Top 10 Biggest Bank Frauds in India in the Last Decade
Prime Minister Narendra Modi promised to make the Indian economy a $5 trillion economy, but instead, in just over seven years, bank fraud has surpassed $5 trillion. It’s worth noting that India’s total fraud loans in 2020-21 alone amount to Rs 1.37 lakh crore, accounting for 99 per cent of all bank frauds.
According to the Reserve Bank of India (RBI) data acquired under the Right to Information (RTI) Act, banks operating in India accounted for fraud of Rs 4.92 trillion as of March 31, 2021, accounting for over 4.5 per cent of total bank credit. 90 banks and financial institutions reported a total of 45,613 occurrences of loan theft, according to the data.
The State Bank of India (SBI), ICICI Bank, and HDFC Bank had the most incidences of over 50,000 frauds that affected Indian institutions in the recent 11 fiscal years. Several international banks with operations in India have also reported scam cases totalling billions of rupees over the same period.
Over 60 staff members from SBI, 49 from HDFC Bank, and 35 from Axis Bank were involved in such transactions, according to the data. Punjab National Bank (PNB), the country’s second-largest state-owned lender, has suspended over 20 of its employees involved in such transactions following the recent bank frauds.
The public sector banks have borne the worst of the scams by far. According to the figures for 2019-21, public sector banks are responsible for…
