Various banks reported 4,851 cases of fraud involving about Rs23,902 crore during 2016-17, according to a reply given by the finance ministry in Parliament in July. New Delhi: Anti-corruption watchdog Central Vigilance Commission (CVC) has sought details of all fraud reported to the CBI since 2001 by public sector banks to analyse the modus operandi followed by fraudsters, vigilance commissioner T.M. At present, all banks are reporting fraud cases to RBI through fraud monitoring returns (FMR) based on the fraud reporting and monitoring system supplied to them. The modus operandi followed in fraud cases is sent by banks to the Indian Banks’ Association which then circulates it in a physical form. The CVC plans to put details of commonly-followed modus operandi on a portal to be developed specifically for this purpose.

Source: Mint November 05, 2017 06:11 UTC