The Central Bureau of Investigation (CBI) investigated 171 bank fraud cases in 2015 involving Rs20,646 crore, said CBI director Anil Sinha on Wednesday.
“There is a rising trend in case of bank frauds and financial crimes taken up by the CBI. The agency has investigated 171 cases of bank frauds in 2015 involving funds of Rs20,646 crore. In addition, the CBI is also investigating ponzi schemes involving funds of over Rs1.2 lakh crore,” said Sinha, in his address at a CBI conference with the banking sector to tackle financial crimes.
Chief minister Devendra Fadnavis, who was present at the event, said, “We see our economy is all set to fly even when the entire world is experiencing a financial depression. We are an economy growing at rate of more than 7%. The landscape which was erstwhile dominated by countries such as China is now opening up for India to dominate.”
“Unfortunately, in our country, because of our law enforcement and legal system, people think defrauding is just a matter of few days in custody. Then, for years, you can actually duck punishment and spend the money which you earned through defrauding financial institutions,” Fadnavis said.
Sinha mentioned that in a particular cheating and fraud case of Rs7000 crore involving a private company, banks did not step forward to file a complaint despite repeated requests. The CBI later registered a suo motu case.
“The whole process to red-flag a loan is so time consuming that it allows large borrowers ample time to walk away with the funds. A large part of such funds move outside the country through hawala and other unofficial channels. Owing to the4se limitations, CBI investigations are grossly hampered,” Sinha said.