Worrisome That Not One PNB Employee Raised a Red Flag in 7 Years, Says Arun Jaitley

Finance minister Arun Jaitley on Saturday hinted that laws to punish bank fraudsters may be tightened to bring an end to the unethical lender-borrower relations in the country.

He singled out the large number of shell companies and round-tripping as the malpractices that the government plans to target first.

“If a fraud is taking place in various branches of the banking system and not one employee raised a red flag, auditors looked the other way or did a casual job and the management remained unaware, it is worrisome for the country,” Jaitley said at a media event in the capital.

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