Chartered accountants' apex body ICAI today said it has issued show-cause notices to the auditors of Punjab National Bank and Gitanjali Gems in connection with the Rs 11,400 crore fraud at the public sector lender.
Besides, the institute has summoned a deputy general manager of the bank seeking details about the fraud.
Further, the ICAI has also written to the Reserve Bank of India requesting it to provide the list of the corporate borrowers of public sector banks having outstanding loan amount of Rs 2,000 crore and above.
The list would be examined by the Financial Reporting Review Board of ICAI for any possible violation of applicable standards of accounting as well as auditing.
"The Disciplinary Directorate of ICAI has issued show-cause notices to all central statutory auditors of PNB. Similarly, central statutory auditors who have done quarterly review of PNB have also been issued show cause notice.
"Auditor of Gitanjali Gems Ltd has also been issued the show-cause notice in the matter," the ICAI said in a statement.
The deputy general manager of the bank has been summoned "to appear and produce a copy of FIR, all related documents in the said fraud, give details of the modus operandi used in the fraud", it added.
The ICAI has also written to the Ministry of Corporate Affairs requesting it to ask SEBI, CBI, ED and PNB to share their findings to enable it to accelerate the action against any chartered accountant who have played any role in this fraud.
The ICAI has also set up a high powered group to study the systemic issues in the Punjab National Bank matter and suggest remedial measures and improvement in the banking system; and any other matter incidental thereto. The first meeting of the group is scheduled tomorrow.
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