PNB Fraud: Jaitley breaks silence, says India will chase down cheaters

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PNB Fraud: Jaitley breaks silence, says India will chase down cheaters
PNB Fraud: Jaitley breaks silence, says India will chase down cheaters

New Delhi : Finance Minister Arun Jaitley broke his silence on Tuesday and assured that India will chase down cheaters in banking frauds. 

Without mentioning Punjab National Bank and Nirav Modi in his statement, he said bank management did not live up to their task as it failed to detect the delinquent.

Mr Jaitley said it is a job of supervisory agencies and they must ensure that stray cases are nipped in the bud and they are never repeated.

Earlier, Nirav Modi wrote a letter to Punjab National Bank accusing it of tarnishing his brand image and also eliminating chances of recovery in the loan default case.

Nirav Modi's lawyer released a statement and claimed that the case will collapse as agencies would not be able to prove anything against him.

"Like 2G Scam and Bofors matter, this case will also collapse. Agencies are making noises in the media but they will not be able to prove the charges in a court of law. I am sure Nirav Modi will not be found guilty," the lawyer said.