PM Modi promises ‘strict action’ against PNB fraudsters

Breaking his silence over the Rs 11,400-crore fraud at India’s second-biggest public sector bank PNB, Prime Minister Narendra Modi today said his government will take stringent action against financial irregularities and not tolerate loot of public money.



Days after the 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.



“I want to make it clear that this government has been taking strict action against financial irregularities and will continue to take strict action,” he said at Global Business Summit. “System will not tolerate loot of public money,” Modi said. (PTI)