Punjab National Bank (PNB) appointed Price Waterhouse Coopers (PwC) to audit the Rs 11,600 crore scam allegedly committed by Mehul Choksi and Nirav Modi and their string of companies, reported Economic Times.
The CBI on Saturday questioned PNB managing director-cum-CEO Sunil Mehta and executive director KV Brahmaji Rao in connection with the bank fraud case. Due to this scam, the index of share as well as share of PNB bank had gone down considerably.
The official said they have also seized 176 steel almirahs, 158 boxes and 60 other containers linked to Modi over the last week.
"That is an outer limit, but today the urgency is such that maybe I'll shelve one project and step into this and tell my vendor to fasttrack this", she told media on the sidelines of an industry event on Friday, referring to Allahabad Bank's plans.
Besides, tightening internal risk mechanism and vigilance, banks have to look for higher cover to guard against such fraud where employees are involved, the official said, adding, this will help insulate the balance sheet. His firm Gitanjali Gems also claimed they had no involvement in the alleged fraud. After investigating and deeply understanding the matter for 4-5 days, he said he found that the previous government at the centre before leaving had signed some documents which allowed Nirav Modi and Mehul Choksi to commit fraud worth thousands of crores of rupees.
Noren, Simpson tied for Honda Classic lead
Webb Simpson putts out on the 18th hole during the first round of the Honda Classic. "I just hit the collar". It's been the case for the last few weeks so my focus this week was to try and get a good start".
In a bid to tighten internal controls in the banks, the Reserve Bank of India (RBI) has asked banks to integrate SWIFT (Society for Worldwide Interbank Financial Telecommunication) with its core banking solutions (CBS) by April 30. The situation is likely to pose a tough challenge for PNB's chief Sunil Mehta who took charge a year ago when his bank and 12 other banks were reprimanded and fined by Reserve Bank for violating foreign exchange regulations amounting to more than $1 billion.
The same day, the agency also filed a case against Inder Chand Chundawat, the then Senior Branch Manager in the Punjab National Bank's (PNB) Barmer office in Rajasthan, for alleged abuse of his official position by depositing various government subsidies to the tune of Rs 1.57 crore in a fictitious account.
The FIR mentions a fraud of around Rs 6,400 crore.
The properties include a penthouse and a flat in the Samudra Mahal building in Worli, and a farmhouse on an acre-and-a-half of land in Alibaug, earlier sealed by the Central Bureau of Investigation.