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