Why didn't PNB take any action despite being tipped off by CVC a year before Rs 13,000cr Nirav Modi fraud case?
- Total Shares
Alarm bells were sounded in the jewellery sector, but the security agencies as well as bank officials were caught off guard.
Almost a year before the Rs 13,600 crore Nirav Modi-Mehul Choksi bank scam came to light, the Central Vigilance Commission (CVC) had pointed out irregularities in the gems and jewellery sector to the Punjab National Bank. The CVC's annual report for 2017 says the commision held a meeting in January, 2017 with senior officials of the CBI and Enforcement Directorate, and chief vigilance officers of 10 banks, including PNB, to discuss serious irregularities in the accounts of some jewellery firms.