Top vigilance body issues advisory to public sector banks to transfer officers
New Delhi: In the wake of Punjab National Bank fraud case, the Central Vigilance Commission on Monday issued an advisory to all the public sector banks ordering them to transfer the officers who have completed three years as on December 31, 2017. The CVC advisory also stated that the transfer of all clerical staff who have completed five years as on December 31, 2017 “should be done immediately”. Bank of Baroda (BOI) on CVC’s behest has started implementing the process. “As per Central Vigilance Commission guidelines, all officers should be rotated every 3 years. Further, as per Bank’s Transfer Policy for Officers, no officer should be retained in the same post for a period in excess of 3 years and in the same station (municipal limits) for a period in excess of 5 years,” said a BOI office memorandum. The PNB has lodged two financial fraud complaints of Rs 11400 crore and Rs 280 crore against Nirav Modi, his family members and Mehul Choksi, owner of Gitanjali Gems. The Central Bureau of Investigation (CBI) has filed a formal case charging four- Nirav Modi, his wife Ami, brother Nishal and Mehul Choksi- on January 31 over Rs 280 crore fraud. The agency has filed the case under the Prevention of Money Laundering Act (PMLA) on the basis of an FIR registered by the Central Bureau of Investigation (CBI). The PNB detected scam in which jeweller Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders. The scam was started in 2011 and was detected in the third week of January in 2018, after which the PNB officials filed a complaint with the CBI on January 31.