CBI conducts massive country-wide operation targetting wilful defaulters

The Central Bureau of Investigation (CBI) has targetted wilful defaulters and raided 169 locations across the country armed with 170 teams. Around 6,800 cases of bank frauds involving Rs 71,500 crore were registered in 2018-19.

170 teams conducted searches at 169 locations across the country in connection to various bank fraud cases amounting to over Rs 7,000 crore.

CBI said locations of searches include Andhra Pradesh, Chandigarh, Delhi, Gujarat, Haryana, Karnataka, Kerala, MP, Maharashtra, Punjab, Tamil Nadu, Telengana, UP, Uttarakhand and Dadra and Nagar Haveli.

The searches are being conducted in connection to 35 cases related to bank frauds involving thousands of crores.

A high-level meeting involving senior officials was held in the agency on Monday to finalise the operation scheduled to start on Tuesday morning.

After the Rs 13,000 crore bank fraud involving Punjab National Bank (PNB), Nirav Modi and Mehul Choksi, the central government directed federal investigative agencies to bring bank fraudsters to light.

Data from Reserve Bank of India (RBI) says there had been around 6,800 cases of bank fraud involving Rs 71,500 crore in 2018-19.

According to Sources, CBI teams were accompanied by financial experts and auditors, responsible for identifying and assessing documents related to loans borrowed by defaulters.

The money trail will be tracked down following which information could also be shared with other agencies like the Enforcement Directorate (ED). Bank officials have also been facing pressure for lending unsecured loans eventually training into NPAs.

After receiving complaints from multiple banks in July this year, the CBI started its work. In July, the CBI raided more than 50 locations in different cities across 12 states and UTs in a countrywide action relating to bank cases.

The earlier raids were carried out in cities including Delhi, Mumbai, Ludhiana, Thane, Valsad, Pune, Palani, Gaya, Gurgaon, Chandigarh, Bhopal, Surat and Kolar.