Bank Fraud

"We had filed an FIR for the offence of forgery, cheating, using fake documents as genuine, hatching a criminal conspiracy and having common intention against the bank officials and the Kochhars," the official said. Nupower Renewables, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Ltd were also named as an accused in the FIR.

The CBI had registered the case against Oyster Buildwell Pvt Ltd, Gurugram, and others on June 2, 2021 on the complaint from Yes Bank Ltd. It was alleged that the accused had committed criminal breach of trust, cheating, criminal conspiracy and forgery for misappropriation of public money, during the period from 2017 to 2019.

The Finance Ministry and the Reserve Bank of India (RBI) have earmarked measures to safeguard the general public from being defrauded by scamsters posing as bank employees, financial advisors and loan agents. The RBI has also issued Master Directions for classification and reporting of frauds by commercial banks and select financial institutions.

In stark contrast, the country's largest lender State Bank of India (SBI) reported only nine fraud cases during the same period. Though the nature of fraud and the quantum of amount involved in the cases is not specified in the data, the huge number of frauds reported by Kotak Mahindra Bank does raise concern.

As per the Mumbai DRT-I's order, HCL House in Marol shall be put up for e-auction on September 23, with a reserve price of Rs 52 crore, against the massive amounts outstanding since nearly five years to the PNB and 15 more banks.

Investigating agencies found that various fintech companies in collusion with NBFC had thus indulged in predatory lending, by-passing the regulatory system. These fintech companies had been providing instant personal loans for terms ranging from seven to 30 days. Digital lending platforms, mainly Chinese apps mushroomed during the Covid-19 pandemic, offering quick loans targeting rural population and unemployed youths, who suffered most.

The federal probe agecny had arrested Sanjay Chabaria of Radius Developers, in May. Radius Developers took loan of Rs 3,000 crore from Dewan Housing Finance Ltd (DHFL) on the pretext of financing a project in Mumbai. "Bhonsle, Goenka and Balwa were allegedly used their firms to channel money of the loan. Hence their premises were also raided," the CBI had said. In March 2020, a case of loan fraud of Rs 3,600 crore was lodged by the CBI against Rana Kapoor, the promoter Director and CEO of Yes Bank for entering into a criminal conspiracy with Kapir wadhawan, the promoter Director of DHFL and others

Axis Asset Management Co., which is India's seventh largest mutual fund manager and partly owned by Schroders, had in May sacked two employees, including its chief dealer, amid an ongoing internal probe. The fund in early July submitted its findings to the regulators and said that it had evidence to believe that the terminated executives had violated securities law.