Page 5 - Bank Frauds

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

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