PNB fraud: ICAI obtains statement from senior bank official

Chartered accountants' apex body ICAI today said it has taken a statement from a senior official of Punjab National Bank regarding the Rs 11,400 crore fraud.
The institute, which has issued show cause notices to auditors of the bank, has also set up a high powered group to study the issues in the matter and suggest remedial measures for the banking system.
"First meeting of the group has already been held on February 23, 2018, in Mumbai. The officers of PNB were called by ICAI to appear and produce copy of all related documents in the said frauds. General Manager, Western Zone, PNB appeared and made his statement in Mumbai," the institute said in a statement.

The institute noted that its commitment to conclude the disciplinary process against those found involved in the PNB scam remains high.
"Till the time disciplinary inquiry is concluded, and the role of all those who acted in fiduciary responsibility is established in the matter, it would not be prudent to draw any conclusion against the profession," it added.