ICAI begins probe : The Tribune India

Join Whatsapp Channel

ICAI begins probe

NEW DELHI/MUMBAI:The Institute of Chartered Accountants of India (ICAI), a state-controlled regulator for the sector, has said it is probing whether auditors played a role in perpetrating the alleged $1.



New Delhi/Mumbai, Feb 23 

The Institute of Chartered Accountants of India (ICAI), a state-controlled regulator for the sector, has said it is probing whether auditors played a role in perpetrating the alleged $1.77 billion fraud that PNB unearthed last week.

The ICAI said on Thursday it has asked the SEBI, PNB and federal investigating agencies to share their findings about the alleged fraud, including anything related to the involvement of any chartered accountants.

The ICAI, which functions under the administrative control of Ministry of Corporate Affairs, said it has set up a committee to study the systemic lapses that contributed to  the fraud and to suggest remedial measures and improvement.

Nirav Modi, his companies, and firms with links to his uncle Choksi, are at the center of the alleged fraud that involved illegally issued letters of undertaking from PNB which were used to get credit from overseas branches of other, mostly Indian banks.

In what has been dubbed the biggest loan fraud in India's banking history, police have so far arrested at least a dozen people —  six from the bank and six more from Modi's and Choksi's companies. — Reuters

Top News

Cash-strapped Congress gets fresh IT notice of Rs 1,700 crore, say party insiders

Cash-strapped Congress gets fresh I-T notice of Rs 1,800 crore

Ajay Maken addresses a press conference

Special court convicts 7 people in BSP MLA Raju Pal murder case

Special court convicts 7 people in BSP MLA Raju Pal murder case

The proceedings against Atiq Ahmad, his brother and prime ac...

Arvind Kejriwal's wife releases WhatsApp number for people to send messages for jailed AAP leader

Arvind Kejriwal's wife launches WhatsApp campaign to garner support for AAP leader

In a digital media briefing, Sunita says her husband has cha...

Alka Rai, widow BJP MLA killed by Mukhtar Ansari, says 'justice has been served', visits Ram Mandir

Alka Rai, widow BJP MLA killed by Mukhtar Ansari, says 'justice has been served', visits Ram Mandir

Alka Rai is the wife of MLA Krishanand Rai, who was shot dea...


Cities

View All