CVC hands over analysis report of “Top 100 Bank Frauds” to the government

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The Central Vigilance Commission (CVC) on Wednesday formally handed over Analysis Report of “Top 100 Bank Frauds” to the Union Minister of State (Independent Charge) Dr Jitendra Singh. The report was handed over by Vigilance Commissioners T.M. Bhasin and Sharad Kumar.

While discussing the salient features of the report, Dr Jitendra Singh appreciated the exercise undertaken by the CVC and said that this documented report will serve as a reference material for policy planners, lawmakers and researchers.

Briefing about the report, T.M. Bhasin said the entire exercise was mainly inspired by the rising trend in bank frauds which has become a cause of concern at all levels. The CVC, he said, through this Report has undertaken a review and analysis of top 100 Bank Frauds in India, as on March 31, 2017.

The analysis of the top bank frauds included in the report mainly focuses on modus operandi, amount of money involved, type of lending, anomalies observed, loopholes that facilitated the fraud, etc. In order to make the report more comprehensive, the top 100 Bank Frauds have been classified into 13 sectors, namely gems and jewellery, manufacturing / industry, agro, media, aviation, service / project, discounting of cheques, trading, Information Technology, export business, fixed deposits, demand-loan, and Letter of Comfort.

Bhasin expressed the hope that this consolidated report will go a long way in reducing / obviating bank frauds in the country.

CVC on Tuesday had shared its analysis report with the Reserve Bank of India (RBI), the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI).