Acche Din for fraudsters as loan frauds increased 3 times now
The Reserve Bank of India has confirmed that in the last 4 years, loan frauds have amounted to a whopping Rs. 55,000 crore more than in the previous five years. A clean sign of Acche Din for the economic fraudsters.
The Reserve Bank of India has confrimed that in the last 4 years of the Modi Government, loan frauds have amounted to a whopping Rs. 55,000 crore more than in the previous five years of UPA-II under former Prime Minister Manmohan Singh.
Not only have the number of fraud cases increased under the present regime, the amount involved in loan frauds have also grown more strikingly; it has in fact trebled.
This points towards systemic corruption in sanctioning loans to large borrowers. There were 9,193 cases of loans frauds across Nationalised, ie Public Sector Banks, Foreign Banks, Private Sector Banks, other Financial institutions and small finance banks and local area banks in the last four years (April 2014 to March 2018), involving an amount of Rs.77,521 crore.
While in the previous five years (April 2009 to March 2014) there were 10,652 cases involving Rs.22,441 crore. Expressing his shock and dismay, Bose said, "Where are the investigating agencies? How many fraudsters have been arrested and prosecuted for their crimes? The Union Finance Ministry must be held accountable for this massive loot of money from the banks and undermining the public sector banking system."
Moreover, While the number of loan fraud cases in the four years of the Modi Government is already inching toward the five-year total under the UPA-II Government, the amount involved has gone up by Rs.55,000 crore.
The RTI also reveals that Loan frauds at Private Sector Banks total 1,927 involving Rs. 7,774 crore in the last four years.In the previous five years there were 2,005 cases involving Rs. 2,670 crore. The PSBs account for 88% of the amount involved in Loan frauds, reveals the RTI.
Instances of loans frauds in Public Sector Banks have totalled 7,128 in the last four years, with an amount of ₹68,350 crore involved..