With 1,59,000 Cases, Maharashtra, India's Richest State Has The Highest Number Of Bank Frauds: Report

With 1,59,000 Cases, Maharashtra, India's Richest State Has The Highest Number Of Bank Frauds: Report

A total of 1.59 lakh cases were noted, in which the Western-Indian state saw an involvement of a cumulative sum worth Rs 2.24 lakh crore.

Juviraj AnchilUpdated: Friday, March 29, 2024, 12:41 PM IST
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Mumbai_ KYC fraud victim gets back Rs 91,000 | Photo: Representative Image

In a report published by India publication Moneycontrol, Maharashtra has reported the highest number of bank frauds in the past decade. This report was derived by Moneycontrol, through an RTI, that was filed to the RBI, asking for a record on the number of bank frauds, that have come to pass in the past 10 years.

Maharashtra Tops The List

According to the report, Maharashtra, the richest state in country, with a GSDP of USD 417.2 billion or Rs 31,080,218.7 million has reported the highest number of frauds amongst all other states in India.

A total of 1.59 lakh cases were noted, in which the Western-Indian state saw an involvement of a cumulative sum worth Rs 2.24 lakh crore.

The list, according to the report also featured other state. In fact Maharashtra is followed by Delhi and Haryana.

The data that exhibited results between 2013-14 and 2022-23 showed an alarming 4,62,733 cases of fraud being reported. This resulted in a loss of Rs 5.3 lakh crore to the banks, and by extension, to their depositors.

In the report the RBI also revealed that a majority of fraud cases were associated with advances, as well as transactions involving cards and digital or internet banking services.

This also comes at time when banks reported writing-off an amount of 14.56 lakh crore in the period between 2014-2023. In this, an amount of only 2.05 crore were recovered. In this case however, institutional borrowers are deemed responsible for the worrying numbers.

Representative Image

Representative Image | File

Card Related Frauds In Front

In addition, as result of the burgeoning cases of credit card related fraud, the central bank had also cautioned the general public against it in a notification issued on February 2.

The fraudsters often employ deceptive tools to extricate resources from their prospective victims. One of the ways in which this is done includes approaching users for KYC (Know Your Customer) requirements, and then misusing that acquired information for illicit activities of fraud.

The RBI, therefore, has also asked general consumers to be on the lookout for such potential threat and be alert with their crucial information.

Adding to all the concerns is the advent and exponential rise of technology, specifically Artificial Intelligence, which has only empowered and reinforced the capabilities of these cyber criminals, who purloin people of their resources and peace. Banking sector, therefore, will have to up their game in order to fight the virtual battle with forces that act from the darkness of the vast realm, that internet is.

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