The quantum of money involved in bank frauds has increased four-fold even as the number of cases has decreased by half during the last three fiscal years of the UPA Government. And large value frauds, involving over Rs 50 crore, increased 15 times during the period.
Quoting RBI figures, CBI Director Ranjit Sinha said on Wednesday that the non-performing asset (NPA) of public sector banks has also doubled from Rs 59,924 crore in 2010 to Rs 1,17,262 crore in 2012. He said the agency has initiated enquiries into some of the big defaulter accounts. Sinha was speaking at the 5th annual conference of CBI officers and chief vigilance officers of public sector banks and financial institutions at the agency headquarters here.
He said there is a need to realise that the delay in reporting of a fraud will adversely affect the tracking and recovery of proceeds of crime as the initiative is lost due to delay. Sinha also said there should be no reason for denial of sanction for prosecution wherever malafide acts by delinquent officials caused huge losses to the bank. The Conference was attended by senior officers of CBI’s Bank Securities and Fraud Cell, Economic Offences and Anti Corruption Divisions as well as Heads of Economic Offences Wing of State Police Units based in metropolitan cities. Senior officials of a host of public sector banks also participated in the conference.