13 frauds that shook the Indian financial sector

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Last Updated : Sep 29, 2018 05:06 PM IST | Source: Moneycontrol.com

Big bank scams: 13 frauds that shook the Indian financial sector
There has been a spurt in fraud allegations and arrests by Indian authorities. Here is a list of the biggest frauds in the Indian banking space.
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1/13
Rs 139 crore | 2014 | A Kolkata-based industrialist Bipin Vohra and others were booked by the CBI for allegedly cheating Central Bank of India by obtaining a loan of Rs 139.05 crore with forged documents. They were also accused of using the fund for purposes other than that stated. (Wikimedia Commons)


2/13
Rs 150 crore | 2011 | Executives of Bank of Maharashtra, Oriental Bank of Commerce and IDBI created about 10,000 fictitious accounts, and an amount of Rs 150 crore worth of loans was transferred, a CBI investigation found. (Wikimedia Commons)


3/13
Rs 212 crore | 2015 | The CBI booked former deputy general manager of Central Bank of India and three directors of Jain Infraprojects Ltd — M.K. Jain, Rekha Jain and Sunil Kumar Dangi — for allegedly defrauding the bank for over Rs 212 crore. (Wikimedia Commons)


4/13
Rs 290 crore | 2017 | CBI arrested the promoters of Abhijeet Group—Manoj Jayaswal and Abhishek Jayaswal—and TL Pai, a former DGM of Canara Bank, for allegedly defrauding Canara and Vijaya Banks of Rs 290 crore. (Wikimedia Commons)


5/13
Rs 437 crore | 2014 | Ahmadabad-based Electrotherm India officials allegedly cheated Central Bank of India in tune of Rs 437 crore in collaboration with the bank employees. CBI booked the company directors in the case.


6/13
Rs 700 crore | 2014 | Mumbai police filed nine FIRs in an alleged fixed deposit fraud against Punjab and Sind Bank officials. (Wikimedia Commons)


7/13
Rs 836 crore | 2017 | CBI arrested Padmakar Deshpande, a Bank of Maharashtra officer from Pune, along with the director of Siddhi Vinayak Logistics Limited, a private logistics company from Surat, in connection with an alleged Rs 836-crore bank fraud case. (Wikimedia Commons)


8/13
RS 1000 crore | 2016 | The CBI booked four people including Chief Manager of Syndicate bank in an alleged scam in which accused used fake cheques, letters of credit and LIC policies to withdraw money. (Wikimedia Commons)


9/13
Rs 6000 crore | 2015| The ED busted various modules active in the national capital region which allegedly made illegal foreign remittances to shell companies in Hong Kong. Employees of various banks including the Oriental Bank of Commerce and Bank of Baroda were allegedly implicated in the scam. (Wikimedia Commons)


10/13
Rs 8000 crore | 2014 | Dubbed as a bribe-for-loan scam, CBI found that a well-oiled nexus was in operation where various bank chiefs and companies looking for large loans were involved. The companies allegedly paid bribes to bank chiefs to secure the loans. Ex-chairman and MD of Syndicate Bank, S K Jain was among arrested. (Wikimedia Commons)


11/13
Rs 9000 crore | 2017 | One of the most publicised alleged frauds in Indian banking history, liquor baron Vijay Mallya was accused of defrauding Indian banks in tune of Rs 9000 crore. He is currently in the UK and Indian authorities are trying to extradite him to India.


12/13
Rs 12,000 crore | 2018 | Kolkata–based gold trader Nilesh Parekh was arrested by Directorate of Revenue Intelligence sleuths for allegedly siphoning off 1,700 kg of imported duty-free gold and defrauding 25 banks. He was earlier arrested by CBI for allegedly of siphoning off bank loans worth Rs 2,672 crore through hawala channels to dummy companies in Singapore, Dubai and Hong Kong.


13/13
Rs 14,000 crore | 2018 | Perhaps, the mother of all banking frauds, diamond trader Nirav Modi and Mehul Choksi were accused of defrauding Punjab National Bank to the tune of Rs 14,000 crore. Both accused fled India before they could be arrested.

First Published on Sep 29, 2018 04:28 pm