NEW DELHI, Oct 17: Central Vigilance Commission (CVC) today formally presented “Top 100 Bank Frauds” report to Union Minister Dr Jitendra Singh, who is also MoS In-Charge Central Vigilance Commission. The report, unique of its kind and perhaps the first-of-its-kind exercise undertaken by the CVC, was handed over to Dr Jitendra Singh by Senior Vigilance Commissioners Sharad Kumar, who is a former NIA chief and his colleague T.M. Bhasin, who is a former CEO Indian Bank.
While discussing the salient features of the report, Dr Jitendra Singh appreciated the exercise undertaken by the CVC and said that this documented report will serve as a reference material for policy planners, law makers and researchers. He said, it is heartening to note that the CVC has, in addition to performing its routine functions which are equally important, also lived up to the obligation of “Research & Development” (R&D).
The Modi Government, Dr Jitendra Singh said, began its term four-and-a-half years ago with the mission of transforming India and Prime Minister Narendra Modi has laid down before us the target of building “New India”. He said, the institutional bodies like CVC have a crucial role to play by exercising the necessary checks and balances and at the same time, acting as a watchdog.
Briefing about the report, T.M. Bhasin said, the entire exercise was mainly inspired by the rising trend in bank frauds which has become a cause of concern at all levels. The CVC, he said, through this Report has undertaken a review and analysis of top 100 Bank Frauds in India, as on 31st of March 2017.
The analysis of the top bank frauds included in the report, mainly focuses on modus operandi, amount of money involved, type of lending, anomalies observed, loopholes that facilitated the fraud, etc. In order to make the report more comprehensive, the top 100 Bank Frauds have been classified into 13 sectors, namely gem and jewelry, manufacturing / industry, agro, media, aviation, service / project, discounting of cheques, trading, Information technology, export business, fixed deposits, demand-loan, and Letter of Comfort.
Both Bhasin and Kumar expressed the hope that this consolidated report will go a long way in reducing / obviating bank frauds in the country.