Kochi: Loan fraud worth Rs 2.50 lakh crore has taken place in the country after 2015 by creating fake documents in connivance with officials.
The quantum of loan fraud was assessed by looking at the cases registered by the Central Bureau of Investigation (CBI) and police. However, according to estimates by the economic offences’ investigation agencies, the actual figure could be double the amount.
The mother of all frauds was the Rs 22,842 crore loan fraud of ABG Shipyard which was unearthed by the CBI recently.
The other big fraud worth Rs 13,400 crore was carried out by diamond merchant Nirav Modi and his relative Mehul Choksi.
Most of the frauds were unearthed during the financial year 2018-19. The Reserve Bank of India had directed the banks to carry out regular internal auditing following the unearthing of 20,000 crore fraud by internal probe agencies in public sector banks in 2018.
Besides the public sector banks, huge frauds have been reported in the cooperative bank sector in many states including Kerala. The financial fraud of Rs 30 crore in Karuvannur Cooperative Bank in Thrissur is a case in point.
While similar frauds have been detected in other cooperative banks as well, the bank authorities have kept the information under wraps out of fear.
It is learnt that most cooperative banks have suffered a loss of more than Rs 2 crore in financial frauds.
Major establishments against whom case were registered for bank loan fraud
Mumbai Forest International – Rs 3,592 cr
Hyderabad Transstroy India Limited – Rs 7,926 cr
Hyderabad Totem Infrastructure – Rs 1,394.43 cr
Kanpur Rotomac Company – Rs 3,695 cr
Kolkata RP Info System – Rs 515 cr
UP Simbhaoli Sugars, Dwarkadas Seth Inter – Rs 499 cr
Chennai Kanishka Gold – Rs 824.15 cr
Mumbai Winsome Diamond and Jewellery – Rs 5,500 cr
Kingfisher Airlines – Rs 3,000 cr
Kolkata REI Agro – Rs 2,730 cr