CVC analyses 100 top bank frauds
The
study into 13 sectors
comprising
of Gems and Jewellery...
Sharing
the details Dr. T.M. Bhasin, Vigilance Commissioner, CVC informed that the
Commission has sub divided the study into 13 sectors comprising of Gems and
Jewellery, Manufacturing, Agro sector, Media, Aviation, Service Sector,
Discounting of cheques and bills, Trading sector, IT Sector, Exports sector,
Fixed deposits and Demand Loan etc.
Dr.
Bhasin said that as a conscious decision and with a view to maintaining
discreteness, the names of borrower accounts/entities and the names of the
Banks have not been disclosed in the report. However, steps are being taken for
all encompassing actions such as investigation by the Premier investigative
agencies, fixing staff accountability and recovery measures, etc. for effective
action.
Dr.
Bhasin said that the modus operandi of these loans has been thoroughly analysed
and various loopholes /lapses have been identified. Based on the findings,
various industry specific suggestions for systemic improvement have been given
in the final report, which have also been sent to Deptt of Financial Services
(DFS)and RBI, in order to plug the loopholes observed by the Commission. The
measures suggested include strengthening of SOPs, monitoring system and also
highlighting the role of controlling offices, so as examine the aspect of
quality of business.
Dr.
T.M. Bhasin said that this analytical study was initiated by the Commission as
a Preventive Vigilance measure so as to minimize the occurrence of such type
frauds in future. RBI has also confirmed to the Commission that inputs given by
CVC are very useful and shall be used for systemic improvements to mitigate the
risks.
Dr.
Bhasin said that the intention of the Commission is to bring about awareness
among the field functionaries by enhancing their knowledge towards the existing
lapses, so that the frauds of similar nature do not recur. These studies have
been done by the Commission as a preventive Vigilance tool by utilizing its
vast experience of handling various cases of frauds and Staff accountability
related matters.
A copy of the Analysis of Top 100 Bank Frauds
by CVC has been uploaded on CVC website for ready reference: http://www.cvc.gov.in/sites/default/files/new1111.pdf
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