F.I.R. was registered against Gokulnath Shetty and Manoj Hemant Karat.
The F.I.R. said Shetty and Karat in connivance with accused companies defrauded PNB to the tune of USD 754.92 millions.
It further added: The fraud was done in matter of issuance of unauthorised and fraudulent Letters of Undertaking in favor of foreign branches of Indian based banks and purported Foreign Letters of Credits in favor of foreign suppliers of accused companies.
Earlier in the day, eight PNB employees were suspended on Friday.
The number of suspended employees now stands at 18, which also includes General Manager level officers. Internal investigation of the bank is still underway.
Celebrity jeweller Nirav Modi and his business associate Mehul Choksi are embroiled in the PNB fraud case. While Nirav Modi owns brand 'Nirav Modi', Choksi owns Gitanjali Gems. The PNB has lodged two financial fraud complaints of Rs. 11400 crore and Rs 280 crore against Nirav Modi, his family members and Mehul Choksi.