In a recent addition to the Punjab and Maharashtra Cooperative (PMC) Bank case, the bank’s auditor Lakdawala & Co. is now being investigated.
The Chartered Accountants of India (ICAI) audited PMC in the financial year 2018-19 and smelled something fishy. The firm expressed their concern about the bank’s capability to recover assets against which provisions worth Rs 26.82 crore were made. The ICAI apparently had initiated action against the bank already.
ICAI’s statement read: "...triggered disciplinary mechanism by writing to the concerned Bank and also to all concerned regulatory agencies, the vigilance department of RBI and the commissioner of Maharashtra co-operative societies, requesting them to provide requisite details of their findings related to it along with details of any member or firm alleged to be involved in the said matter."
The investigators quoted CAs from the firm, saying that they had not come across the firm during their interrogations. However, another news agency, Zee News was able to track down Lakdawal’s office in Borivali.