CBI Raids 187 Locations To Uncover Rs 7000 Crore Bank Frauds; These Are The Banks Involved In Frauds

In a massive move to check bank frauds, CBI launched raids at about 187 locations across the country, in order to unearth frauds committed by bank customers.

The CBI has received 42 complaints from various banks, and the total sum of fraud money has been estimated to be Rs. 72 billion or Rs 7200 crore.

Find out what went down right here!

CBI Raids 187 Locations In India, 42 Cases of Fraud Registered For Rs. 7200 Crores

On Tuesday, the Central Bureau of Investigation (CBI) raided about 187 locations in the country, with officials actually knocking the doors of the accused and involved, asking them for answers and collecting evidence. 

12 locations were searched in Delhi, 17 were checked in Tamil Nadu and Madhya Pradesh, 15 in Uttar Pradesh, 5 in Andhra Pradesh, 2 in Chandigarh, and 6 in Karnataka.

In addition to these, there were about four locations that were checked in Kerala, Telangana, and Dadra and Nagar Haveli each.

Also, five locations both in Gujarat and Haryana were scrutinised, and two locations in Uttarakhand and West Bengal were searched as well.

Which Indian Banks Are Involved In This Raid?

These raids were conducted by CBI, based on complaints made by banks, related with frauds, or possible frauds.

There are a number of top notch banks involved in this, such as Andhra Bank, Oriental Bank of Commerce, Indian Overseas Bank, SBI, Allahabad Bank, Canara Bank, Dena Bank, Punjab & Sind Bank, Punjab National Bank, Central Bank of India, Union Bank of India, IDBI Bank, Bank of Baroda, Bank of Maharashtra and Bank of India.

As per the statement issued by the CBI, of the 42 cases registered with them, there are about 4 cases that involve money more than Rs. 1000, and 11 cases involve scammed money of Rs. 100 crore to Rs. 1000 crore. 

Promoters and Directors of big companies, such as Advantage Overseas Pvt Ltd Shrikant Bhasi, Dinesh Arkot Selvaraj, Manish Kumar Singh, Gagan Sharma and Jijo John have been booked under the charges of scamming the State Bank Of India in Bhopal.

Apparently, they faked their records in order to obtain credit of Rs. 6000 crores. In this matter, SBI faced losses of Rs. 1,266.63 crore.  

These raids were necessary, after a number of bank frauds emerged, in the last few years.

In 2018 alone, RBI reported Rs 71,500 crore of frauds, via 6800 such cases. The PNB Bank fraud of 2018 amounted to Rs 14,356 crore, whereas PMC Bank fraud was Rs 4300 crore worth, wherein 21,000 fake bank accounts were opened.

This is a developing story, and we will keep you updated, as more details come in.