Arun Jaitley to take action against fraudsters- PNB scam
Written by : SMTV24x7 | Tue, Feb 20, 2018, 11:09 PM
New Delhi, Feb 20: In the wake of the Rs 11,300 crore ($1.8 billion) Punjab National Bank (PNB) scam allegedly involving diamond merchant Nirav Modi, Union Finance Minister Arun Jaitley on Tuesday said the state was duty-bound to ensure those cheating the system are brought to justice.
He said the scam had highlighted the failure of the Indian banking regulator, on whom it is now incumbent to institute a mechanism to ensure that such scams do not recur.
"What are our auditors doing? Both internal and external auditors really have looked the other way or failed to detect."
"... it is incumbent on us as a State... to make sure the country is not cheated," he said in his first public comments on the fraud while addressing the annual meeting of the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) here.