Didn't consider PwC for forensic audit post fraud due to Sebi order: PNB

Punjab National Bank on Friday said it did not consider the bid of global firm PwC for the forensic audit of accounts of Nirav Modi, accused in Rs 114 billion scam, in view of Sebi's order against the audit firm.

Finding Price Waterhouse guilty in the multi-crore Satyam scam, Securities and Exchange Board of India (Sebi) in January had barred its network entities from issuing audit certificates to any listed company in India for two years.

In reply to clarifications sought by stock exchanges, PNB said it has initiated the process of assigning forensic audit in the accounts of Nirav Modi Group and bids were invited from major audit firms.

"Bid from M/s PwC was also received but in view of Sebi order dated January 10, 2018, the same has not been considered," the country's second-largest bank said.

The bank further said that it is finalising the forensic audit allocation amongst the remaining bidders according to the Central Vigilance Commissions (CVC) guidelines.

The bank also denied reports that details of debit and credit cards of its thousands of customers have been leaked.

"No card data breach has been detected in PNB's infrastructure. Bank's security infrastructure is strong enough and the bank has taken all necessary technical steps to safeguard customer data," it said.

PNB said that it has a board-approved cyber crisis management plan in place which takes care of all aspects of customer protection.

Earlier, PNB reported that it has been defrauded of Rs 114 billion by jewellery designer Nirav Modi and associates in connivance of certain bank officials.