PNB declines to shown up details of scam which covers over Rs. 13,000 Crores scam.

PNB declines to shown up details of scam which covers over Rs. 13,000 Crores scam.

Punjab National Bank (PNB) declines to shown up details of of the audit that leads to reduction of over Rs 13,000 crore fraud at the company.

In reply to an RTI query, Punjab National bank declined to share the copy of inspection reports that related to the scam. 

"This scam considered to be the biggest ever in India's history, was reported earlier this year and involves PNB." 

Replying to a query filed under the Right to Information (RTI) Act, the public sector bank also declined to give a copy of the inspection reports on the scam involving billionaire jeweller Nirav Modi, his uncle Mehul Chokshi and others. 

Since the matter is under investigation, the bank cannot reveal the contents of the audit, PNB said in its reply to the RTI query filed by news agency Press Trust of India.

The RTI application specifically asked for details of the inspection that uncovered the PNB fraud. 

The Securities and Exchange Board of India (SEBI) observed that there were delays ranging from one to six days by PNB in making various disclosures to the stock exchanges pertaining to the filing of reports/complaints with the RBI and CBI.  

The CBI filed two charge sheets in the PNB fraud case in a Mumbai court. Chargesheet also names;-

PNB's former CMD Usha Ananthasubramanian, who is currently CEO and MD of another state-owned lender Allahabad Bank, besides PNB's executive directors K V Brahmaji Rao and Sanjiv Sharan, and general manager (international operations) Nehal Ahad.

On Tuesday, PNB said its total liability is Rs. 14,356.84 crore due to the fraud.

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