Over 23,000 bank-fraud cases involving Rs. 1-lakh-crore in 5 years
(Sourced from PTI)
Over 23,000 cases of fraud involving a whopping Rs. 1-lakh-crore have been reported in the past five years in various banks, according to the Reserve Bank of India (RBI). A total of 5,152 cases of fraud, up from over 5,000 cases in 2016-17, were reported in banks from April 2017 to March 1, 2018, RBI said in reply to an RTI query. Here's more.
Highest ever amount of Rs. 28,459 crore is said to have been involved in these cases of fraud reported from April 2017 to March 2018, RBI said. In 2016-17, banks had reported 5,076 cases of fraud involving Rs. 23,933cr. From 2013 to March 1, 2018, as many as 23,866 cases of fraud, of Rs. 1 lakh or above in each case were reported.
A total of Rs. 1,00,718cr was involved in all the cases put together, according to RTI reply. Giving the break-up, the central bank said 4,693 such cases (involving Rs. 18,698cr) and 4,639 cases (involving Rs. 19,455cr) were reported in 2015-16 and 2014-15, respectively. In 2013-14, banks reported 4,306 cases of fraud, involving Rs. 10,170cr, the Reserve Bank of India said.
The data assumes significance as central investigating agencies such as the CBI and the ED are looking into various big-ticket fraud cases in banks involving industrialists and others. Among the prominent ones is the over Rs. 13,000cr fraud in Punjab National Bank (PNB) allegedly committed by diamantaire Nirav Modi and his uncle Mehul Choksi, the promoter of Gitanjali Gems.
The CBI had recently also booked top officials of two public sector banks, a former CMD of the IDBI Bank, former Aircel promoter C Sivasankaran, his son and companies controlled by him in connection with a Rs. 600cr loan fraud in IDBI. The CBI has named 15 bank officials who worked at senior levels at IDBI in 2010 and 2014 when loans were sanctioned.
CEO of Indian Bank Kishor Kharat (who was then MD and CEO of IDBI Bank) and his counterpart in Syndicate Bank Melwyn Rego (then Deputy MD in IDBI Bank), along with then Chairman-cum-Managing Director of IDBI Bank MS Raghavan, have been named in FIR.
According to government data, the gross non-performing assets (NPAs) of all banks in the country, amounting to Rs. 8,40,958 crore in December 2017, were led by industry loans followed by those in the services and agriculture sectors. The highest amount of gross NPAs was for the country's largest lender, the State Bank of India (SBI), at Rs. 2,01,560 crore.
The NPAs for PNB stood at Rs. 55,200cr and for IDBI Bank, at Rs. 44,542cr. Bank of India had NPAs worth Rs. 43,474cr; Bank of Baroda, Rs. 41,649cr; Union Bank of India, Rs. 38,047cr; Canara Bank, Rs. 37,794cr, and ICICI Bank, Rs. 33,849cr, according to data presented by Minister of State for Finance Shiv Pratap Shukla in the Lok Sabha on March 9.