Bank Fraud touched unprecedented Rs 71,500 Crore in 2018-19: RBI

The Reserve Bank of India has revealed that over 6,800 cases of bank fraud involving an unprecedented ₹71,500 crore were reported in 2018-19.
This is 74% higher than the amount involved in 5,916 such cases reported in 2017-18.
Anti-corruption watchdog Central Vigilance Commission (CVC) made an analysis and reported on top 100 frauds.
The bank frauds were categorised and analysed for 13 sectors, including gem and jewellery, manufacturing and industry, agriculture, media, aviation, service and project, discounting of cheques, trading, information technology, export business, fixed deposits, demand loan and letter of comfort.
Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) are also probing big-ticket bank fraud cases.
In 2018, CBI booked former Aircel promoter C Sivasankaran, in connection with a Rs 600-crore loan fraud in the IDBI.
MD and 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 managing director in IDBI Bank) along with then Chairman-cum-Managing Director of IDBI Bank M S Raghavan, have been named in the latest FIR filed by the CBI.

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