PNB case: Centre questions RBI's efficiency in preventing frauds
New Delhi/Mumbai, Feb 19 (IBNS): As the Narendra Modi government is facing the heat of the Rs. 11,292-crore Punjab National Bank fraud case, the Centre on Monday raised questions about the Reserve Bank of India's efficiency in supervision over systemic failure, media reports said on Monday.
The Centre, in a letter, said that either the RBI's system to prevent and detect such frauds is inadequate or it lacks proper implementation.
Meanwhile, three people, including two employees of PNB, were arrested and presented before a Mumbai court over the weekend in connection with the case.
Earlier, the Central Bureau of Investigation (CBI) registered two cases against diamond merchant Nirav Modi.
The Enforcement Directorate (ED) had reportedly seized gold and diamond worth Rs 5,500 crores from the searches conducted at 17 properties of the diamond merchant across India.
On February 14, the CBI received complaints from PNB, which detected a Rs 11,292 crore fraud involving Modi.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
