The PNB fraud clearly reflects that a small group of individuals can manipulate such a gigantic bank and compromise it despite such well laid out norms, guidelines, checks and balances. Photo: Pradeep Gaur/MintNew Delhi: “Extremely concerned” over the Rs12,646 crore PNB fraud, a parliamentary panel has asked the finance ministry to institute a comprehensive enquiry encompassing systemic elements in the case and submit its report within a month. Billionaire jeweller Nirav Modi and his associates in connivance with some officials defrauded Punjab National Bank (PNB) of Rs12,646 crore, the country’s biggest ever banking fraud. The panel also asked the ministry to make efforts to bring out regulations to prevent scams, such as the PNB fraud, in the future and for taking other corrective measures. At the time, PNB had said it was digging into records to examine the magnitude of the fraud.

Source: Mint March 09, 2018 17:37 UTC