In case of public sector banks (PSBs), the total number of fraud cases involving over Rs 100 crore declined from 167 in FY2011 to 80, while for private sector lenders such cases declined from 98 in FY2012. 38, according to the data.
In terms of cumulative amount, it has come down to Rs 28,000 crore for PSBs from Rs 65,900 crore in FY2011. For private sector banks, the shortfall is Rs 13,000 crore from Rs 39,900 crore in FY22.
for fraud investigation, reserve Bank of India Taking a number of steps including improving the effectiveness of the early warning system (EWS) framework, strengthening fraud administration and response systems, enhancing data analysis for transaction monitoring and introducing dedicated Market Intelligence (MI) units for frauds.
During 2021-22, reserve Bank of India (RBI) in collaboration with Reserve Bank Information Technology Private Limited (ReBIT) conducted a study on the implementation of EWS framework in select scheduled commercial banks.
In addition, the effectiveness of EWS was assessed in select banks using Machine Learning (ML) algorithms.
earlier this year,
() reported one of the biggest bank frauds in the country totaling Rs 22,842 crore committed by ABG Shipyard and their promoters.
It was more than the case involving Nirav Modi and his uncle Mehul
who allegedly committed fraud to the tune of Rs 14,000 crore by issuing fraudulent Letters of Undertaking (LoUs).
last month, central bureau (CBI) registered a case against Diwan
(DHFL), its former CMD Kapil Wadhawan, director Dheeraj Wadhawan and others in a fresh case involving Rs 34,615 crore, making it the biggest bank fraud probed by the agency.
a consortium of lenders led by
It has alleged that the company had availed a loan facility of Rs 42,871 crore from the consortium under various arrangements between 2010 and 2018, but started defaulting in repayment from May 2019.
The accounts were declared non-performing assets by the banks at different times.
The bank alleged that the promoters, among others, misappropriated and misappropriated a significant portion of funds by rigging the books of DHFL and dishonestly defaulted in repayment of dues.
This caused a loss of Rs 34,615 crore to the 17 banks of the consortium.