What do Zoom Developers Pvt Ltd, Sterling Biotech Ltd, Kingfisher Airlines Ltd, Dewan Housing Finance Corp Ltd, Reliance Communications Ltd and Srei Infrastructure Finance Ltd have in common? They are a few among thousands of fraud accounts on the books of Indian banks.
Different banks have attached the fraud tag to these accounts between FY2012 and FY2023. The amount varies but the money involved in each case is at least Rs 100 crore.
The banking industry reported 9,102 frauds involving an amount of Rs 60,389 crore in FY2022 against 7,358 frauds and Rs 1.37 trillion in FY2021 and 8,702 frauds and Rs 1.85 trillion in FY2020. In 2019, the value of money involved in bank frauds was Rs 1.9 trillion and the number 8,700. About 86 per cent of these cases were large-value corporate frauds worth over Rs 50 crore each.
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