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PSBs report fraud of more than $13 billion in 6 months

In a written reply to Rajya Sabha, FM said that State banks reported 5,743 cases of fraud in the period, most of which had taken place over the last several years, although 1,000 cases worth ₹2,500 crore had just taken place.

Measures included the freezing of 338,000 bank accounts of inoperative companies in the last two financial years and the enactment of a law with a provision to confiscate the property of those found to have committed fraud and who have fled the country.

State Bank of India reported fraud of ₹25,400 crore followed by Punjab National Bank of ₹10,800 crore and Bank of Baroda of ₹8,300 crore.

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