Ra­jan writes to PMO, wants ac­tion in the 10 big­gest bank frauds

Hindustan Times ST (Mumbai) - HT Navi Mumbai Live - - FRONT PAGE - San­jib Kr Baruah san­[email protected]­dus­tan­times.com

RBI chief Raghu­ram Ra­jan has writ­ten to the prime min­is­ter’s of­fice seek­ing “con­certed” ac­tion in the coun­try’s 10 big­gest bank frauds al­legedly in­volv­ing prom­i­nent real es­tate, me­dia and di­a­mond firms that are be­ing probed by thee CBI, of­fi­cials told HT.

Ra­jan listed the scam­sams pegged at about Rs17,5007,500 crore and also out­linedined their dates, the rea­son­ssons cited by banks for de­laysays in their in­ves­ti­ga­tion andd the sta­tus of the cases ob­tained from the CBI, said sources.

“All th­ese high-value frauds have taken place in the last 10-15 years and in­clude sec­tors from di­a­monds and real es­tate to me­dia. In­ves­ti­ga­tions by the CBI are on­go­ing in the listed cases,” said a se­nior of­fi­cial from the depart­ment of fi­nan­cial ser­vices (DFS), a fi­nance min­istry wing.

An­a­lysts say such frauds have trig­gered a ris­rise in non-per­forming­ing as­sets,as­sets which stood at Rs 2,60,5312,60,53 crore for public sec­tor ba­banks last De­cem­ber. The top 30 de­fault­ers ac­countedac­count for more than a third of th­ese bad loans.

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