Rs 114-bn scam: PNB says will not appoint PwC India as forensic auditor

The second largest public sector bank found itself in a fix after PwC emerged lowest bidder for the audit

Punjab National Bank (PNB) said it would not appoint PwC India to conduct a forensic audit into the Rs 114 billion scam, though the latter was the lowest bidder.

Three other audit and accounting firms had also participated in the bid, according to sources.

In a statement, PNB on Friday denied news reports that PwC had been appointed. “There are media reports that the bank has engaged PwC to conduct an investigation into the alleged fraud and PwC has been asked to gather evidence that can be used against Nirav Modi and his associates in court. The news is totally incorrect,” it