Topic: 5904 banks frauds in 3 months in India - page 5. (Read 2031 times)

There is no honest bank. All banks are being run by human staff only and I will say that the people who supervise or monitor frauds are themselves very corrupt. The situation is very bad but government is trying to hide it by giving support to the banks in form of monetary packages.

This is juts like covering up the situation and the intensity gets even more dangerous for next governments. Need of the hour is to eliminate the root cause of the problem.

I am surprised I cannot imagine that it is possible that such many banks are frauders in this case it is absolutely impossible to hold savings in banks and I even cannot imagine how to make business with the similar situation in the country because the essential institutes of economy does not work correctly. I hope that it is not so awfully in India and there is honest banks which people can rely on. 

A $2 billion loan fraud equals all the credit card frauds

Exports are making roughly 1/20 of India's GDP and their trade balance is negative.


Yeah, it's totally possible, happened before and it will happen again.
If you bribe the right people, and the others are too slow to catch up with the fraud...then here we have the results.



It's about bank fraud, obtaining money with fake LoUs, letters of credit etc etc
Fortunately, credit cards are not that widespread in India, yet! so this type of fraud is negligible compared to the rest of the world.

I do not think that you can come and take away the deceit of two billion dollars.
Maybe this is an April Fool's joke?
How this will affect the classical markets, I do not know.
If such large banks can not protect their customers, then clients should take up self-defense.
For crypto-economy, rather a plus.

In India everything is possible, for economy it is not good, but for India the main profit comes from export, so bank frauds are not so important. India is quite large country - sixth largest country, with very low living standart and main income is only export. See more details here - https://en.wikipedia.org/wiki/India.

Doesn't surprise me a bit. During 2013-14, the UPA government was certain that it will lose the next general elections. All of a sudden, they began forcing the banks to give huge loans to industrialists and oligarchs without any guarantee. It was only uncovered after the NDA government came to power.

Nirav Modi holds 6 Indian passports; agencies to file fresh FIR

Absconding jeweller Nirav Modi, wanted in the Rs 13,600 crore PNB fraud case, is reported to be in the possession of at least six Indian passports and the investigative agencies are likely to file a fresh FIR against him for this offence, senior officials confirmed. It is a criminal offence to possess more than one valid passport and also to use a revoked passport.

Modi, who was earlier holed up in the UK, is now reported to have flown to Belgium, according to Indian intelligence agencies. His move to Belgium follows the pressure that India was building up on the Theresa May government to get him extradited.

According to officials, Nirav Modi has been actively using two of the six Indian passports, while the four other passports were found to be not active. Of the two active passports, one had Modi's full name while the other only had his first name with a 40-month UK visa stamped on it which could have enabled him to travel abroad, despite the government revoking his first known passport earlier this year, a senior official said.

The second passport was also subsequently revoked by the Indian authorities. However, according to sources, Nirav Modi also holds a Belgian passport which could also have been used for his hopping across countries as it is easier to get foreign visas with it.

https://www.businesstoday.in/current

I saw on TV "5904 bank frauds in FY18". It was on CNBC TV18 and I shared/posted it here since this is economics section.

According to the newspaper I have read, many Indian banks have been involved in billions of dollars worth of fraudulent bank frauds worth nearly $ 3 billion in the face of the risk that fraudulent banks will be cheated.

indeed this has nothing to do with us as a community of cryptocurrency, but it does make us a lesson that conventional banks can also be hacked. means the bank has not been able to provide security for its customers

Two billion dollars is not a small amount that to be earned by scammers and this is a big new in regarding to banking industries that this easyay they have lost two billion but why dont have any links of proof bout this issue since this is a serious matter and must be tackled.

Thiugh i dont thingk this has something to do with cryptoworld since this is a banking issue and not connected to our community

India seems to be a big country and Indians are really good in terms of technology and economics and mathematics. However, people are becoming greedy because of money. They are now using their intelligence to get money in wrong way. Government should take action on this things. Its very alarming, the trust of the people and the investors as well.

In 2014, Indian Prime Minister Narendra Modi said "if black money from India stored outside India comes back to the India, every Indian will get 15,00,000 (INR). India is spooked because of black money (unpaid taxes)

are all swindlers coming from india. why so many scams in india

What kind of frauds are they?

If they are just typical credit card frauds, then this figure isn't really that surprising at all considering the fact that credit card chargebacks is one of the most common fraud types out there that banks have to deal with on a daily basis.

If it's more institutional fraud, then it would be some surprising statistics.

But the fact that there are so many cases of fraud means that some institutions have to devote a lot of time to prevent & resolve these. I don't see anything positive coming out of this, so it's definitely a negative.

It is sad to hear this. Here are some other scams going on in Indian banks:

1) Most of the house loans are passed with some commissions. That is why bank employees approve loans to people who are not even eligible to get loans. They later fail to pay back and it goes to NPA.

2) Point 1 also applies to many of other types of loans like business loans as proved in Nirav Modi case.

3) When demonetization was announced, many bank managers exchanged old currency with new one for some commission.

next time that you wanted to share this kind of big stories make sure you have some links and proof that this really happens because if none this will come as hearsay and no valid truths

On the other hands i believe that this is a big issue that must be tackle and solved ,if kind of thing like this happening from billionaires and big banks so what about those smaller one then they will be vulnerable fromuch

Still Central Bank of India want to ban Cryptocurrency and going blind on blockchain technology to implement it and check such frauds . Banks can not be trusted , specially after 2008 crisis .
Someone rightly said - "you give him a gun he will rob the bank , you give him a bank he will rob the world" 
most of fiat currencies like USD are not backed by real assets and we dont know actual supply still they want us to trust this banking system , but not crypto .

Let wait for more details about this issue, how the Indian government will address the issue, it may have some impact on Bitcoin or crypto currency price, i hope i wont be a significant being Bitcoin is decentralized. Let's hold on and monitor the market movement.