ED seizes assets worth ₹2,747 cr in India's biggest bank fraud case
The attached assets include two shipyards in Surat and Dahej, plots, commercial and residential premises in Gujarat and Maharashtra and bank accounts owned by ABG Shipyard.
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ED attaches assets worth ₹19,111 crore of loan fugitives
Out of the attached assets, ₹15,113 crore, which is 66.91% of the defrauded amount, has been restituted to public sector banks, finance ministry told Lok Sabha.
PNB names IL&FS power company in ₹2,060 crore fraud
The report from PNB comes a month after Punjab & Sind Bank reported a borrowing fraud worth ₹148.867 crore in the NPA account of ITNPCL.
How banking frauds mount
AGB Shipyard’s loan defaults were known since 2013 and continued to be ignored till 2016. Its frauds were found out in 2019 and yet not much happened until it exploded in February 2022.
78% expect bank frauds to rise up to 2024
While banks have increased investments towards fraud risk management and monitoring systems and controls, these efforts seem insufficient, says Deloitte India.
Lessons from white-collar crimes
It’s only when we admit that our propensity to err is much greater than we often imagine that we’ll begin to take necessary steps to reform ourselves.
Banks taking higher covers to cut losses from frauds
Cyber risk is the biggest emerging threat for the sector.
Inside the issue: May 2019
Catch a sneak peek into the May 2019 issue here.
Financial firms expect rise in cyberthreats
More than half of the firms plan to increase cybersecurity spending, according to a report.
India Inc’s credit crunch
A spate of banking frauds, arrests of the top management at some banks and mounting bad loans have led to drying up of debt from financial system. So who will fund India’s growth story?
