MUMBAI: Banks have reported a massive 73% increase in incidents of fraud worth ₹71,543 crore in FY19, a senior Reserve Bank of India official said Thursday. In FY18, the banks had reported frauds worth ₹41,167 crore, he added. The large value frauds worth ₹50 crore and above, constituted about 1% of the fraudulent cases but amounted to three-fourths of the fraud losses, Dash said. The amount involved in frauds reported since FY15 stood at ₹1,74,798 crore, constituting a whopping 211% of actual occurrence of frauds during the same period at ₹82,959 crore, he said. Addressing the same event, Sebi executive director Anand Baiwar said there is a close link between corporate frauds and corporate governance.

Source: Mint July 04, 2019 13:07 UTC