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'Explain how scam took place': CVC seeks report from PNB, FinMin in 10 days

The law enforcement agency has asked for names of officials who were involved in the scam and sought identification of officials who could have taken action and prevented it

ANI  |  New Delhi 

Punjab National Bank, pnb

The (CVC) on Monday asked the (PNB) and Ministry of officials to submit a report on how the scam took place, despite monetary regulations being in place.

CVC has given the bank 10 days to prepare and submit the report.

Earlier, officials from PNB, (RBI) and Department of Financial Services gave a two-hour long presentation to CVC about the case.

The law enforcement agency has asked for names of officials who were involved in the scam and sought identification of officials who could have taken action and prevented it.

Further, after meeting with and Ministry officials today, the also had a meeting with (CBI) officials.

CBI told CVC that it was a system failure at multiple levels.

CVC is the fourth government agency after (ED), CBI and Income Tax department which has swung into action, in the fraud case.

For the unversed, detected a $1.77 billion scam in which jeweller acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders.

The scam was started in 2011 and was detected in the third week of January this year, after which the officials reported it to the concerned agencies.

Meanwhile, the filed a second complaint with the CBI on February 13.

The CBI had received the complaint from PNB on January 28 and a case was registered in the case on January 31.

First Published: Mon, February 19 2018. 19:43 IST
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