CBI To Trace "Big-Ticket" Bank Frauds

Bangalore: The country’s most strict investigation agency is now after thirty banks. The agency is eying on the non-performing assets (NPAs) of these banks that are earning thousands of crores, reports Deccan Herald.

The agency chief Ranjit Sinha said that bank frauds worth above 50 crore also have raised 10 times in two years. 

Sinha further said that CBI has started investigation on these bulks of NPAs in public sector banks from 30 accounts. The amount of NAPs were 59,924 crore in 2010, while it increased to 1,17,262 lakh crore in 2012.

"If we see the figures of NPAs and high number of high level fraud, it seems to be raining heavily. The question is whether the bankers will be able to get their umbrellas back or not and further even if they get it whether it would be in original shape or not," he said at the fifth annual conference of chief vigilance officers of public sector banks and financial institutions and CBI officers.

Speaking at the function, prime minister's key economic adviser C Rangarajan hinted that banks might have to handle higher NPAs on account of poor economic trends.

"NPA also increases because of the way economy behaves. If rise in bad loan is beyond control of banks, then banks need to be very careful in identifying NPAs. While judging increasing NPAs, banks should also take note of what is happening in the environment. Some amount of loan can for a time become NPA," he said.

There should be meaningful effort from the part of banks as well and the CBI and state police to trace “big-ticket” frauds, said Sinha.

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