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Close to 13,000 Bank Frauds Identified in 3 Years
March 01, 2018
As per the data shared by the government with the parliament recently, around 12,787 bank frauds were detected during 2014-2017. These pertain to not only public sector banks but the private sector banks as well. It also said that around Rs. 16,789 crores were lost to the frauds in one year alone i.e. 2016-17.
Although around 4,000 bank frauds were identified on average per year since 2014, the majority of these went through the watchdogs’ scanner. Only when the massive fraud of Nirav Modi came to light, the banks awoke and assessed their management and procedural exploits.
