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Nirav Modi scam: ICAI sends notices to statutory auditors of Brady House branch

Monday, April 16, 2018

The Institute of Chartered Accountants of India (ICAI) has sent notices to all statutory auditors of Punjab National Bank's Brady House branch, where the over Rs 13,000 crore scam involving Nirav Modi took place, to appear before its disciplinary board.

The chartered accountants' apex body has made a list of the statutory auditors of the Brady House branch during 2011-12 to 2016-17, and asked them to appear before its Board of Discipline. Statutory auditors are members of ICAI and are governed by the apex body.

"ICAI has issued notices to statutory auditors of the Brady House branch under the Chartered Account Act, 1949, to appear before Board of Discipline and offer an explanation," ICAI member S B Zaware told PTI.

Eight statutory auditors, who had audited the lender's Brady House branch in Mumbai during that period, have been issued notices.

This is a primary investigation and the board wants to ascertain whether the auditors were at fault.

"At this point, we cannot say that statutory auditors are guilty. After the auditors appear before the Board and answer questions, is when we will be able to determine their role in the fraud, if any," Zaware added.

In February, this year, the second largest public sector bank PNB had detected fraudulent transactions at the Brady House branch.

The biggest ever banking fraud of more than Rs 13,000 crore was allegedly committed by billionaire diamantaire Nirav Modi and his uncle Mehul Choksi in connivance with some PNB officials.

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