Forensic audit on bond scams, EPF deals by mid Nov.

14 October 2019 12:01 am - 0     - {{hitsCtrl.values.hits}}

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Five forensic audit reports on alleged bond scams and Rs.2.2 trillion Employees’ Provident Fund (EPF) transactions will be completed by mid next month, the Central Bank (CB) said. 
“The forensic audit reports cover both bond issuances and EPF transactions. Once the reports are handed over to us, the Monetary Board will consider and it was decided to seek Attorney General’s (AG) advice on next steps,” CB Governor Dr. Indrajit Coomaraswamy said. 


He noted that five forensic audits, which are nearing completion, have been carried out on the treasury bond and EPF transactions since 1998, based on the recommendation of Presidential Commission of Inquiry that looked into the alleged bond scam in 2015 and 2016.


BDO India and KPMG are conducting the forensic audits which began in April this year.


The CB noted that one forensic audit is exclusively on alleged bond scams in 2015 and 2016.

The CB also plans to commence procurement for another forensic audit, which was ordered by the Courts. 

 

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