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CB seeks AG’s opinion on how to proceed with forensic audit reports

4 November 2019 08:32 am - 0     - {{hitsCtrl.values.hits}}

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The Central Bank will seek Attorney General’s (AG) advice on how to proceed with the five forensic audit reports on the alleged bond scams and Rs.2.2 trillion Employees’ Provident Fund (EPF) transactions, which are scheduled to be completed by November 10.


“Hopefully by November 10, all five forensic audits should be completed. Then, we have to seek AG’s advice to decide on the subsequent steps,” Central Bank Governor Dr. Indrajit Coomaraswamy told


Mirror Business.  The Central Bank has also received several interim audit reports from forensic auditors during the forensic audit. 


As forensic audits findings are typically used in the legal process, Dr. Coomaraswamy noted that in this case the Central Bank will solely rely on AG’s advice to take the next steps. 

“The AG will have to tell us whether we have to hand this over to AG’s Department or else to the Committee on Public Enterprises (COPE) or to whom,” he said.


When queried whether the forensic audits or findings will be made available to the public, Dr.Coomaraswamy said the AG will have to decide on that. 


The five forensic audits have been carried out on the Treasury bond and EPF transactions since 1998, based on the recommendation of the Presidential Commission of Inquiry that looked into the alleged bond scam in 2015 and 2016, while one forensic audit was exclusively on the alleged bond scams in 2015 and 2016.


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


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