https://www.taxtmi.com/news?id=19656 Inadequate regulatory supervision, deficient internal controls and lapses by auditors and bank management facilitated fraudulent letters of undertaking from a single branch to obtain overseas credit. The commentary stresses regulatory accountability gaps and calls for tightening legal and enforcement frameworks, enhancing regulator vigilance, pursuing fraudsters through criminal and civil processes, and using insolvency and recovery mechanisms to address wilful defaults and recover diverted assets. en-us Sat, 24 Feb 2018 15:06:25 +0530 Sat, 24 Feb 2018 15:06:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=19656 Inadequate regulatory supervision, deficient internal controls and lapses by auditors and bank management facilitated fraudulent letters of undertaking from a single branch to obtain overseas credit. The commentary stresses regulatory accountability gaps and calls for tightening legal and enforcement frameworks, enhancing regulator vigilance, pursuing fraudsters through criminal and civil processes, and using insolvency and recovery mechanisms to address wilful defaults and recover diverted assets. News - Sat, 24 Feb 2018 15:06:25 +0530 https://www.taxtmi.com/news?id=19656