Banking Frauds

Number of banking frauds go up in FY22; substantially down by value: RBI

Banking frauds increased in number terms but the amount involved more than halved in FY2021-22, the Reserve Bank said on Tuesday. In FY22, banks reported 9,102 frauds involving an underlying amount of Rs 60,389 crore against 7,358 frauds with an amount involved of Rs 1.37 lakh crore in FY21. Banks reported 8,702 frauds entailing Rs 1.85 lakh crore in the pre-pandemic FY20. Interestingly, the number of frauds which are related to advances or lending activities has been on a declining trend, with FY22 reporting 1,112 frauds of Rs 6,042 crore, which is lower than 1,477 frauds of Rs 14,973 crore in FY21 and 1,947 frauds of Rs 32,386 crore in FY20, the RBI said in the report on Trend and Progress of Banking in India for FY22. "in terms of number of frauds, the modus operandi shifted to card or internet-based transactions. Additionally, cash frauds are also on the rise, the report said, adding that this involves frauds of Rs 1 lakh and above reported by banks. The number of fraud cases .

China announces 234 arrests in provincial banking scam promising high rates

Authorities in central China on Monday announced the arrests of 234 people involved in a scam to bilk people out of their savings with the false promise of high interest rates on deposits in obscure rural banks. The scandal drew national attention after investors seeking answers about where their money went were prevented from reaching the Henan provincial capital of Zhengzhou when the health status displayed on their mandatory COVID-19 cellphone apps was suddenly changed to red, preventing them from traveling. Multiple bank customers interviewed by the AP said they had been interrogated and threatened by police. Another attempt in July was met by gangs of unidentified men in white shirts who attacked depositors while police stood by. The statement from the Xuchang city government said the alleged mastermind, Lu Yiwei, and his associates had taken control of four county-level banks and lured investors with promises of interest rates as high as 18% annually. At present, the public

RBI to set up fraud registry to check banking frauds: Executive Director

Payment system participants will be provided access to this registry for near-real time fraud monitoring. The aggregated fraud data will be published to educate customers on emerging risks

RBI considers setting up of fraud registry to check banking frauds

As part of its efforts to strengthen customer protection, Reserve Bank is considering setting up a fraud registry to create a database of fraudulent websites, phones and various modus operandi used for digital fraud. Such a database will help prevent these fraudsters from repeating the fraud as the websites or phone numbers would be blacklisted, RBI executive director Anil Kumar Sharma said on Monday. "There is no definite timeline for setting up of the fraud registry. At present, we are talking to different stakeholders including different departments like payments and settlement and supervision of RBI," he said. Payment system participants will be provided access to this registry for near-real time fraud monitoring. The aggregated fraud data will be published to educate customers on emerging risks. Sharma also said that the customers of the Core Investment Company (CIC) would come under the Reserve Bank - Integrated Ombudsman Scheme (RB-IOS), 2021. Prime Minister Narendra Modi l

Banking frauds of over Rs 100 cr see significant decline in FY22

Frauds in the banking sector involving sums of over Rs 100 crore have declined significantly, with banks reporting cases worth Rs 41,000 crore in FY22 compared to Rs 1.05 trillion in the previous year

CVC re-appoints T M Bhasin as chairman of Advisory Board for Banking Frauds

The Central Vigilance Commission (CVC) on Thursday re-appointed T M Bhasin as chairman of the Advisory Board for Banking and Financial Frauds

With RBI harping on increased supervision, frauds decline in banking system

The recent collapse of PMC Bank due to fraud and deficient corporate governance "has dented public confidence in UCBs"

Tools to detect frauds have to be far superior, says Infrasoft Tech CEO

Assessment of frauds have taken a shorter time because banks have the systems in place, says Rajesh Mirjankar

States should come up with plan to curb digital banking fraud: LS speaker

Arvind Kumar Sharma of the ruling Bharatiya Janata Party said on one hand the nation was moving towards Digital India while on the other hand, such fraudulent activities were taking place

Letter to BS: Banks should be careful while on-boarding new customers

They need to strengthen their fraud monitoring systems and cooperate with banks to prevent increasing number of card to wallet frauds

PSBs have reported Rs 95,700-crore frauds in first 6 months of FY20: FM

FM Sitharaman says 5,743 incidents in govt banks from April to September this year

All you wanted to know about banking frauds

Bankers feel inhibited talking about frauds for fear of loss of reputation. Large frauds usually come to light after 54 months

Madras HC slams SBI for granting loans to corporates without security

Madras high court said it will issue necessary orders to arrest all the officials and persons involved in the 'scam'

CBI seeks support from tax experts to probe multi-billion banking frauds

During 2017, the CBI had registered 939 regular cases and as many as 9,383 cases were pending in various courts at the end of the year

CBI looks for banking, tax experts to help probe in multi-billion scams

The CBI is looking into various big-ticket fraud cases in banks besides other complex cases related to foreign trade and taxation

Honest taxpayers bear the burden of bank frauds, says President Kovind

Besides the NPA problem, the banking sector has also been hit by scams

Rs 91-million Chandri Paper fraud reported to CBI on February 13, says PNB

Fraud had already been declared in respect of the fradulent and unauthorised issuance of two LoUs for Rs 91 million

Clipping wings? Banks to collect big borrowers' passport details in 45 days

Passport details will help banks to take timely action and inform the relevant authorities to prevent fraudsters from fleeing the country

Banking frauds: How money was taken away under your nose? Rahul asks Modi

Congress president said that Modi, who gives "long speeches", was quiet on the Rafael fighter jet deal

After PNB and Rotomac, CBI exposes three fresh cases of financial frauds

The Bank of Maharashtra has approached the CBI to lodge a loan default complaint against Amit Singla