New Delhi : Banks in India lose a minimum of Rs 100 crores daily in frauds or financial scams, reveals Reserve Bank of India(RBI). The RBI report is based on 7-year data starting 2015-16. Quantum money lost to frauds or scams from April 2015 to 31 December of that year is Rs 2.5 lakh crores.
Incidentally, Mumbai - the country’s financial capital - accounts for 50 percnet of all frauds followed by Delhi, Telangana, Gujaat and Telangana. 83 percent of all frauds happen in these states combined.
A total of 11 modus operandi are deployed for defrauding money out of banks, including, borrowings against forged documents, fraudulent accounting, swapping money using dubious accounts, foreign exchange fraud etc.
Measures adopted to check fraud have been effective to bring down quantum over years, said RBI. Quantum loss from fraud that stood at Rs 67,000 in 2015-16 figured at Rs 10,000 in the year 2021-22.
