Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
Powered by cricketnext logo
News18 » India
1-min read

CBI Files 42 New Bank Fraud Cases Worth Over Rs 72 Billion After Raids at 187 Locations Across India

The primarily loan fraud cases were detected at 15 banks, including the country's largest state-run lender - State Bank of India, according to a statement by the Central Bureau of Investigation.

Reuters

Updated:November 6, 2019, 9:42 AM IST
facebookTwitter Pocket whatsapp
CBI Files 42 New Bank Fraud Cases Worth Over Rs 72 Billion After Raids at 187 Locations Across India
File photo of CBI headquarters in New Delhi. (PTI)

Mumbai: The Central Bureau of Investigation (CBI) said on Tuesday that they had registered 42 new cases of bank fraud amounting to about 72 billion rupees ($1.02 billion) after conducting searches in 187 places across the country.

The primarily loan fraud cases were detected at 15 banks, including the country's largest state-run lender - State Bank of India, according to a statement by the Central Bureau of Investigation.

State Bank of India was not immediately available for comment outside business hours.

The police said of the 42 cases, four involved a fraud amount of more than 10 billion rupees each.

A number of fraud cases have come to light at both state-run and private banks over the past two years, where the banking industry has already been grappling with nearly $150 billion in bad loans

Last month, police alleged that Punjab and Maharashtra Co-operative Bank (PMC) had used more than 21,000 fictitious accounts to hide loans it made to a single real estate firm.

Last year, India's second-biggest state-controlled lender, Punjab National Bank was hit by a $2 billion fraud after two jewellery groups used fake bank guarantees to raise billions of dollars in foreign credit.

The alleged fraud cases registered by CBI on Tuesday mostly involved companies borrowing money using falsified accounts and forged documents and then siphoning off funds and defaulting on the repayments.

"During searches, incriminating documents have been recovered so far," CBI said in a statement.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results