frauds

From Satyam to PNB -Audit Mechanism Collapse Is Evident

Fema / RBI - We have seen many financial scams during the last few years from Satyam, Saradha, Kingfisher (Mr. Vijay Mallya), NSEL to PNB where public money running into thousands of crores of rupees has been involved. There may be many such scams which still hidden in dark room. These scams have shattered the faith of investors, citizens & other stak...

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What Statutory Auditors of PNB have Assured Stake Holders in their Audit Report for the Year Ended 31-03-2017

Fema / RBI - There is a lot of misinformation in the media about the role of the statutory auditors of a Bank whether at the HO or the branches. It is not just a test check as stated by a CA to Economic Times. It is not as per an article in Business Standard of 20th February 2018 ...

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The way I see it…(A big bank fraud)

Fema / RBI - With the latest Rs. 11,000 crore scam by a world-renowned jeweler Nirav Modi and his firms, several questions arise in our minds. This is a willful scam carried out by few bank officials and the jeweler. Having said that the involvement of top politicians and RBI officials cannot be ruled out....

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The Great Jewel Scam. Is It System Failure?

Fema / RBI - The great jewel scam that is rocking the nation has opened up a Pandora Box on how the banks have become soft target for unscrupulous scam creators in connivance with the bank officials. It is apparent from the modus operandi of the operations that it is a systematic, well conceived and planned loot of the Indian Banking system....

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What is the Nirav Modi scandal?

Fema / RBI - It is textbook banking fraud. Let’s start with a brief overview of how trade in diamonds is settled. Rough diamonds are very expensive, easy to transport, and cutting – polishing them adds little value to the final product. This makes rough diamonds an excellent tool for round-tripping funds into India via fake invoices. Diamon...

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PNB Scam: Stop Blame Game- Let RBI & Finance Ministry Own Responsibility

Fema / RBI - Much is talked and written about scams in the Banking sector after the Nirav Modi Scam in PNB. Why RBI, Finance Ministry, CVC and others wake up only when a major scam surfaces? Why we are not analyzing the failure of the system? What is the role of the Govt and its policies which cause system failures and scams?...

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ICAI issued Show Cause Notices to Auditors of PNB & Gitanjali Gems

Fema / RBI - The Disciplinary Directorate of ICAI has issued Show Cause Notices to all Central Statutory Auditors of PNB. Similarly, Central Statutory Auditors who have done quarterly review of PNB have also been issued Show Cause Notice. Auditor of Gitanjali Gems Ltd., has also been issued the Show Cause Notice in the matter....

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PNB clarifies on Nirav Modi Statement on making Fraud Public

Fema / RBI - PNB closed all option to recover dues by going public: Nirav Modi.- We have followed lawful avenues available to us as per law of land to recover our dues....

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Have enough assets to meet any liability decided by law: PNB

Fema / RBI - PNB looking to monetize assets.- Bank has enough assets to meet any liability which is decided as per law. However, realization of any specific asset would be decided at the time of need with the approval of Board....

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No Instruction from Govt for Forensic Audit: PNB Bank

Fema / RBI - With reference to the media reports regarding Govt. asks fraud-hit Punjab National Bank to conduct forensic audits. We submit as under: Since our bank has not received any instruction from any investigating/Govt. authority, we at present cannot comment on media reports....

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OBC warns Concurrent Auditors to duly Verify all Outward SWIFT messages

HO/I&C/Circular letter No./41/2017-18 - (19/02/2018) - It is reiterated that all Concurrent Auditors are required to:- To cross verify that all outbound SWIFT messages vis-a-vis their corresponding entries are reflecting in. To ensure & confirm that second checking has been done by the Branch official who are not associated with SWIFT messages....

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No instructed PNB to meet its commitments under LOU: RBI

Press Release: 2017-2018/2233 - (16/02/2018) - There have been reports in the media that in the wake of fraud involving a sum of USD 1.77 billion that has surfaced in Punjab National Bank (PNB), the Reserve Bank of India (RBI) has directed PNB to meet its commitments under the Letter of Undertaking (LOU) to other banks. RBI denies having given a...

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Recent Posts in "frauds"

From Satyam to PNB -Audit Mechanism Collapse Is Evident

We have seen many financial scams during the last few years from Satyam, Saradha, Kingfisher (Mr. Vijay Mallya), NSEL to PNB where public money running into thousands of crores of rupees has been involved. There may be many such scams which still hidden in dark room. These scams have shattered the faith of investors, citizens & other stak...

Read More
Posted Under: Finance | ,

PNB Scam: Stop Blame Game- Let RBI & Finance Ministry Own Responsibility

Much is talked and written about scams in the Banking sector after the Nirav Modi Scam in PNB. Why RBI, Finance Ministry, CVC and others wake up only when a major scam surfaces? Why we are not analyzing the failure of the system? What is the role of the Govt and its policies which cause system failures and scams?...

Read More
Posted Under: Finance |

ICAI issued Show Cause Notices to Auditors of PNB & Gitanjali Gems

The Disciplinary Directorate of ICAI has issued Show Cause Notices to all Central Statutory Auditors of PNB. Similarly, Central Statutory Auditors who have done quarterly review of PNB have also been issued Show Cause Notice. Auditor of Gitanjali Gems Ltd., has also been issued the Show Cause Notice in the matter....

Read More
Posted Under: Finance |

PNB clarifies on Nirav Modi Statement on making Fraud Public

PNB closed all option to recover dues by going public: Nirav Modi.- We have followed lawful avenues available to us as per law of land to recover our dues....

Read More
Posted Under: Finance |

What Statutory Auditors of PNB have Assured Stake Holders in their Audit Report for the Year Ended 31-03-2017

There is a lot of misinformation in the media about the role of the statutory auditors of a Bank whether at the HO or the branches. It is not just a test check as stated by a CA to Economic Times. It is not as per an article in Business Standard of 20th February 2018 ...

Read More
Posted Under: Finance |

The way I see it…(A big bank fraud)

With the latest Rs. 11,000 crore scam by a world-renowned jeweler Nirav Modi and his firms, several questions arise in our minds. This is a willful scam carried out by few bank officials and the jeweler. Having said that the involvement of top politicians and RBI officials cannot be ruled out....

Read More
Posted Under: Finance |

Have enough assets to meet any liability decided by law: PNB

PNB looking to monetize assets.- Bank has enough assets to meet any liability which is decided as per law. However, realization of any specific asset would be decided at the time of need with the approval of Board....

Read More
Posted Under: Finance |

No Instruction from Govt for Forensic Audit: PNB Bank

With reference to the media reports regarding Govt. asks fraud-hit Punjab National Bank to conduct forensic audits. We submit as under: Since our bank has not received any instruction from any investigating/Govt. authority, we at present cannot comment on media reports....

Read More
Posted Under: Finance |

Cyber attack on City Union Bank’s SWIFT System: Loses $2 million, retrieves half

It is clarified that the modus operandi of this event has nothing to do with the happening in one of the largest Public Sector Banks. The incident happened in our Bank is because of the cyber attack initiated by the international cyber criminals and there is no evidence of internal staff involvement....

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Posted Under: Finance | ,

PNB Scam a trigger for Govt to Cut stake in banks: ASSOCHAM

The Punjab National Bank's fraudulent transactions worth Rs 11,300 crore should act as a strong trigger for the government for reducing its stake to less than 50 per cent in the banks which should then be allowed to work on the lines of private sector lenders with a full sense of accountability to their shareholders protecting interest of...

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Posted Under: Finance |
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