Page 4 - Bank Frauds

PMC Bank scam: Mumbai Police arrests former director, two others

Jasvinder Singh Banwait, Vishwanatha Shridhar Prabhu and Shripad Govind Jere were arrested on Thursday

Nirav Modi assets beat estimates, garner Rs 2.29 crore in online auction

Items were expected to fetch Rs 50 lakh

Telecom players should act fast to counter menace of online frauds: Paytm

Paytm Payments Bank, which also houses the Paytm wallet, recently filed an FIR against fraudsters

Bank accounts of over 200 NDMC employees hacked, money siphoned off in Feb

Though police have received only two complaints of online fraud from the employees, NDMC employees union says more than 200 employees have lost their money after being cheated online

How much money will you get if your bank goes bust?

The Rs 5-lakh cover brings around 93 per cent of all deposit accounts and 34 per cent of the value of deposits under it

Hike in deposit insurance cover will not hit banks' balance-sheets: RBI

The Reserve Bank does not see any major impact on the balance-sheets of banks due to the five-fold hike in deposit insurance to Rs 5 lakh. Following the failure of a number of cooperative banks, with the city-based PMC Bank being the latest and the largest last year, the budget allowed the Deposit Insurance and Credit Guarantee Corporation (DICGC) to raise deposit insurance coverage to Rs 5 lakh from Rs 1 lakh. "The premium is something, which we consider, will increase from 10 paise to 12 paisa per Rs 100 for the time being. So, the impact on banks' balance sheets is not likely to be much," RBI Deputy Governor B P Kanungo told reporters during the post-policy presser. The hike in deposit insurance coverage has been a long pending demand from bank depositors and it recently came to fore after the crisis at Punjab & Maharashtra Cooperative (PMC) Bank. It can be noted that in 2019 alone more than 30 cooperative banks went belly up in Maharashtra alone. The DICGC, a wholly-owned ...

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