CHENNAI: The first bench of the Madras High Court on Tuesday directed the Centre to consider and dispose of a representation seeking to constitute a separate bank fraud investigating wing to probe frauds in banks. The bench of Chief Justice Indira Banerjee and Justice M Sundar gave the direction while disposing of a PIL from V Srinivasan, a retired employee of a private bank. Stating that it is for the Union Ministry of Corporate Affairs to decide, the bench gave the direction to the ministry.
“During the first nine months of the financial year (2015-16) as many as 455 fraud cases involving Done lakh and above were detected in ICICI, closely followed by SBI where 429 cases were reported. In value of terms, fraud involving D2,236.81 crore were reported in SBI followed by Punjab National Bank (D2250.34 crore) and Axis Bank (D1998.49 crore). The data also revealed the involvement of bank staff in such frauds,” the petitioner said.