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CVC shares report on bank frauds

By The Assam Tribune
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NEW DELHI, Oct 16 - Probity watchdog Central Vigilance Commission (CVC) has completed a first-of-its-kind analysis of the top 100 banking frauds, including those in the jewellery and aviation sectors, and shared its findings with the RBI, ED and CBI among others, Vigilance Commissioner TM Bhasin said on Tuesday.

The analysis focused on the modus operandi, amount involved, type of lending (viz. consortium or individual), anomalies observed, loopholes that facilitated perpetration of the fraud concerned and the systemic improvements required to plug the gaps in the system and procedures.

The frauds were classified and analysed for 13 sectors, including gem and jewellery, manufacturing and industry, agro, media, aviation, service and project, discounting of cheques, trading, information technology, export business, fixed deposits, demand loan and letter of comfort.

The modus operandi of these top 100 loans has been thoroughly analysed and various loopholes or lapses have been identified, Bhasin said.

�Based on the findings, various industry specific suggestions for systemic improvement have been given in the final report, which have also been sent to the Department of Financial Services and RBI, in order to plug the loopholes observed by the Commission,� he said.

Bhasin said the finding have also been shared with the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI).

The measures suggested include strengthening of standard operating procedures and the monitoring system, and also highlighting the role of controlling offices, so as to examine the aspect of quality of business, he said.

The move assumes significance in the wake of high profile bank fraud cases involving absconding billionaire Nirav Modi and liquor baron Vijay Mallya among others. The report, which has also been shared with the Ministry of Corporate Affairs, carries analysis of large value frauds reported since March 31, 2017. � PTI

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CVC shares report on bank frauds

NEW DELHI, Oct 16 - Probity watchdog Central Vigilance Commission (CVC) has completed a first-of-its-kind analysis of the top 100 banking frauds, including those in the jewellery and aviation sectors, and shared its findings with the RBI, ED and CBI among others, Vigilance Commissioner TM Bhasin said on Tuesday.

The analysis focused on the modus operandi, amount involved, type of lending (viz. consortium or individual), anomalies observed, loopholes that facilitated perpetration of the fraud concerned and the systemic improvements required to plug the gaps in the system and procedures.

The frauds were classified and analysed for 13 sectors, including gem and jewellery, manufacturing and industry, agro, media, aviation, service and project, discounting of cheques, trading, information technology, export business, fixed deposits, demand loan and letter of comfort.

The modus operandi of these top 100 loans has been thoroughly analysed and various loopholes or lapses have been identified, Bhasin said.

�Based on the findings, various industry specific suggestions for systemic improvement have been given in the final report, which have also been sent to the Department of Financial Services and RBI, in order to plug the loopholes observed by the Commission,� he said.

Bhasin said the finding have also been shared with the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI).

The measures suggested include strengthening of standard operating procedures and the monitoring system, and also highlighting the role of controlling offices, so as to examine the aspect of quality of business, he said.

The move assumes significance in the wake of high profile bank fraud cases involving absconding billionaire Nirav Modi and liquor baron Vijay Mallya among others. The report, which has also been shared with the Ministry of Corporate Affairs, carries analysis of large value frauds reported since March 31, 2017. � PTI

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