On Tuesday, the CBI carried out countrywide raids on 16 companies for bank fraud and defaults that cost the exchequer about Rs 1139 crore. A Gujarat-based Diamond trading company that owes a consortium banks about Rs 7000 crore was among companies whose premises were searched. In a separate 73-page report titled “Timely detection of bank frauds” submitted to the government, CEIB listed 11 prime reasons for recurring banking frauds. In the last one year, we are seeing similar transmission of risk from financial sector to real sector. It is time for all regulators to ensure that no part of financial sector is allowed to slip.”First Published: Jul 04, 2019 06:07 IST

Source: Hindustan Times July 04, 2019 00:33 UTC