The year 2016-17 witnessed reporting of 3,927 cases of fraud involving an amount of Rs 25,883.99 crore, which was the highest in the last 11 years, Minister of State for Finance Anurag Singh Thakur said in a written reply to the Rajya Sabha.
Banks have reported a massive 73 percent increase in incidents of fraud worth Rs 71,543 crore in FY19, a senior Reserve Bank official said Thursday. Till March 2019, the top five, 10 and 100 cases of frauds cumulatively reported constituted 24 percent, 34 percent and 70 percent of all frauds, respectively, a chief general manager with the RBI Jayant Dash said.
CBI carries out 'special operation' against banking fraud accused at 50 locations across country
While talking to them, the accused obtained their bank details and debt card passwords. He then fraudulently withdrew Rs. 1.7 lakh from Avanti Patel and her sister's accounts.
London Court issues arrest warrant against Nirav Modi
Cloning machines at various restraunts can capture the entire data of your card. There are ways you can protect yourself from such frauds.
Vinay Mittal's extradition was cleared on September 20, according to the Ministry of External Affairs’ website.
The report, which has also been shared with the Ministry of Corporate Affairs, carries analysis of large value frauds reported since March 31, 2017.
Vijay Mallya never wanted to return banks money, says Ex-Attorney General Mukul Rohatgi
In his reply to the Estimates Committee, Rajan said that in such an environment bankers' became over confident started lending large loans 'based on project reports by the promoter’s investment bank, without doing their own due diligence'.
The ED had registered a criminal case of money laundering against the firm and its promoters, taking cognisance of a CBI FIR in the case made on charges of alleged corruption and conducted around 50 searches around the country.
In reply to an RTI query, the central bank disclosed that a total of 5,152 cases of fraud were reported in banks from April, 2017, to March 1, 2018.
The fugitive economic offenders law comes in the backdrop of alleged fraudsters like Nirav Modi running away from the country after cheating Punjab National Bank to the tune of about USD 2 billion.
The body has written to Reserve Bank Governor Urjit Patel and finance ministry seeking reintroduction of the crucial trade finance instruments
"ICAI has issued notices to statutory auditors of the Brady House branch under the Chartered Account Act, 1949, to appear before Board of Discipline and offer an explanation," ICAI member S B Zaware said.
It is alleged that the accused persons in pursuance of a criminal conspiracy defrauded the UCO Bank to the tune of about Rs 621 crore by diversion and siphoning of the bank loans.
The CBI alleged that DPIL extensively utilised cash credit limits for obtaining a large number of letters of credits, and many of them could not be honoured by the company and were thus "forced charged" on the credit limit.
The bank revealed that some of these loans were issued during fiscal years 2009-2013 for fish farming businesses and they were obtained against fake lease documents of non-existent fish ponds and by inflating the value of collateral.
The bank had complained to the CBI on December 14 last year disclosing that it had sacked Rao.
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