Frauds reported in H1 rise to Rs 1.13 trillion, 97% happened earlier

Also, during the first half of FY20, banks reported 398 cases of large-value frauds (above Rs 50 crore) worth Rs 1.05 trillion and 21 cases of frauds above Rs 1,000 cr, worth a cumulative Rs 44,951 cr

Lenders reported frauds of Rs 1.13 trillion in the first half of financial year 2019-20 (H1FY20) and 97.3 per cent of these took place in previous years, depicting a significant time lag between the occurrence of fraud and its detection, revealed the FSR. The amount was Rs 71,543 crore in FY19.

“The amount involved in frauds that occurred between FY01 and FY18 formed about 90.6 per cent of the frauds reported in 2018-19 in terms of value. Similarly, 97.3 per cent of the frauds reported in H1FY20 by value occurred in previous financial years,” said the report, released by the Reserve