Mumbai: A senior RBI official said on Thursday that banks had registered an increase of 73 percent in the fraud cases of Rs 71,543 crore in FY19.
Till March 2019, the top five, 10 and 100 cases of frauds cumulatively reported constituted 24 percent, 34 percent and 70 percent of all frauds, respectively, a chief general manager with the RBI Jayant Dash said.
In FY18, the banks had reported frauds worth Rs 41,167 crore, he added.
“The total value involved in these frauds reported by the regulators regulated by RBI during the financial year 19 was Rs 71,543 crores against Rs 41,167 crores during the previous year, which is a jump of 73 percent year-on-year,” Dash said here.
He said that the distribution of alleged fraud by banks is followed by a higher Pareto principle known as the 80/20 theory, which means that 80 percent of results come from 20 percent of the reasons.
Fraud of big value and about 1 percent of fraud cases of more than Rs 50 crores was formed, but about three-quarters of the loss of fraud, Dash said.
Bank annually reports fraud of 35,000 crore rupees every year. “It does not take into account the losses for investors and other financial and operational creditors, except for the intangible losses to the system,” he said.
He said that the amount included in the fraud since the fiscal year 2015 was Rs 1,74,798 crore, in which during the period, the actual incidents of Rs 82,959 crore were reduced by 211 percent.
Considering that corporate fraud is rarely a one-step operation, he said, “The most expensive fraud management teams are made by those who have the ability to collapse to control systems and cover their tracks.”
(With PTI Inputs)
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