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NDB Rs. 13.2 b fraud: The buck stops with the Board
Daily FT
|April 09, 2026
THE CEO attributing this fiasco to “failure in oversight rather than absence of controls” shows a serious lack of understanding of the fundamental relationship between oversight and controls as part of the control system.
Failure to identify control breaches is in itself absence of controls.The situation raises pertinent questions:
1. How long has this been going on?
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