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Chartered accountants' group says awaiting fraud information from PNB

IANS  |  New Delhi 

The high-group set up by the of India (ICAI) following the Rs 12,600 crore fraud on state-run PNB, with a mandate to suggest remedial measures in the banking system, has not yet received the required documents and information from the bank, said on Friday.

The group had written to various officials, including the of its Audit Committee, to provide relevant information on the case.

"The high-group appointed by the is awaiting the required documents and information from the PNB officials to find out the systemic loopholes... it is worthwhile to mention that the group recommendations are dependent on the availability of documents and information," an statement said here.

"Ordinarily, in a is carried out by an independent firm of chartered accountants. As per the current system of appointment of auditors in PNB, internal and was carried out by the PNB officials," the statement said.

Though government agencies are trying to identify the culprits, it prima facie appears that the fraud was committed due to collusion of many persons inside and outside the system, the statement added.

The ICAI has also written to various investigating agencies, including the Central Bureau of Investigation, and markets regulator Securities Exchange Board of India, requesting for details of their investigations in the matter.

Following the PNB fraud by accused diamantaire and his uncle Mehul Choksi, said last month that the Indian industry, in collusion with chartered accountants, had for years been employing various ways like creating shell companies to "round-trip" money into the country.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, March 09 2018. 22:10 IST