NEWS Indian banking saw frauds worth ₹18,170 cr in FY17: IiAS
The domestic banking sector reported 12,533 frauds, aggregating to ₹18,170 crore in FY17, proxy advisory form IiAS has said.
“Such high quantum of frauds can be attributed to weak internal controls, which are capable of leaving an indelible dent on the balance sheet of the bank. Though the banks are paying high audit fees, it is not necessarily resulting in lower frauds, which means that the overall audit quality needs to be improved,” the shareholder advisory firm said.
Bank of Maharashtra reported the highest number of frauds (3,893), followed by ICICI Bank (3,359) and HDFC Bank (2,319). In terms of quantum, PNB (₹2810 crore) Bank of India (₹2770 crore) and SBI (₹2420 crore) fared the worst.
WHERE THIS MONEY GONE AND HOW TO BE RECOVERED.
After all this money is of Society and even sending few low profile people behind the bar (after several years process- None of the High Profile as evident on past history) , the fact remained same that Public money is simply get siphoned.
Culprits know very well that they can't earn this amount again in their lifetime,. Fodder scam worth Rs. 1000++ Cr. is a good example, wherein the Scam amount never ever recovered till date.
Unable to understand HOW the AMOUNT get un-recovered
and un-traced even after investigations of years/decades and well proved in the Court of Law.
Is the System is foolproof OR required to be overall-ed.
This is almost in all the Scams.
ANY SUGGESTION/s more