently seeking bankruptcy protection in the US. In the beginning of 2011, a few Modi entities — Firestar International, Firestar Diamond International, Solar Exports, Stellar Diamonds, and Diamond R US, began obtaining fraudulent LOUs (Letter of Undertakings) from the Brady House, Mumbai branch of PNB in connivance with some rogue bank employees.