Jaitley breaks silence on PNB fraud, says India will chase down cheaters

He blamed auditors for being unable to detect irregularities

Breaking his silence over the Rs 114 billion fraud at India's second-biggest bank, PNB, Finance Minister Arun Jaitley on Tuesday said the state will chase down cheaters to the end even as he took the management of the lender to task for its failure to check the delinquents. Without naming either the alleged kingpin of the fraud, billionaire jeweller Nirav Modi, or Punjab National Bank, Jaitley questioned the ethics of some businesses in the country and asked as to why the bank's internal and external auditors could not detect the fraud which had been going on for 7 long years.

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