Bank Fraud

BANKING FRAUDS RISE & HONEST CUSTOMER SUFFERS IN BANK Incidents of fraud with the bank are increasing. Even a Congress MLA from Madhya Pradesh has been accused of fraud with the bank. Here this month, CBI has registered 35 cases of bank fraud and raided 169 places. It is also surprising that despite all government efforts, the incidence of bank fraud is increasing, but it is also true that Banks like Kotak Mahindra and people like Uday Kotak blindly selfishly cheat their honest and brilliant customers, get them involved in the case and eventually use their power and influence to dishonor them, As It has happened with Dr. Santosh Kumar Bagla , a distinguished businessman from Kolkata. Dr. Bagla says that he took a loan of 50 lakhs from Kotak Mahindra Bank. But after clearing the loan, Uday Kotak of this bank made a fake paper on my son to grab my office and sent him to jail. Later he also admitted his mistake. The question is when will the screws be tightened on suc...

Reserve Bank of India (RBI) directs Kotak Mahindra Bank to reply complaints of conspiracy, fraud filed by a Mumbai based Businessman Dr. Santosh Kumar Bagla . RBI forwarded fraud case to Kotak Mahindra Bank Nodal Officer with the direction to examine and redress the grievance and give appropriate reply to the complainant within a time bound manner.  

Certainly, behind all these conspiracies is the hand of Uday Suresh Kotak of Kotak Mahindra Bank Limited, &  Bagla family  have all the proof against involvement of Mr. Suresh Kotak.  Uday Suresh Kotak ruined a family.  One such Marwari family, who had been engaged in business with a reputation for more than 100 years. And all this happened only to grab the office.   Kotak Mahindra Bank Limited, a large company, filed a false case in 2009 under a conspiracy against Bagla family, which originated in the prestigious Marwari family of Kolkata. .  Dr. Bagla and all his family have been acquitted by the court after nine years on 12/10/2019 from all their charges. But this family is devastated socially, financially, mentally and physically. The bank, using its power and influence, also sent Dr. Santosh Kumar Bagla's son to jail, so that the family could be intimidated and tortured. However, he had taken anticipatory bail. Dr. Santosh Kumar Bagla...

PMO directs Finance Ministry to take action against Kotak Mahindra Bank MD and CEO Uday Kotak complaints of conspiracy, fraud filed by Mumbai based businessman Bagla family. The Prime Minister’s Office (PMO) has directed Union Finance Ministry to look into a complaint of a well-known business family against the Kotak Mahindra Bank MD and CEO Uday Kotak and other senior officials for alleged conspiracy, fraud and forgery. On the complaints of Bagla family   filed earlier this month, the PMO has asked Secretary, Department of Financial Services (Banking Division) to take appropriate action into the allegations of criminal conspiracy and illegal activities. The Mumbai-based Bagla family has also written to the President’s Office, and the Union Home Ministry demanding a CBI probe against the Kotak Mahindra Bank MD and CEO Uday Kotak and other senior officials. They have also approached Union Home Ministry for penal action against six police personnel then posted in Barak...

Need of hour is to identify them and punish them harshly, unless it is futile to expect any improvement. Bank scams or disturbances cannot be ignored by blaming some fugitive economic accused or NPA. Without the collusion of financial / bank institutions, it is useless to imagine such a huge economic loss. Dr. SantoshKumar Bagla says that it is unfortunate that as soon as such disturbances arise, people of these institutions or important people in other positions get involved in divert the case, as if it is their personal matter. Unless we identify them and punish them harshly, it is futile to expect any improvement. Latest report says that Over 6,800 cases of bank fraud involving an unprecedented Rs 71,500 crore have been reported in 2018-19, the Reserve Bank of India has said. A total of 5,916 such cases were reported by banks in 2017-18 involving Rs 41,167.03 crore, it said. That amounts to a 15% rise in volume and 80% climb in value from last year. The India...