CHECKING FRAUDS

Source: The Hitavada      Date: 28 Dec 2018 12:41:39


 

 

 

 

 

 

 

 

 

THE famous and diabolical Nirav Modi-Mehul Choksi scandal that hit the PunjabNational Bank (PNB) had its genesis in the flawed audit conducted by the Reserve Bank of India (RBI). It failed to go through the audit report of PNB with due diligence and failed to notice the subsequent Rs. 13,000 crore scam. The flaw was also marked by the Central Vigilance Commission (CVC) which has now started examining audit reports of State-run banks and insurance companies to check incidents of fraud. The probity watchdog’s move is significant and must be welcomed by one and all. During years 2015-16 to 2017-18 various banks reported an increase in cases of frauds. In 2017 itself, a total of 8802 fruads were reported by scheduled commercial and public sector banks. The CVC had to step in given the large number of frauds coming out in open after strict surveillence of operations. NPAs and bad loans are also denting banks. It is an alarming sign for the industry. Corrective measures suggested by the CVC must now be implemented without fail.


‘WIN-AT-ALL-COSTS’!

STEVE Smith, the former Captain of Australian cricket team, serving a one-year ban for his part in the ball-tampering scandal, has said candidly that the no-nonsense message from the executives of Cricket Australia (CA) that players were hired not for playing but only for winning, spoiled the country’s cricket culture. ‘Win at all costs’ was the official message that led the players to indulge in wrongdoing, Smith has alleged. Though there may not be any clear cut evidence to back Smith’s claim, there are reasons to be believe that he has stated the truth. Going by the manner in which Australian cricket players often presented themselves as individuals and not team, shows how things must have gone wrong. There is no doubt that every team plays to win, but when the message is clear that the team has to win at all costs, then the culture assumes a rather undesirable dimension that militates against ethical foundation. Cricket Australia would do well to investigate the truth in Smith’s charge rather than just dismiss what he has said. It will be in cricket’s best interest.