National

How Did the Punjab National Bank Scam Go Undetected: Govt Asks RBI

New Delhi: The central government has written to the Reserve Bank of India (RBI) flagging doubts over supervisory lapses in the scam. "How did the fraud go undetected despite RBI's checks-and-balances in place ? The current system in place needs to be checked for efficiency," said the letter.

This came as Gitanjali Gems' chief financial officer, company secretary and a non-executive director resigned after the company's involvement in the fraud.

The CBI had also sealed the Brady House branch of Punjab National Bank. "The premise cannot be opened or entered into without the order the court concerned or the competent authority of the CBI," said the order.

At least 200 shell firms and "benami" assets have come under the scanner of the investigative agencies that are probing the fraud.

The Enforcement Directorate (ED), which continued its searches against jewellery designer Nirav Modi, his relative and business partner Mehul Choksi and their companies for the fourth day on Sunday, is also moving to attach at least two dozen immovable properties under the Prevention of Money Laundering Act (PMLA).

The ED on Sunday raided at least 45 premises, including jewellery showrooms and workshops, across the country.

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