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CVC Submits Report on Top 100 Banking Frauds in India
November 10, 2018
India’s anti-corruption watchdog Central Vigilance Commission has submitted a detailed report to the Reserve Bank of India which covers accounts of shell companies, fudged bills, inflated valuation of goods, etc. It also accused public sector banks that are already struggling with massive non-performing assets of failing to verify the credentials of loan seekers and depending on third-parties for the job.
The report said that many companies that applied for loans are non-existent or submitted inflated invoices to get bigger loans.
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