Page 6 - Bank Frauds

Bank frauds decline to Rs 5,244 cr annually on improved detection: Govt

Bank frauds reduced significantly from Rs 38,548 crore in the 2016-17 fiscal to Rs 16,084 crore in 2017-18 fiscal

Letter to BS: Watering down framework for detection of bank frauds is wrong

Are we saying that the responsibility and accountability for dealing with frauds gets diminished when there is an economic and, bank lending, slowdown?

Bank fraud case: ED attaches over Rs 107 crore assets of Kolkata firm

The total value of the properties is Rs 107.73 crore

Bengaluru co-operative bank comes under RBI curbs, blames 62 dud loans

"Your money is 100 per cent safe with Sri Guru Raghavendra Sahakara Bank. It's my responsibility," Ramakrishna said at Sri Guru Narasimha Kalyanamandira auditorium, to assure depositors

Bank frauds rise to Rs 1.13 trn in H1 FY20 due to detection delay: RBI

This involved 4,412 fraud cases of Rs 1 lakh and above, as per the report

Total amount in bank frauds rise 74% to Rs 71,543 cr in FY19: RBI report

Frauds have been predominantly in the loan portfolio, both in number and value.

Total frauds at banks rise 74% to Rs 71,543 crore in 2018-19: RBI

The number of fraud cases reported by lenders also jumped to 6,801 in 2018-19, compared to 5,916 cases in 2017-18

CBI files 6 charge sheets against Zoom Developers in Rs 558 cr bank frauds

Oriental Bank of Commerce, erstwhile State Bank of Hyderabad, Allahabad Bank, Vijaya Bank, Corporation Bank and Andhra Bank suffered losses in these cases of fraud, they said.

ED attaches Rs 34-cr assets of Gujarat company for 'money laundering'

Probe revealed that the accused had "misappropriated" funds to the tune of about Rs 250 crore by preparing bogus bills and invoices during 2007-2009, the ED said in a statement

Bank loan fraud: Ex-Bhushan Power CMD Sanjay Singhal arrested by ED

According to ED officials, Singhal was arrested under the Prevention of Money Laundering Act (PMLA) after he was questioned for several hours in the evening in connection with the case

Letter to BS: Hawk eye in banks need of the hour to detect frauds early

Banks must scrupulously observe all the systems and procedures prescribed for the conduct of the banking activities

CBI registers 42 new fraud cases amounting to Rs 7,200 cr across 15 banks

Last month, police alleged that Punjab and Maharashtra Co-operative Bank (PMC) had used more than 21,000 fictitious accounts to hide loans it made to a single real estate firm.

CBI searches 169 places, probes bank frauds amounting to Rs 7,000 crore

After registering 35 bank fraud cases in the public sector banks, the agency officials swooped down at 169 locations in multiple cities this morning

India remains vulnerable to credit and debit card frauds despite measures

India was ranked among the top five countries globally that are vulnerable to credit card fraud, according to the 2016 Global Consumer Fraud Report

Regulator, auditor should be held responsible for frauds in banks: Thakur

The regulator, auditor and management should be held responsible for fraud in Punjab and Maharashtra Co-operative Bank or other banks, Minister of State for Finance Anurag Thakur said on Thursday. Thakur said that in case of PMC Bank, the Reserve Bank of India has allowed withdrawal of Rs 40,000, which covers around 77 per cent of the affected people and they have been assured of up to Rs 1 lakh. "As far as the PMC Bank or any other bank is concerned, it is the job of the regulators first to look into those issues. It is the auditor, who should be held responsible. It is the management of the bank who are dealing on a day to day basis and if any one is involved in fraud, ED has taken action. People have been arrested. Their properties have been attached," Thakur said at Times Network India Economic Conclave event. He was responding to queries on crisis at PMC Bank and depositors under stress. Thakur said the BJP government has brought in reforms to make balance sheet of banks healt

Bank fraud: ED attaches assets worth over Rs 4,000 cr of Bhushan Power

The total value, under the provisional order for attachment, is Rs 4,025.23 crore.

PMC Bank doesn't pose a systemic threat but it is a canary in the coal mine

Given the extent of current nervousness in the financial system, it would be a bad idea to let this problem linger for even six months

Crisis-hit PMC Bank used dummy accounts to escape RBI's attention

The bank misled auditors of the RBI by replacing legacy accounts of the company with dummy accounts, dating back to 2008

PMC Bank administrator to move EoW against former management soon

The FIRs will be filed at the Economic Offence Wing (EOW) of the Mumbai police

CVC sets up panel to examine bank frauds of over Rs 50 cr, suggest actions

This development will instill a sense of protection among bankers from prosecution for genuine decisions, and promote lending