PNB refuses to disclose how it detected Rs 13,000 cr fraud

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PNB refuses to disclose how it detected Rs 13,000 cr fraud

State-run Punjab National Bank (PNB) has refused to disclose details of the audit or investigation that led to detection of over Rs 13,000 crore fraud at the company, citing a clause that bars any disclosure that can impede the process of investigating or apprehending the offenders.

In reply to an RTI query, the state-owned bank also declined to share copy of inspection reports related to the scam.

“Since the matter is under investigation by the central investigating agency/agencies/law enforcement agency, providing of the desired information is exempted under Section 8 (1) (h) of the Right to Information Act, 2005,” the PNB said in reply to the Right To Information application filed by a PTI correspondent.

The section bars disclosure of information which would impede the process of investigation or apprehension or prosecution of offenders.

The bank was asked to provide details of inspection that resulted in detection of the fraud and provide copy of inspection reports.

The scam, considered to be the biggest ever in India's history, was reported earlier this year and involves PNB, the country's second-largest state-owned bank, getting allegedly defrauded by diamantaire Nirav Modi and his uncle Mehul Choksi, the promoter of Gitanjali Gems.