'Cornered' PNB defends itself says,'We may conduct forensic audit if need arises'
Punjab National Bank (PNB) on Thursday addressed media in Delhi over Nirav Modi's 11,000 crore scam. They said the scam was first detected by our officials at first in 2011 & we had reported it to the concerned agencies.

Addressing media, Punjab National Bank (PNB) MD Sunil Mehta said,''Wherever we found the other party liable, we informed the concerned authorities. The scam was first detected by our officials at first in 2011 & we had reported it to the concerned agencies''
''We detected the fraud on January 3. We got to know that 2 of our employees did some un-authorised transactions. The bank intiated criminal action against our staff members,'' Mehta further said.
Mehta also said,''This is a standalone incident. It has taken place only in one of our branches. PNB has capability & capacity to come out of this. In response to our registered FIR, raids are being conducted on involved groups establishments; documents & records are being seized. Steps are being taken to protect financial interest of banks.''
''We may conduct forensic audit if the need arises. We have not received any direction from RBI in this matter yet.,'' Mehta said.
PNB had filed a complaint with the CBI against him in the biggest banking scam in India's history - a fraud pegged at $ 1.771 billion (almost Rs 11400 crore).
The fraud is nearly eight times the size of the bank's 2017 net income ($206 million) and shockingly originated from one PNB branch - Brady House in Mumbai.
OneIndia News
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