Take swift action: Letter to BS on Nirav Modi's fraud at PNB

At the moment, it looks like that it was a wrong doing of only two employees but there could be more people involved in it

This is with reference to “Bank vulnerabilities” (February 16). It would be an understatement to say that this Rs 114 billion fraud at PNB, the second largest public sector bank in India, has shocked us. Banks and financial institutions generally have the four-eye principal, a maker and checker mechanism to ensure that all transactions or disbursement goes through thorough process and all the loopholes are plugged. Despite that it is indeed shocking that this fraud, which originated way back in 2011, kept on going till January 2018 and no one had any clue whatsoever.
 
At the moment, it looks