Datanomics: Bank fraud accounts for 30% of cases investigated by ED

The number of fraud cases investigated by the ED has been steadily increasing, over a decade till 2024

Reliance Infrastructure Chairman Anil Ambani was summoned by the Enforcement Directorate (ED) on August 5 in connection to a loan fraud case. This is one of the many such investigations by the ED related to bank fraud. Under the Prevention of Money Laundering Act (PMLA), 3,849 cases were investigated from 2015 to 2024 of which 30 per cent were related to bank frauds. However, the conviction rates remained poor in proportion to the registered cases. Since 2015, the ED has registered 5,892 cases, but only 15 individuals were convicted. The ED however, did restored a sizable amount of money involved