PNB scam: 'We cannot monitor the investigation,' says SC

Chief Justice of India Dipak Misra orally observed that the Supreme Court cannot monitor the probe into the multi-crore Punjab National Bank scam.

Hearing a PIL filed seeking monitoring of a multi-agency investigation into the banking scam on Monday, Chief Justice Misra, leading a three-judge Bench, said it is not that there is no law to combat such frauds but the fact is that there are culprits who commit such crimes despite these laws.

Advocate J.P. Dhanda, appearing for petitioner Vineet Dhanda, said the PNB scam is not the first. He said the nation has been witnessing several such scams where public money is "siphoned off" by accused who then abscond.

Mr. Dhands said, "there should be no such scams and the Union of India should give in writing, in black and white, what they are doing about it".

Attorney-General K.K. Venugopal submitted five different agencies, from CBI, SFIO, ED to Income Tax department, are investigating the PNB scam. He detailed the number of properties, assets and bank accounts of Nirav Modi attached by the investigating authorities.

Mr. Venugopal questioned the very maintainability of such a PIL and whether the prayers come within "judicially-manageable standards".

The court decided to hear arguments on the question of maintainability of the PIL an posted the case for April 23.