Real Culprits

The latest balance sheet of Indian Bank reveals transparently, not only the quality of the Bank's assets but also the quality of the auditors, who certified it in the past years.

The auditors of the past years have abetted the crime, and of concealed the true picture of the bank. They are a stigma to the auditing profession. Black listing by the RBI is not enough. The Institute of Chartered Accountants should suspend these auditors from its membership. The members of the same profession had cried from roof tops when foreign accounting firms were allowed to operate in India.

A thorough enquiry should be made to ascertain whether the bank has granted big loans to the erstwhile auditors and their near and dear ones in the past years. If so, the purpose of the loan, the securities offered, whether such securities are genuine, the repayment record of such loan, etc can reveal a lot to the public. The depositors have a right to know such information.