Bank fraud amount increased three times to Rs 36,014 crore in FY 2024-25: RBI report
New Delhi: The total amount involved in bank frauds increased three times to Rs 36,014 crore in the financial year 2024-25, according to the Reserve Bank of India's (RBI) latest annual report.
According to the central bank’s report, as cited by Scroll, the amount involved in bank frauds was Rs 12,230 crore in the previous financial year 2023-24.
The RBI attributed the spike largely to “removal of fraud classification in 122 cases amounting to Rs 18,674 crore reported during the previous financial year and reporting afresh during the current financial year after re-examination and ensuring compliance” with a March 2023 judgement of the Supreme Court.
Despite the rise in the amount involved, the number of registered cases of fraud fell sharply to 23,953 in FY 2024-25, compared to 36,060 cases in the previous year, added the report.
Private sector banks accounted for the majority of cases by number, representing 59.4% or Rs 10,088 crore of the total fraud amount. Public sector banks, meanwhile, reported a larger share in terms of value, amounting to Rs 25,667 crore or 29% of the total cases.
The report highlighted that most frauds, in terms of number, occurred in the digital payments segment, while those with the highest monetary value were predominantly linked to the loan portfolio.
The RBI clarified that the data includes frauds of Rs 1 lakh and above reported during the financial year, and many of these incidents may have occurred in earlier years but were only reported during 2024-25.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Man arrested with Rs 2.54-crore heroin in Mumbai
Mumbai (PTI): Police have arrested a man and seized over 500 grams of heroin worth Rs 2.54 crore in the illicit market from him in Mumbai, officials said on Friday.
The police's Anti-Narcotics Cell (ANC) made the drug seizure in Santacruz in the western suburbs. The operation was conducted by the Kandivali unit of the ANC on Thursday as part of a special crackdown against drug trafficking in the area, they said.
Acting on specific inputs, an ANC team conducted a raid in Santacruz (East) and intercepted a man. During a search, the team recovered 508 grams of high-grade heroin from his possession, an official said.
The seized contraband, a highly addictive, opioid drug derived from morphine, is estimated to be worth Rs 2.54 crore in the international market, he informed.
Following the seizure, a case was registered against the man under relevant sections of the Narcotic Drugs and Psychotropic Substances (NDPS) Act, 1985, and he was formally placed under arrest in the early hours of Friday.
The police are currently investigating the source of the drug and trying to identify the intended recipients of the consignment, he said.
