PM Modi breaks silence on PNB scam, promises to punish fraudsters

Finally breaking his silence over the Rs 11,400-crore fraud at one of the India’s -biggest bank PNB, Prime Minister Narendra Modi warned of stringent action against those involved in financial irregularities. At the Global Business Summit, he said “I want to make it clear that this government has been taking strict action against financial irregularities and will continue to take strict action. System will not tolerate loot of public money”. Days after the Punjab National Bank (PNB) fraud -- allegedly masterminded by diamantaire Nirav Modi -- came to light, the prime minister asked the management of financial institutions as well as the supervisory bodies to do their job diligently to check such frauds.