Will not spare anyone who was involved, says md ceo sunil mehta

PNB scam: Will not spare anyone who was involved, says MD CEO Sunil Mehta

Punjab National Bank MD & CEO Sunil Mehta on Thursday made it clear that the bank will not spare anyone, senior or junior, who was involved in the fraud, saying the second-largest bank will honour all their bona fide commitments.

He also said that the scam was first detected by bank officials for the first time in 2011 and they had reported about it to the concerned agencies.

"Working to bring the perpetrators to book. We are trying to safeguard the financial interests of the bank," the PNB MD said while addressing the media in the national capital.

"We got to know that the two of our employees did some un-authorised transactions.

Bank has made employees involved, a part of the criminal complaint. We have already suspended bank's officials involved in the fraud, " he added.

The PNB management also said that they have kept all bankers informed of this issue and FIR filed by the bank is seeing action in terms of raids at the culprits' end. "We are in talks with all the stakeholders, including other banks who are party to it. We will safeguard the financial interests of banks," Mehta said.

Earlier, the Enforcement Directorate on Thursday launched a nationwide raid on the offices, showrooms and workshops of billionaire diamond trader Nirav Modi.

ED teams carried out simultaneous raids on Modi's offices, showrooms and diamond workshops in Mumbai, Surat (Gujarat) and New Delhi.