Rs 32,000 Crore Frauds Across 18 Banks In 90 Days: SBI Is #1 In Bank Frauds, Allahabad Bank, PNB At #2, #3

Rs 32,000 Crore Frauds Across 18 Banks In 90 Days
Rs 32,000 Crore Frauds Across 18 Banks In 90 Days

While common man losses their sleep when they forget to pay bills with small amount, some have the luxury to siphon crores from reputed Bank accounts in the country. 

As per the reports, During the first quarter of the year,18 public sector banks disclosed 2,840 cases of frauds dealing with a huge sum of money to be exact around Rs 32,000 crore.

History of frauds in Public Sector Banks is quite old. In the past SBI lost Rs 23,000 crore in bank frauds.

How Did It Got Revealed ?

Countries well known Public sector banks are targeted by these frauds. Chandrashekhar Gaur an activist from Neemuch,Madhya Pradesh told PTI that State Bank of India became the biggest victim of these frauds with holding 38% share as per answer of officials of RBI in answer to his RTI application.

So far the information provided by RBI does not have any details about the frauds and damages done to banks and its customers. Also RBI said that they don’t have figures available for how much losses are suffered by PSU banks due to fraud for the asked review period.

Who Suffered The Most ?

According to RTI reply, SBI the biggest lender in the country has registered around 1,197 fraud cases involving Rs 12,012.77 crore in the first quarter of this year.

Allahabad Bank became the second  prey to these frauds with 381 cheating cases and a sum around 2,855.46 crores is involved. While Punjab National Bank became the third victim with 99 cases involving Rs 2526.55 crore.

Around 69 cases amounting Rs 2,035.81 crore in Canara Bank, 194 cases amounting Rs 1982.27 crore in Central Bank of India and 31 cases for a sum of Rs 1,196.19 crore reported for Union Bank of India.

Other Banks are also affected by fraudulent activity like Bank of Baroda reported 75 cases involving a sum of Rs 2,297.05 crore in the first quarter. While a sum of Rs 2,133.08 with 45 cases was reported for Oriental Bank of Commerce. 

Banks like Bank of Maharashtra, Andhra Bank, Indian Bank, Punjab Bank and Sind Bank are also became victim to these frauds.

Corporation Bank found 16 cases with Rs 960.80 crore involved. Indian Overseas bank detected Rs 934.67 crore in 46 cases. Syndicate Bank detected 654 cases with Rs 795.75 crore involved. Union Bank of India found Rs 753.37 crore in 51 cases. Bank of India detected 42 cases with Rs 517 crore and UCO Bank found 34 cases of frauds with Rs 470.74 crore.

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