Fraud Of Rs 1,85,644 Crore Committed In Banks

Fraud of Rs 1,85,644 crore committed in banks and financial institutions in the last financial year, an increase of 159 percent. In the current financial year, 1558 cases of fraud involving Rs 28843 crore have been reported during the June to June period. In the last financial year, the average time for fraud and detection of banks and financial institutions was two years.

At the same time, this time has been longer in case of fraud of more than Rs 100 crore. This has been revealed in the Reserve Bank’s annual report released on Tuesday. According to this, in the case of fraud of Rs one lakh and above reported by banks and financial institutions in 2019-20, there has been an increase of 28 percent in terms of numbers and 159 percent by value.

However, the dates of occurrence of these cases of fraud have been during the last several years. The Reserve Bank citing fraud figures of Rs 1 lakh and above, said that in 2019-20, a total of 8,707 frauds were detected involving an amount of Rs 1,85,644 crore. At the same time, in the last year, 6,799 such criminal cases amounted to a sum of Rs 71,543 crore.

In the current financial year, 1,558 cases of a scam involving Rs 28,843 crore have been reported from April to June. The report states that fraud cases worth more than Rs 100 crore have been detected in an average of 63 months. Many of these cases are from many years ago.

The report said that banks do not properly implement the advance warning signal (EWS), the EWS is not detected at the time of the internal audit, the lender does not get support during a forensic investigation, incomplete audit report and joint lenders meeting There are many issues like not being able to make decisions, due to which the fraud is not detected in time.