BANKING FRAUDS RISE & HONEST CUSTOMER SUFFERS IN BANK


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 such fraudulent bank & licence will be ceased.
The Indian banking sector has experienced considerable growth and changes since liberalization of economy in 1991. Though the banking industry is generally well regulated and supervised, the sector suffers from its own set of challenges when it comes to ethical practices, financial distress and corporate governance.

Recently The Central Bureau of Investigation (CBI) carried out a search at the house of Congress MLA Raghuraj Singh Kansana in Madhya Pradesh's Morena in connection with an alleged bank fraud case in which his nephew is an accused. Mr Kansana's nephew Kushal Singh has been named by the CBI for allegedly taking a loan from UCO Bank using forged documents and causing a loss of Rs. 8.08 crore to the public sector bank.
Again The Central Bureau of Investigation (CBI) is conducting searches in 169 locations across the country in connection with 35 bank fraud cases, which were registered by it and involve funds of over Rs. 7,000 crore. The cases pertain to State Bank of India, Punjab National Bank, Andhra Bank, Oriental Bank of Commerce, Indian Overseas Bank, Allahabad Bank, Canara Bank, Dena Bank, Central Bank of India, Union Bank of India, IDBI Bank, Bank of Baroda, Bank of Maharashtra, Bank of India, and Punjab and Sind Bank etc.
Among the alleged frauds being probed by the agency are SEL Manufacturing in Bank of Maharashtra worth Rs. 113.55 crore, Advance Surfactants in SBI worth Rs. 118.49 crore, Eskay Knit worth Rs. 42.16 crore in Dena Bank (now Bank of Baroda), Krishna Knitwear Technology worth over Rs. 27 crore in Canara Bank. The agency has booked directors and promoters of these companies in separate cases of alleged banking frauds.


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