Qatar World Cup 2022LIVE updates: Argentina, France in action tonight

Banks reported 44,016 frauds in last 11 years

FinMin data puts value at ₹1.85 lakh cr.

July 09, 2019 10:31 pm | Updated 10:31 pm IST - NEW DELHI

Banks have reported 44,016 frauds amounting to ₹1.85 lakh crore in the last 11 years since 2008-09, according to data provided by the Finance Ministry.

According to a written reply by Minister of State for Finance Anurag Thakur, 2016-17 was the worst year in terms of the amounts involved in bank frauds, with ₹25,883.99 crore involved across 3,927 frauds. This works out to an average of ₹6.6 crore per fraud that year, higher than the average amount of ₹4.21 crore across the 11 years. The frauds being considered in the list are those involving ₹1 lakh or more. Mr. Thakur said that the government had issued a ‘framework for the timely detection, reporting, investigation relating to large value banks frauds’ which mandates, among other things, that all bank accounts exceeding ₹50 crore, if classified as NPAs, be examined by banks from the angle of a possible fraud.

“PSBs [public sector banks] have been advised to obtain certified copy of the passport of the promoters/directors and other authorised signatories of companies availing loan facilities of more than ₹50 crore,” Mr. Thakur said.

“The heads of PSBs have also been empowered to issue requests for issue of Look Out Circulars (LOCs),” Mr. Thakur added.

Top News Today

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.