This is why Rs 13,500cr PNB fraud case went undetected

PNB fraud case: The report, submitted to the Ministry of Corporate Affairs (MCA), focuses on how to deal with frauds and irregularities of a serious nature that have big financial implications. The ICAI, which works under the administrative control of the MCA, had constituted a high powered group in February to look into the PNB scam. Further action on the report will be taken by the government soon. “We are studying the report and will take action wherever it is necessary,” a highly placed source in the government told DNA Money.

This is why Rs 13,500cr PNB fraud case
PNB fraud case: The Institute of Chartered Accountants of India (ICAI) in its report to the government has identified the loopholes in the bank systems. Image source: PTI

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