190 Indian banks attacked in massive crackdown on fraud

India's Central Bureau of Investigation reportedly raided more than 190 bank branches in the country to crack down on fraud involving at least 15 banks. A thousand agents participated in what is today one of the largest coordinated research in India this year.

Read also: Head of State Bank of India says cryptography regulations are a necessity

Great crackdown on bank fraud

The Indian Central Investigation Bureau (CBI) carried out searches on Tuesday in more than 190 banks in the country, local media reported. An office official said the IWC had registered 42 new scam cases involving 7,200 crores of rupees (about $ 1 billion). According to PTI, CBI teams knocked on the accused's doorstep to gather evidence and interrogate them, stating:

The operation was conducted in 16 states and territories under the control of the union, with the participation of 1,000 agents of the agency, making it one of the largest coordinated searches of the year.

"Of these 42 cases, there are 4 cases of more than 1,000 crores of rupees and 11 cases of fraud amounting to 100 crores of rupees per 1,000 crores of Rs", reveals a statement issued by the CBI . "During the research, incriminating documents have been recovered so far."

The statement further states that most cases of loan fraud have been detected in 15 banks, including the State Bank of India (SBI), the country's largest lender. Other banks involved were Andhra Bank, Eastern Bank of Commerce, Indian Overseas Bank, Allahabad Bank, Canara Bank, Dena Bank, Punjab & Sind Bank, National Bank Punjab, Central Bank of India, Union Bank of India, IDBI Bank, Bank of Baroda, Bank of Maharashtra and Bank of India, Detailed Business Today.

The raids took place on Tuesday, mainly in Maharashtra, where 58 banks were raided, followed by Punjab and 32 branches. Further research has been done in New Delhi, Tamil Nadu and Madhya Pradesh, in Uttar Pradesh, Andhra Pradesh, Chandigarh, Kerala, Telangana and Dadra. and in Nagar Haveli, Gujarat and Haryana, Karnataka and Uttarakhand and West Bengal.

The case of bank fraud PMC continues

A recent and widely publicized fraud case involving one of the country's largest cooperative banks is still ongoing. The Punjab and Maharashtra Co-operative Bank (PMC), which has 137 branches in several states, was subject to regulatory restrictions by the Reserve Bank of India (RBI) in September, limiting customer withdrawals to Rs 100 for six months. .

The withdrawal limit has been increased several times as a result of protests and lawsuits. On November 5, the central bank raised the limit to Rs 50,000, but some depositors are still fighting against it to get access to all of their money. In the case of PMC fraud, bank managers have created more than 12,000 shadow accounts to cover bad debts worth around Rs. 4,300.

Last year, Punjab National Bank, India's second state-controlled lender, was hit by a $ 2 billion fraud scandal. The RBI said in June that more than 6,800 cases of bank fraud involving an unprecedented amount of Rs 71,500 crore (about $ 10 billion) had been reported in 2018-19.

What do you think of bank fraud cases in India and national repression? Let us know in the comments section below.


Images courtesy of Shutterstock.


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Kevin Helms

A student in Austrian economics, Kevin discovered Bitcoin in 2011 and has always been an evangelist. His interests include Bitcoin security, open source systems, network effects and the intersection of economics and cryptography.




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