Arun Jaitely Says PNB Scam Failure Of Auditors, Management | Read

In his first remarks on the Punjab National Bank scam that erupted last week, Finance Minister Arun Jaitley on Tuesday appeared to blame the PNB management and auditors for the Rs. 11,300 crore fraud that the celebrity diamond designer Nirav Modi had been able to pull off. Mr Jaitley, who called for additional mechanism to nip stray cases in the bud, underlined frauds such as the one staring the government-run in its face, not only had a direct cost on the country and the taxpayer but an indirect cost on borrowings and development as well.