New Delhi: The India’s second largest bank, PNB, Finance Minister Arun Jaitley broke the silence about the fraud of Rs 11,400 crore on Tuesday and said that the state will follow whosoever cheats the banking system.
That the Arun Jaitley said without naming of the Punjab National Bank or the alleged kingpin of the scam, Nirav Modi, Jaitley said that the management of the bank does not endeavor to work because he has failed to detect the culprit.
The Finance Minister Arun Jaitley charge the auditor for being incapable of detecting irregularities and managerial agencies to assess system requirements to find such fraud.
The Jaitley also said that the supervisory agencies should ensure that the stray cases have been suppressed in the garbage and they are never repetitive.
The Punjab National Bank had detected a Rs11,000 crore ($1.77 billion)scandal, in which Jeweler Nirav Modi had received a fraudulent letter from one of his branches for foreign credit from other Indian lenders.
That the Punjab National Bank (PNB) scam that started in 2011 was found in the third week of January this year, after which the PNB officials had informed the concerned agencies.
