ICAI issues show-cause notices to Punjab National Bank,Gitanjali Gems auditors

Institute of Chartered Accountants of India, ICAI has issued show-cause notices to the auditors of Punjab National Bank and Gitanjali Gems in connection with the 11,400 crore rupees fraud. ICAI has said that it has summoned a deputy general manager of PNB seeking details about the fraud at the public sector lender.

The Institute has also written to the Reserve Bank of India requesting it to



provide the list of the corporate borrowers of public sector banks having the outstanding loan amount of 2,000 crore rupees and above.

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 has any role in this fraud.