Page 7 - Bank Frauds

RBI says bank frauds rose 15% in 2018-19, pegs amount at Rs 71,543 cr

The average time gap in the date of occurrence of fraud and its detection was 22 months, the RBI said in its annual report

Bank frauds rise 15% in 2018-19, amount pegged at Rs 71,543 cr: RBI

Among bank groups, PSBs, which constitute the largest market share in bank lending, have accounted for the bulk of frauds reported in 2018-19. It was followed by private sector banks and foreign banks

Hit by frauds, lenders plan to hire agencies for loan monitoring

At present, once loans are disbursed by a consortium, banks are dependent on rating agencies and information provided by the company to assess the end use of loans as well as financial health of firm

CBI court convicts former Central Bank of India manager, 2 others for fraud

It was alleged that they fabricated documents and caused a loss of Rs 1 cr to the bank

After PNB, Punjab & Sind Bank detects Rs-238 cr fraud by Bhushan Power

Earlier this month, Punjab National Bank (PNB) said it had reported a borrowing fraud of Rs 3805 crore in Bhushan Power's account to the Reserve Bank of India

Banks reported frauds worth Rs 1.8 trn in 11 years: Govt tells Rajya Sabha

The year 2016-17 witnessed reporting of 3,927 cases of fraud involving amount of Rs 25,883.99 crore, which was the highest in the last 11 years

CBI action against banking frauds worth Rs 640-cr in 18 cities across India

The searches are being conducted in Delhi, Mumbai, Ludhiana, Thane, Valsad, Pune, Palani, Gaya, Gurugram, Chandigarh, Bhopal, Surat and Kolar among others

J&K bank case: I-T dept initiates probe into irregularities, conducts raids

Within days of anti-corruption bureau action against J&K Bank, the Income-Tax Department Tuesday initiated probe into the alleged irregularities and conducted searches at 10 premises on a business firm of a senior Srinagar municipal corporation functionary, officials said. Tax sleuths raided eight premises in Jammu and Kashmir's summer capital Srinagar and one each in Delhi and Bengaluru of the Kehwah group, promoted by Sheikh Imran, the deputy mayor of the corporation. In the Kashmir Valley, the searches are being conducted in the Bohri Kadal area of downtown Srinagar and seven other nearby locations, they said. The action is linked to the recently unearthed alleged irregularities in the bank's affairs and the raids conducted by the state anti-corruption bureau (ACB), they said. They alleged that the Kehwah group, with Imran as its chairman, is facing default proceedings after 23 of its accounts with the J-K Bank were declared non-performing assets for dues of over about Rs 120 ..

More steps in the offing for timely fraud detection in banks: RBI

There is a need for timely recognition and reporting to reduce their economic costs and to address the vulnerabilities in a proactive and timely manner, RBI said in its Financial Stability Report

Rs 2-trillion bank frauds in 11 years: ICICI Bank, SBI report maximum cases

In that period, Indian Overseas Bank reported 1,115 frauds involving Rs 12,644.7 crore, while Oriental Bank of Commerce 1040 cases of Rs 5,598.23 crore

Rs 587 cr loan fraud case: Fresh FIRs against fugitive jeweller Jatin Mehta

In the FIR filed on basis of the complaint from Union Bank of India, the CBI has named the company, Mehta, Bombay Diamonds Company Pvt Ltd and Obeidah as accused

RBI data on bank frauds based on reporting year, not occurrence date: Govt

The ministry said proactive measures undertaken by the government in past few months have led to increase in detection and reporting of bank frauds

Nirav Modi effect? Bank frauds more than double to Rs 412 bn in 2017-18

RBI's latest report suggests that if the Nirav Modi scam were left out, the quantum of frauds would have risen by just Rs 38 bn in 2017-18 YoY, even lower than the Rs 52 bn increase in 2016-17

Bank frauds rise 72% in 2017-18 to Rs 412 bn; PNB scam biggest cause: RBI

Public sector banks accounted for a majority of frauds during the year

ED files charge sheet against Vadodara-based DPIL in Rs 26-bn bank fraud

The central probe agency had filed a criminal case against the firm and its promoters under the PMLA after taking cognisance of a CBI FIR

CVC examining audit reports of PSBs, insurance companies to check fraud

A total of 8,802 frauds have been reported by scheduled commercial banks and public sector banks in 2017-18 as against 7,794 in 2016-17 and 7,482 in 2015-16

CVC shares report on top 100 bank frauds with RBI, ED and CBI

The analysis focussed on the modus operandi, amount involved, type of lending loopholes that facilitated perpetration of the fraud concerned and the systemic improvements required to plug the gaps

Rotate employees in sensitive posts to check frauds: CVC directs banks

The move assumes significance as many big-ticket frauds have been reported recently from the banks

ED attaches Nathella Sampath Jewellery's properties worth Rs 3.28 bn

The Directorate of Enforcement, Chennai, has attached 37 immovable properties worth about Rs 3.28 billion of the city-based Nathella Sampath Jewellery Private Limited (NSJPL), its promoters cum Directors and others under the Prevention of Money Laundering Act (PMLA), 2002 in a case related to bank loan fraud. The Directorate has initiated investigations based on a FIR registered by CBI, Bank Fraud & Security Cell, Bengaluru in April, 2018, against the Jewellery its promoters, directors and others under the provisions of PMLA. NSJPL has been engaged in sale of gold jewellery, silver articles and jewellery, jewellery made of precious and semi precious stones and they had their showrooms spread across Chennai, Hosur and Vellore.The FIR was registered based on a complant by SBI, which is the lead bank of consortium of banks which provided various loans to NSJPL, alleging that the promoters of the Jewellery had unduly enjoyed bank borrowings in the form of Cash Credit facilities ...

ED attaches Gujarat drug firm's Rs 47-bn assets for alleged PMLA violation

ED has issued a provisional freezing order under PMLA and attached immovable properties of 4,000 acres and 200 bank accounts of various linked companies, of the Vadodara-based Sterling Biotech Group