The Institute of Chartered Accountants of India (ICAI) has taken suo motu cognisance of the $1.77 billion (Rs 11,400 crore) Nirav Modi fraud and asked investigating agencies for scam details
Nirav Modi
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The Institute of Chartered Accountants of India (ICAI) has taken suo motu cognisance of the $1.77 billion (Rs 11,400 crore) Nirav Modi fraud and asked investigating agencies for scam details. It has also formed a high-powered committee to suggest reforms for prevention of such frauds, which are blamed on bank officials and faulty internal and independent auditors and accountants.
ICAI told mid-day yesterday that it has considered the magnitude and modalities of the irregularities perpetrated on the public sector bank. "We have initiated suo motu disciplinary mechanism by writing to the PNB and investigating agencies, ie SEBI, ED and CBI, requesting them to provide requisite details of their investigations in the matter," said ICAI's public relations committee secretary, Ritu Bahl.
Bahl confirmed that the ICAI had constituted a high-powered panel to study the systemic issues in the PNB case and suggest remedial measures for improvement in the banking system to avoid such incidents in the future.
"It needs to be emphasised that ICAI would be actively pursuing the issue with the agencies concerned as well as the stakeholders, to examine the matter in detail for suggesting improvements," added Bahl.
About ICAI
It is a statutory body established under the Chartered Accountants Act, 1949. The institute functions under the Ministry of Corporate Affairs, Government of India. It trains students to be chartered accountants and keeps tabs on the professionals who take up the CA job. It has chapters in India and abroad. The professionals regulated by the body also work in the banking sector.
2.7 lakh
Number of ICAI's affiliated members
8 lakh
Number of ICAI's affiliated members
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