BANK FRAUD AND LOAN RECOVERY


Public money is looted/laundered by the politicians and the bankers in collusion with cheats by lending public money to undeserving (fraud and cheats) businessmen (wilful defaulters) for monetary favours.

There are allegations of scams involving Rs.30,000/- Crores and the recovery is few cars, few rings, few properties and very little or no money in their accounts.

As of today, it is assessed/said/learnt that a total of Rs.500 Crores worth property, jewels, cars and other assets are attached or seized out of Rs.30,000 Crores by the enforcement agencies.

It might take few years even to recover a portion of the LOOTED MONEY and the common man with very bad memory will forget the scam as another big/mega scam will appear within few years, much bigger than this.

CHEATING THE BANKS – BANK OFFICIALS, EMPLOYEES, POLITICIANS AND PROFESSIONALS WHO COLLUDE TO CHEAT MUST BE BOOKED


Fraud image-

Messages of wilful defaulters are making rounds in the social media and the Government is silent on such important issues affecting the Nation.

These scams are not new to our banking system.  The Banking laws, supervisions and procedures have too many loopholes and the bank employees, businessmen, cheats, politicians and all the beneficiaries are involved in cheating the Banks.

The Bank Fraud is no new.  The present fraud or scam of this magnitude cannot be done in a short time.  It is a long-term illegal and unlawful acts of all those involved.

Had the supervisory (Central Bank) authority, had strict procedures, could have prevented such mega fraud, but the central bank failed in its duty and thereby the citizens and the society became the victim of the callousness of such supervisory bank?

It seems that it all began long back, maybe in 2005 to 2010 and shifting the blame from one to the other, may not yield any results.

All the law enforcement agencies must join together and initiate appropriate proceedings to recover the lost money.

YES. IT IS POSSIBLE.

The Questions:

RBI-What were you doing all these years?  Failed miserably to safeguard the interest of the country?

Politicians:  As usual shifting the blame on one another.

COMMON MAN- The affected, does not know, what has happened to him, listening to all the media, confused and worried.

It is much worse than the TERRORISM.  This is called economic terrorism, unleashed by the frauds on the innocent, honest, hardworking and dumb citizens.

INDIAN BANKS – SCAM RIDDEN – WRITE OFF BAD LOANS OR NPA AND WRITE OFF OF LOANS OF PRIORITY SECTOR


Which is the affected group or sector or calss?

Honest, Hard working middle class, upper middle class and lower middle class comprising of small businessmen, workers, and employees of all sectors!!!

They pay the tax so that the Government can write off all loans to its fancy political dictum and financial fraud with the connivance of Bank officials and politicians.

ONLY Honest Hard Working – self-employed sector, employees, businessmen, artisans and farmers are very badly affected by the policies of the Government and the Politicians.

 

New Management Success Business Model !!! In India


This is the oldest ( Sure shot) success models – throughout the world – and fastest way to make loads of money and property.

Indians have learnt this model at the birth of the universe.

Money Need not be earned by hard and smart work.  Education is not required to be successful to make money. No New Business model or concept or formula required.

ALL THAT IS REQUIRED IS TO DUPE AND CHEAT the honest society.

One liquor baron absconding with Rs.9,000 crores, One Diamond businessman absconding with Rs.7,000 crores, Another Diamond businessman absconding with Rs.11,500 Crores and as on yesterday, a pen maker is alleged to have borrowed Rs.3,900 Crores.

THERE IS NO NEED TO STEAL OR ROB A BANK.

Be smart and borrow and declare insolvency or abscond!!!! There are bureaucrats and politicians to assist in this program along with media.

NEWEST OF THE ART AND OLDEST OF THE BUSINESS

SIMPLE AND TIME TESTED CONCEPT AND FORMULA.

Honesty is the straightway to poverty.

A press report – RBI Data Shows India’s Bank Fraud is As High As Rs. 60,000 Crore


Reserve Bank of India (RBI) data, which a Reuters reporter obtained through a right-to-information request, shows state-run banks have reported 8,670 “loan fraud” cases totalling Rs. 612.6 billion ($9.58 billion) over the last five financial years up to March 31, 2017.

 PNB recorded 389 cases of loan fraud totalling Rs. 65.62 billion over the last five financial years

  1. Punjab National Bank claims $1.77 billion fraud by Nirav Modi
  2. An RBI report shows 8,670 cases loan fraud cases in the last 5 years
  3. The loan frauds, reported by state-run banks, total over Rs.60,000 crores
 The central bank has recorded data that shows the problem runs far deeper and wider.

Reserve Bank of India (RBI) data, which a Reuters reporter obtained through a right-to-information request, shows state-run banks have reported 8,670 “loan fraud” cases totalling Rs. 612.6 billion ($9.58 billion) over the last five financial years up to March 31, 2017.

Loan frauds typically refer to cases where the borrower intentionally tries to deceive the lending bank and does not repay the loan.

The figures expose the magnitude of the problem in a banking sector already under pressure after years of poor lending practices. Bad loans surged to a record peak of nearly $149 billion last year.

Bank loan frauds have steadily increased as well, reaching Rs. 176.34 billion in the latest financial year from Rs. 63.57 billion in 2012-13, according to the data, which doesn’t include the PNB case.

One of the leading legal experts expressed that “This might be the tip of the iceberg or the middle, and that is the worry,” and “The fact is we don’t know what else is out there.”

The Reserve Bank of India,  in its Financial Stability Report, called frauds in banks and financial institutions “one of the emerging risks to the financial sector”.

“In a number of large value frauds, serious gaps in credit underwriting standards were evident,” the RBI said, adding that some of the gaps include lack of continuous monitoring of cash flows and cash profits, diversion of funds, double financing and general credit governance issues in banks.

The RBI has been commended for forcing Indian banks to fully disclose its bad loans, speed up their recovery, and stop hiding fraud cases as non-performing assets.

Yet to some critics, the RBI has, at the same time, been too guarded about publicly sharing data on loan defaults or fraudulent loans. This is partly due to legal constraints on disclosing individual cases and worries investors would pummel the affected banks, making loan recovery even harder.

India’s biggest lender, State Bank of India reported 1,069 loan fraud cases in the last five financial years but did not disclose the amount.

The magnitude of the bad debt in India forced the government last year to bail out the sector by pledging to inject $32 billion over this financial year and next.

Yet analysts and credit rating agencies have long warned that solving the bad debt at India’s banking sector needs to also involve wholesale reforms of the lending practices that led to the surge in bad loans.

Rs.26,000 Crores at Stake in Major Banks in India- Allegations of Fraud and Cheating against few businessmen


It is alleged that few businessmen have fraudulently availed loans with the connivance of the Bank Authorities and the enforcement agencies are investigating a major bank scam worth about Rs.11,500 Crores by one business men, in another scam, a business man siphoned off over Rs.6,000 Crore and in yet another major scam, another business man has been declared absconding by Indian Courts, who has taken a loan of about Rs.9,000 Crores from few Banks, thus bringing the lost amount to Rs.26,000 Crores.

Few private banks have stated that it need not disclose such discrepancy or the amount involved in fraudulent transactions.