frauds - Page 4

Big Bank PNB Fraud gave Birth to NFRA

It seems like it was the need of an hour to constitute National Financial Reporting Authority. Section 132 of Companies Act, 2013 deals with the constitution of NFRA. On Thursday March 1, 2018, the cabinet approved its constitution as announced by Union Finance Minister Arun Jaitley in a press meet. But the question here is, […]...

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Posted Under: Fema / RBI |

77 Facts about Cyber Crimes One Should Know in 2018 (Infographic)

Ever since the Internet was created there have been criminals who want to take advantage of it. Therefore, offenses against individuals or companies in order to cause harm or loss to the victim with the use of modern telecommunication networks are defined as cybercrimes. Basic precautions like firewall, antivirus, and regular security che...

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Posted Under: Fema / RBI |

PNB Appoints BDO for forensic Audit of 5 Nirav Modi group companies

PNB Bank had initiated the process of assigning Forensic Audit in the accounts of Nirav Modi Group and bids were invited from major audit firms. Bid from M/s BDO India LLP was Ll and after negotiations with them, M/s BDO India LLP has been appointed as Forensic Auditor for 5 group companies of Nirav Modi on 27.02.18...

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Posted Under: Fema / RBI |

PNB Fraud – Buck Stops With The Regulator ??

Is the PNB fraud an operational failure or a auditing failure or a regulatory failure is the question (leaving alone the political slugfest) in the people mind and there are lot of claims and counter claims on the basic reasons for such a massive scam to have happended. No bank is without operational risks and […]...

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Posted Under: Fema / RBI |

PNB not received any instruction from Govt to pay for Fraud Liabilities

This has reference to recent news item appearing in CNBC TV18 titled Govt may ask PNB to pay for Fraud Liabilities on 23.02.2018 and as desired we are giving below point wise reply as under:-...

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Posted Under: Fema / RBI |

Let PNB fraud not halt business lending: ASSOCHAM

SSOCHAM today cautioned against allowing the alleged fraud in the Punjab National Bank (PNB) to halt the entire system of corporate lending as demoralisation would set in among the top functionaries and employees of the state-owned banks, something the country can ill-afford at a time when the credit growth was about to recover and econom...

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Posted Under: Fema / RBI |

PNB Scam: Not prudent to draw any conclusion against CAs and profession before anything gets established: ICAI

Till the time disciplinary inquiry is concluded, and the role of all those who acted in fiduciary responsibility is established in the matter, it would not be prudent to draw any conclusion against the profession. ...

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Some thoughts on PNB Fraud

Over the past weeks, the nation has been shocked by the PNB fraud, not only the way it was perpetrated, massive amounts involved (1.8 billion USD) but also the years (since 2011) over which it remained undetected. The fraud has done severe damage to the credibility of the banking system in the country and shaken the confidence of the publ...

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Posted Under: Fema / RBI |

More Heat than Light on CA Profession

It is not uncommon these days to hear expressions of grave concern within our profession about losing the dignity of the profession and a general decline in intra profession courtesy. At the same time, leaders of our Government are criticizing our profession for inefficiency and not delivering the result at par with their expectations. ...

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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...

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September 2021