PNB scam: Will not spare anyone who was involved, says MD & CEO Sunil Mehta

CEO said that the scam was detected by bank officials for the first time on January 25

A day after high-level fraudulent practice to the tune of $1.8 billion in one of the Punjab National Bank's Mumbai branch was reported to the stock exchanges, Sunil Mehta, MD and CEO said it "will not spare anyone" involved in the wrongdoing.

"We are known for clean banking. The fraud started in 2011. We have brought it under the notice of regulatory and law enforcement agencies as soon as we came to know about it. We will not spare anyone involved in the fraudulent practice," Mehta told reporters here in hurriedly called press meet on Thursday.

Meanwhile, the Enforcement Directorate