A forensic audit was conducted for State Bank of India (SBI) on Reliance Home Finance by audit firm M.K Agarwal and Co. It submitted a positive report stating that there was no evidence of any fraudulent transactions against the company.
However, another forensic audit conducted by Grant Thornton for Bank of Baroda on the Reliance Home Finance has classified the company as fraud. To add to the proceedings, the company’s counsel mentioned that Reliance Home Finance ought to have been heard before categorizing it as fraud.
Furthermore, Delhi High Court has stayed classifying the account as fraud until next hearing. However, this may delay the debt resolution of Reliance Home Finance till the entire issue is not resolved as the banks would like to have clarity on the accounts of the company. The instance of difference of opinions by forensic audit firms poses a question about the relevance and the modes operandi of the said firms.
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