Those who cheat banking system will be chased down: Arun Jaitley

Union Finance Minister Arun Jaitley on Tuesday said that it was incumbent on the state to chase down those who cheat the banking system.

The Finance Minister called out to the auditors, senior banking officials, chartered accountants and supervisory agencies "to introspect".

"When authority is given to the management then you are expected to utilize authority effectively and in the right manner. Therefore, the question for management here is if they were found lacking, on the face of it seems they were," Jaitley noted.

"Also what were the auditors doing? If both internal and external auditors have looked other way and failed to detect then I think CA professionals must introspect. Supervisory agencies also must introspect what are the additional mechanisms they have to put in place," he added further.

The Finance Minister was speaking at the 41st Annual Meeting of Association of Development Financial Institutions in Asia and Pacific (ADFIAP). His statements came in the wake of a mega scam where the PNB detected a 1.77 billion dollar fraud involving jeweller Nirav Modi and others.

(With inputs from ANI)