Will probe why RBI audit missed irregularities in PMC bank: Mumbai CoP

PMC, forensic audit report, bank fraud, RBI, Mumbai

The Mumbai Police will investigate how the Reserve Bank of India (RBI) audit missed various irregularities in the PMC bank transactions, the metropolis police chief said on Wednesday (October 16).

Mumbai Police Commissioner Sanjay Barve said this after meeting a group of PMC Bank depositors during the day at his office.

While interacting with the depositors, Barve said the police are looking into why and how these irregularities in the functioning of the bank did not figure in RBI’s forensic audit report.

Also read: Three PMC Bank depositors succumb to stress-related deaths 

In 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.

In this case, the loans were not shown in the name of HDIL but were shown in the accounts of different names.

We are looking into why such a disproportionate rise in the loans was not noticed by the regulators, he said.

“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.