The Institute of Chartered Accountants of India, ie., ICAI, the apex body of Chartered Accountants has constituted a High Power Group to enquire the recent Punjab National Bank Scam where a jeweler Nirav Modi defrauding Punjab National Bank to the tune of $1.8 billion (or Rs 11,400 crore).

A press release issued by the Institute recently said that “The attention of Institute of Chartered Accountants of India (ICAI) has been drawn to various media reports highlighting the irregularity happened in Punjab National Bank (PNB) revealing that the Bank has detected a $1.77 billion (about Rs.11,400 crore) wrongdoing where a Jeweller Nirav Modi allegedly acquired fraudulent Letters of Undertaking (LOU) from a branch of PNB in Mumbai to secure overseas credit from other Indian lenders. These reports further reveal that CBI has since registered a case against Nirav Modi and others on the basis of the complaint filed by PNB. It has also come out that Enforcement Directorate (ED) is also conducting various raids and investigations in the matter.” “In this regard, ICAI in consonance with its role as regulator considering the mammoths and modalities of the irregularity that has been perpetrated on the Public Sector Bank, has suo-moto triggered its disciplinary mechanism by writing to the Bank concerned and also all other investigating agencies i.e. SEBI, ED and CBI requesting them to provide requisite details of their investigations in PNB matter,” it said. The ICAI has on its own also constituted a High Power Group in this matter to study the systemic issues in the PNB matter and suggest remedial measures and improvement in the banking system to ensure preventive measures to avoid such type of incidents. The Institute emphasized that ICAI would be actively pursuing the issue with the concerned agencies and stakeholders so as to examine the matter in detail to suggest improvements.


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