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Author Topic: 5904 banks frauds in 3 months in India  (Read 932 times)
First77
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September 13, 2018, 12:03:50 AM
 #141

Of course this is not good for economy at it will scared away the possible investors and depositors for the banks as fraud is one of the main causes of bankruptcy. The governments should improve their banking policies now to ensure that this fraud acts will not going to happen again.

Indian billionaire "Vijay Mallaya" scams banks of $1.4 billion

The extradition trial of Vijay Mallya, wanted in India on charges of Rs 9,000 crores fraud and money laundering, began on Monday at a UK court here, with the prosecution asserting that the embattled liquor baron had a case of fraud to answer. The trial, however, was briefly halted as the courtroom had to be evacuated due to a fire alarm. The 61-year-old tycoon and others waited outside the Westminster magistrates court during the fire drill. The trial began with the Crown Prosecution Service (CPS), arguing on behalf of the Indian government, presenting its opening arguments in the case which focused on loans totalling around Rs 2,000 crores sought by the erstwhile Kingfisher Airlines from a consortium of Indian banks.

https://www.businesstoday.in/current
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Patient_Zero
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September 13, 2018, 12:16:27 AM
 #142

There have been 5904 bank frauds in India in first 3 months of 2018. Source CNBC TV18

The biggest bank fraud is Punjab National Bank (PNB) and billionaire Nirav Modi where PNB was scammed of $2,000,000,000 by Nirav Modi.

How is this for economics ??


fraud can happen anywhere, in India a form of fraud on a large scale can only occur if the perpetrators have relations with government officials, such things are very difficult to do by ordinary people, so law enforcement agencies must coordinate with the banking world, the effects for the Indian economy are clear bad impact especially infestor trust will go down, we have to divert our business by saving money in the form of bitcoin currency that has proven its security and can avoid fraud and inflation ..
First77
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September 21, 2018, 04:09:01 AM
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Today "YES bank" shares price are down -30%.  Does this happen with banks ??
Lexurdania
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September 21, 2018, 06:11:25 AM
 #144

There have been 5904 bank frauds in India in first 3 months of 2018. Source CNBC TV18

The biggest bank fraud is Punjab National Bank (PNB) and billionaire Nirav Modi where PNB was scammed of $2,000,000,000 by Nirav Modi.

How is this for economics ??

Banks is back bone for economic and for growth. If banks dont have good data and untrusted, people will not trust the money printed by government because banks the backbone of economic growth. Banks system should be solid because its about people trust.

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