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Nirav Modi scam: ICAI panel yet to receive info from Punjab National Bank

Press Trust of India  |  Mumbai 

The of India (ICAI) today said it is yet to receive information from on the nearly Rs 13,000 crore scam involving

A high-group constituted by the institute is studying specifically the systemic issues involved in the fraud and would also suggest remedial measures for strengthening the system.

Having failed to get any information from the bank, the group, set up in February, had sought government's intervention to obtain details related to the fraud.

"The and the wrote a letter to and asked it to give information to the But, so far we have not received any information from the bank," Member S B Zaware told reporters here today.

When the group asked for information, officials raised questions about whether the is statutorily required to find out this information when there is CBI and ED are doing investigations, Zaware, who is also the committee's convenor, said.

He said the group had requested PNB some documents, details of the processes and other information related to the scam.

"We could not get information from PNB. They are not at all co-operating," Zaware said.

According to him, the ICAI has also asked all the statutory auditors of PNB's Brady House branch, where the scam took place, to appear before its to give their explanation.

In February, the second largest public sector PNB detected fraudulent transactions at the Brady House branch in

The biggest ever fraud of more than Rs 13,000 crore was allegedly committed by billionaire diamantaire and his uncle in connivance with some officials of PNB.

Multiple agencies, including the CBI, the ED and the SFIO, are probing the case.

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

First Published: Thu, April 12 2018. 19:15 IST
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