Srinagar 24 March :
The slogans of PM Modi before the 2014 elections of making him chowkidar to look after the indian economy has fallen apart. Even the GST that BJP govt hyped to make people believe that it will bring a good fortune to Indians is yet to bear its fruits.
The total amount involved in bank fraud cases this year has reached nearly ₹19,194 crore, which is 63% more than the total loss on all frauds in 2017. The CBI has registered 12 major cases of suspected bank fraud this year.
The amount involved in 31 bank fraud cases registered by the investigating agency in 2017 stood at ₹11,777 crore.
According to the Reserve Bank of India’s master directions issued on 1 July , 2016, banks can directly make a complaint to the CBI’s specialized banking fraud unit, if the fraud involves more than Rs 25 crore and up to Rs 50 crore.
Complaints of frauds involving more that Rs 50 crore are lodged by the joint director (policy) of CBI but these cases too usually end up with the banking fraud unit. Cases involving frauds of between Rs 3 crore and up to Rs 25 crore are probed by the Anti Corruption Branch and Economic Offences Unit of the agency.
To be sure, the total amount of money involved in bad debts given out by banks is much bigger than the value in these cases. According to a database maintained by credit information company CIBIL, the total amount outstanding with wilful defaulters on 30 September 2017 was Rs 1.11 lakh crore. This amount only includes cases where the value of loan outstanding is more than Rs 25 lakh.