Bank Deceits Add Up To Rs 1.10 Lakh Crore Since 2015, Says RBI

Bank Frauds are a way of deceiving a financial institution or the common public to make believing them of certain illicit promises and obta...

Bank Frauds are a way of deceiving a financial institution or the common public to make believing them of certain illicit promises and obtaining money. Money from false promises in the disguise of facilitating money is a huge criminal offence. It is also called as a 'White Collar Crime'. In the recent ages, these crime category is filling up with offenders from various walks of life. In a report given by the Reserve Bank of India, there has been a Rs 1.10 lakh Crore loss due to Bank Frauds since 2015.


Robbing the Bank and looting the Cash transporting vehicle and similar activities do not come under fraud. Formulating a plan and a proper articulation of it is considered a Fraud. Different laws have been made regarding the Bank Frauds, which differ with time and with the place.

RBI sadly reveals the facts and notifies that despite measures and crack-down measures by the Government, there has not been any progress and relief. Unaccounted money is piling up somewhere other than where it is supposed to be. These numbers and invisible money has seen a rise over the last three-and-a-half years.


The 2015-2016 transition did see a total of 4,693 cases, but the following years have seen a huge spurt in the numbers. In the first six months of the year 2017-2018, around 3,416 cases have been registered. Scams and dupes of money involving more than a lakh are considered a fraud by the RBI. Anything below that would be of a cheating case.

Amongst the scams involving crores in recent years, i.e. Nilesh Parekh Gold Defraud, Vijay Mallya, Bribe for loan Syndicate Bank Scam, Logistics etc, this particular money fraud stands first. Diamond Trader Nirav Modi's Rs 14,000 Crore Scam is the case study taken here by the RBI.


Junior bank officials have issued "Letters of Undertakings" without proper authorisation to two firms under Nirav Modi and his uncle, Mehul Choksi. The crores of transactions were not under any bank's purview, due to their unauthorised means of permission. The scam went undetected for years, piling up people's money day by day.

After its revelation, the government has taken measures to strengthen the Core Banking Solution, by issuing certain important frameworks. "Framework for timely detection, reporting, investigation, relating to large value bank frauds" was issued to the Public Sector Banks.


As per the guidelines mentioned, "All the accounts exceeding Rs 50 Crore, if classified as Non-Performing Assets, should be examined by banks from the angle of possible fraud, and a report should be placed before the bank's Committee for Review of NPAs on the findings of the Investigation".

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All India Daily: Bank Deceits Add Up To Rs 1.10 Lakh Crore Since 2015, Says RBI
Bank Deceits Add Up To Rs 1.10 Lakh Crore Since 2015, Says RBI
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