Rs 114-billion fraud: Other banks did not raise an alarm, says PNB

The PNB also named the banks in the complaint, which included the Frankfurt and Mauritius branches of the State Bank of India

Punjab National Bank (PNB) has told the Central Bureau of Investigation (CBI) that the Rs 114 billion scam could have been averted had officials of overseas branches of domestic banks raised the red flag.

Significantly, the Delhi-based public sector bank has not found any role of chartered accountants, statutory auditors, and empanelled valuers in the alleged scam in its in-house investigation, according to the bank’s submission to the CBI.

In its complaint dated February 13, related to the Mehul Choksi group of companies, based on which the CBI filed an FIR on February 15, the bank said the letters of