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Top 100 bank frauds report submitted to CBI, ED & RBI: CVC

The report  has been shared with investigation agencies and is expected to aid them in their probes against bank frauds

Top 100 bank frauds report submitted to CBI, ED & RBI: CVC
Top 100 bank frauds report submitted to CBI, ED & RBI: CVC

New Delhi: The Central Vigilance Commission (CVC) has reviewed and analysed top 100 bank frauds and has shared the report with India’s premier investigative agencies in order to ensure effective action. A copy of the report has also been shared with the RBI and Department of Financial Services. The move is expected to aid investigation agencies in their probes against bank frauds. These bank frauds extend over 13 sectors, including the media, aviation, gems and jewellery and finance.

Names have not been disclosed

Dr TM Bhasin, Vigilance Commissioner, CVC, informed that the Commission has consciously decided to not disclose the names of borrower accounts/entities and the names of the banks involved in the report. However, he said that the report has been shared with investigative agencies and appropriate action will be taken.

Expect some storm ahead

The report is expected to create a storm in the days to come, especially in the backdrop of a number of other frauds that have been uncovered in the banking sector. The CVC has divided the study into 13 sectors, which includes gems and jewellery, manufacturing, agro, media, aviation, service, discounting of cheques and bills, trading, IT, exports, fixed deposits and Demand Loan etc. A consolidated report has already been submitted to the CBI and ED. The RBI, too, has said that inputs given by the CVC are very useful and shall be used for systemic improvements to mitigate the risks.

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Modus operandi and loopholes thoroughly analysed

Dr Bhasin said that the modus operandi of these loans has been thoroughly analysed and various loopholes/lapses have been identified. Based on the findings, various industry-specific suggestions for systemic improvement have been given in the final report. The measures suggested include strengthening of SOPs, monitoring system and also highlighting the role of controlling offices, so as to examine the quality of business.

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