The Indian government removed Usha Ananthasubramanian as managing director and CEO of Allahabad Bank, with immediate effect, according to an Aug. 14 stock exchange filing.

The move comes after the country's Central Bureau of Investigation and central bank were given the go-ahead from the government to initiate criminal charges against Ananthasubramanian, Punjab National Bank's former CEO and managing director, in connection with a US$2 billion loan fraud, Mint reported Aug. 13.