Bank Fraud

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...