The Federation of Indian Chambers of Commerce and Industry (FICCI) unequivocally condemns the illegal and unethical business practices adopted in the recent PSU Bank fraud case (Nirav Modi) and commends the speed with which the Government agencies including Enforcement Directorate, Central Bureau of Investigation and other agencies have moved to take the investigation forward, said a press statement issued by Rashesh Shah, President, FICCI.

Fraudsters should be expeditiously punished in accordance with the law and FICCI supports the need for swift and strict action against those companies who have allegedly defrauded the banks. FICCI also recommends that in order to strengthen systemic and others risk management systems within the banking ecosystem, a thorough root cause analysis be done to plug the gaps and ensure there is no repeat of any wrongdoing that impacts the rightful functioning of any banking institution while discharging its duties to its customers and stakeholders. FICCI defends the freedom of business enterprise but does not support illegal and unethical business practices.



Please enter your comment!
Please enter your name here