ICICI Bank, SBI, HDFC among top victims of over Rs 2.05 lakh cr frauds in 11 years: RBI

Agencies
June 12, 2019

New Delhi, Jun 12: Of over 50,000 frauds that hit banks in India in the last 11 fiscal years, the ICICI Bank, State Bank of India (SBI) and HDFC Bank reported highest number of cases, according to an RBI data.

Of the total 53,334 cases of frauds reported during 2008-09 and 2018-19 fiscal years, involving a whopping Rs 2.05 lakh crore, a highest of 6,811 were reported by the ICICI Bank involving Rs 5,033.81 crore.

The state-run State Bank of India (SBI) reported 6,793 fraud cases involving Rs 23,734.74 crore followed by HDFC Banks which recorded 2,497 such cases involving Rs 1,200.79 crore, according to the data given by the central bank in response to an RTI query filed by this correspondent.

The Bank of Baroda reported 2,160 fraud cases (involving Rs 12,962.96 crore), Punjab National Bank 2,047 frauds (Rs 28,700.74 crore) and Axis Bank had 1,944 fraud cases involving RS 5,301.69 crore public money.

As many as 1,872 frauds involving Rs 12,358.2 crore was reported by Bank of India, 1,783 by Syndicate Bank (Rs 5830.85 crore) and Central Bank of India’s 1, 613 cases involving Rs 9041.98 crore, the data shows.

IDBI Bank Ltd reported 1,264 fraud cases involving Rs 5978.96 crore, Standard Chartered Bank 1,263 cases involving Rs 1221.41 crore, Canara Bank 1,254 cases of Rs 5553.38 crore, Union Bank of India 1,244 frauds of Rs 11,830.74 crore and Kotak Mahindra 1,213 cases involving Rs 430.46 crore.

In that period, Indian Overseas Bank reported 1,115 frauds involving Rs 12,644.7 crore, while Oriental Bank of Commerce 1040 cases of Rs 5,598.23 crore.

The United Bank of India reported 944 cases of frauds involving Rs 3052.34 crore, State Bank of Mysore 395 cases of Rs 742.31 crore, State Bank of Patiala 386 cases (Rs 1178.77 crore), Punjab and Sind Bank 276 cases (Rs 1154.89 crore), UCO Bank 1081 frauds (Rs 7104.77 crore), Tamilnad Mercantile Bank Ltd 261 cases (Rs 493.92 crore) and Lakshmi Vilas Bank Ltd reported 259 frauds (Rs 862.64 crore).

Foreign banks

Some of the foreign banks operating in India also reported fraud cases worth crores during the last 11 fiscal years.

American Express Banking Corporation reported 1,862 fraud cases of Rs 86.21 crore, Citi Bank 1,764 cases of Rs 578.09 crore, Hongkong and Shanghai Banking Corporation (HSBC) Ltd 1,173 frauds of Rs 312.1 crore and The Royal Bank of Scotland Plc reported 216 frauds involving Rs 12.69 crore, the RBI data said.

A total of 274 cases of frauds were reported by the State Bank of Travancore involving Rs 694.61 crore, Jammu and Kashmir Bank Ltd reported 142 such cases of Rs 1639.9 crore, The Industrial Finance Corp of India had nine cases of Rs 671.66 crore, The Dhanlakshmi Bank Ltd 89 cases of Rs 410.93 crore and Vijaya Bank reported 639 cases involving Rs 1,748.9 crore, it said.

Yes Bank Ltd reported 102 fraud cases involving Rs 311.96 crore and Paytm Payments Bank Limited reported two cases of Rs 0.02 crore (or Rs 2 lakh), it said.

Scheduled banks

PTI had on June 3 reported that as many as 6,801 cases of fraud were reported by scheduled commercial banks and select financial institutions involving an amount of Rs 71,542.93 crore in the last fiscal, quoting data from the RBI.

During 2008-09, a total of 4,372 cases were reported involving an amount of Rs 1,860.09 crore. In 2009-10, Rs 1,998.94 crore worth fraud was reported in 4,669 cases.

A total of 4,534 and 4,093 such cases were reported in 2010-11 and 2011-12 involving Rs 3,815.76 crore and Rs 4,501.15 crore, respectively.

In the 2012-13 fiscal, 4,235 fraud cases involving Rs 8,590.86 crore were reported by banks as against 4,306 cases (involving Rs 10,170.81 crore) in 2013-14 and 4,639 cases (involving Rs 19,455.07 crore) in 2014-15.

As many as 4,693 and 5,076 cases of fraud were reported in 2015-16 and 2016-17 involving Rs 18,698.82 crore and Rs 23,933.85 crore, respectively, it said.

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News Network
May 11,2024

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Washington, May 11: The most powerful solar storm in more than two decades struck Earth on Friday, triggering spectacular celestial light shows from Tasmania to Britain -- and threatening possible disruptions to satellites and power grids as it persists into the weekend.

The first of several coronal mass ejections (CMEs) -- expulsions of plasma and magnetic fields from the Sun -- came just after 1600 GMT, according to the National Oceanic and Atmospheric Administration (NOAA)'s Space Weather Prediction Center.

It was later upgraded to an "extreme" geomagnetic storm -- the first since the "Halloween Storms" of October 2003 caused blackouts in Sweden and damaged power infrastructure in South Africa. More CMEs are expected to pummel the planet in the coming days.

Social media lit up with people posting pictures of auroras from northern Europe and Australasia.

"We've just woken the kids to go watch the Northern Lights in the back garden! Clearly visible with the naked eye," Iain Mansfield in Hertford, England, told AFP.

That sense of wonder was shared in Australia's island state of Tasmania.

"Absolutely biblical skies in Tasmania at 4 am this morning. I'm leaving today and knew I could not pass up this opportunity," photographer Sean O' Riordan posted on social media platform X alongside a photo.

Authorities notified satellite operators, airlines, and the power grid to take precautionary steps for potential disruptions caused by changes to Earth's magnetic field.

Elon Musk, whose Starlink satellite internet operator has some 5,000 satellites in low Earth orbit, described the solar storm as the "biggest in a long time."

"Starlink satellites are under a lot of pressure, but holding up so far," Musk posted on his X platform.

Unlike solar flares, which travel at the speed of light and reach Earth in around eight minutes, CMEs travel at a more sedate pace, with officials putting the current average at 800 kilometers (500 miles) per second.

The CMEs emanated from a massive sunspot cluster that is 17 times wider than our planet. The Sun is approaching the peak of an 11-year cycle that brings heightened activity.

'Go outside tonight and look'

Mathew Owens, a professor of space physics at the University of Reading, told AFP that how far the effects would be felt over the planet's northern and southern latitudes would depend on the storm's final strength.

"Go outside tonight and look would be my advice because if you see the aurora, it's quite a spectacular thing," he said. People with eclipse glasses can also look for the sunspot cluster during the day.

In the United States, this could include places such as Northern California and Alabama, officials said.

NOAA's Brent Gordon encouraged the public to try to capture the night sky with phone cameras even if they couldn't see auroras with their naked eyes.

"Just go out your back door and take a picture with the newer cell phones and you'd be amazed at what you see in that picture versus what you see with your eyes."

Spacecraft and pigeons

Fluctuating magnetic fields associated with geomagnetic storms induce currents in long wires, including power lines, which can potentially lead to blackouts. Long pipelines can also become electrified, leading to engineering problems.

Spacecraft are also at risk from high doses of radiation, although the atmosphere prevents this from reaching Earth.

NASA has a dedicated team looking into astronaut safety and can ask astronauts on the International Space Station to move to places within the outpost that are better shielded.

Following one particularly strong flare peak, the US Space Weather Prediction Center said users of high-frequency radio signals "may experience temporary degradation or complete loss of signal on much of the sunlit side of Earth."

Even pigeons and other species that have internal biological compasses could also be affected. Pigeon handlers have noted a reduction in birds coming home during geomagnetic storms, according to NASA's Jet Propulsion Laboratory.

Officials said people should have the normal backup plans in place for power outages, such as having flashlights, batteries, and radios at hand.

The most powerful geomagnetic storm in recorded history, known as the Carrington Event after British astronomer Richard Carrington, occurred in September 1859.

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News Network
May 4,2024

Mangaluru, May 4: The Mangaluru International Airport was besieged with a harrowing message of terror recently, when an email, purportedly from malevolent elements, menacingly declared the planting of bombs within the airport premises. 

Addressed to the office of the airport authority, the missive, steeped in ominous overtones, bore the ominous signature of a terrorist faction, ominously named 'Terrorizers 111'.

The communication, disseminated in English, ominously detailed the clandestine emplacement of explosives in areas eluding facile detection, accompanied by a chilling warning of their imminent detonation. The threat, ominously looming over not only the infrastructure but also the airborne vessels, portended a catastrophic deluge of bloodshed and loss.

In response to this dire communiqué, airport authorities swiftly engaged the apparatus of law enforcement, dispatching urgent alerts to the vigilant guardians of public safety. Acting upon the dictates of higher echelons, a formal dossier of this menacing correspondence was meticulously compiled, cloaked in the veil of confidentiality to thwart any premature dissemination.

Mangaluru International Airport found itself in grim camaraderie with more than 30 counterparts under the aegis of the Airport Authority of India (AAI) and private domains, all recipients of this chilling electronic diatribe. A comprehensive net of precautionary measures was swiftly cast, fortifying the bastions of security in anticipation of any nefarious designs lurking within the shadows.

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News Network
May 5,2024

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Maharashtra Leader of Opposition Vijay Namdevrao Wadettiwar waded into controversy after he alleged that an RSS-affiliated cop, and not terrorist Ajmal Kasab, killed former state anti-terrorism squad (ATS) chief Hemant Karkare during the 26/11 Mumbai terror attack.

In a video statement released on Saturday, the Congress leader alleged that the bullet that killed IPS officer Hemant Karkare did not come from the gun of Ajmal Kasab or any of the other nine Pakistani terrorists involved in the attacks.

Instead, he claimed it came from the weapon of a police officer allegedly "dedicated to" the Rashtriya Swayamsevak Sangh (RSS).

Wadettiwar also accused Ujjwal Nikam, the special public prosecutor in the case and a BJP Lok Sabha candidate from Mumbai North Central, of suppressing this information, labeling him a "traitor."

He questioned the BJP's decision to nominate Nikam for the Lok Sabha polls, accusing the party of protecting traitors.

“During the probe, key information was out. However, it was suppressed by Ujjwal Nikam, who is a traitor. My question is, why is BJP protecting a traitor and nominating such a person for Lok Sabha polls? By doing this, BJP is protecting traitors," Wadettiwar alleged, Times of India reported.

These allegations drew strong responses from Nikam and Deputy Chief Minister Devendra Fadnavis.

Nikam condemned Wadettiwar's statement as "baseless and irresponsible," expressing pain at the doubts raised over his integrity.

He emphasized the legal steps taken to convict Kasab, calling Wadettiwar's remarks an insult to the victims of the 26/11 attacks.

“What a reckless statement is being made. I am pained by such baseless allegations, raising doubts over my integrity. It clearly reflects the level of electoral politics. I never thought politicians will stoop to such low levels. For political gain? He (Wadettiwar) is insulting not me, but the 166 departed souls and all persons injured in the 26/11 attacks," Nikam said.

He added, “They (Congress) hold Kasab as innocent. Even Pakistan had accepted that Kasab was involved in the conspiracy and in the terror attack on India and was guilty".

He said Indians very well know the legal steps he had taken to ensure Kasab’s conviction.

Nikam said citizens of the nation would on 4 June, the day of results for Lok Sabha polls, give their reply to such allegations, adding he wished not to dignify the “desperate disinformation” with a further response.

Meanwhile, BJP leader and Deputy CM Fadnavis said, “Our alliance is with Nikam, while Congress has joined hands with Kasab".

Shiv Sena spokesperson Kiran Pawaskar said NIA should arrest Wadettiwar and ask him why he was defending Kasab.

Pawaskar criticized the Congress for allegedly supporting terrorists and expressed surprise at the silence of Shiv Sena chief Uddhav Thackeray on the matter.

“From Wadettiwar’s statement, it appears Congress is supporting terrorists who attacked Mumbai. More shocking is the fact that Sena (UBT) chief Uddhav Thackeray has maintained silence over the episode,” he said.

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