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Mumbai Police to probe oversight of PMC Bank irregularities in RBI audit

"We are looking into why such disproportionate rise in the loans were not noticed by the regulators," Mumbai Police Commissioner Sanjay Barve said

October 17, 2019 / 09:46 AM IST
 
 
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The Mumbai Police will investigate how various irregularities in PMC Bank transactions and functioning were omitted from the Reserve Bank of India's forensic audit report, Mumbai Police Commissioner Sanjay Barve said.

Among the irregularities that went undetected was that loans by Housing Development and Infrastructure (HDIL) were shown in accounts of different names.

"We are looking into why such disproportionate rise in the loans were not noticed by the regulators," Barve said.

He made the statement on October 16 after meeting with a group of PMC Bank depositors in his office.

"Police will not spare any independent auditors, cooperative auditors, RBI auditors. They all will have to explain what they saw, what they found and why they did not notice these things during audits," he said.

He reassured them that the police are looking into the why and how.

"In the normal course, an audit by the RBI or co-operatives should reveal such irregularities. We are looking into this aspect as to how and why the audits did not reveal these things," he added.

(With inputs from PTI)

Moneycontrol News
first published: Oct 17, 2019 09:40 am

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