echo ''; Clamorworld » In everyday life every one of us comes across various experiences, incidents which we either don’t share with anyone or share with family members and friends. Print media, electronic media and various medium shows the news, but its ends up showing one sided of the story. We never come to know the other side of story. With so much happening every day, every second across our neighborhood, society, and world it’s difficult for the news media to cover all the news. Many times we have felt wish we could share our voice, opinion, thoughts with the world. Many a times we have felt the frustration, anger and helplessness for not being able to do anything about an incident. Have you ever felt, for a good cause, you need support, but don’t know how to garner the support and attention. So, now you have an option “www.Clamorworld.com“. This is a platform to share everything you want to. A website 100% runs by the people for the people. The world is waiting to listen to your voice, the voice which has kept you suppressed so far. If you do not want to share the incident, event personally, please send it to us at contact@clamorworld.com, and we will share it on your behalf and assure to keep your name confidential. Let’s make this world a peaceful and a happy place to live. » 25 banks lost Rs 12,620 crore to fraudsters in last four years

25 banks lost Rs 12,620 crore to fraudsters in last four years

 

New Delhi: According to the new documents obtained from the finance ministry, twenty five nationalized banks have lost Rs 12, 620 crore in last four financial years.

 

The documents revealed that there have been 4,845 cases of bank frauds over this period of time. Out of Rs 12,620, Rs 2, 060.75 crore were lost by five banks headquartered in Karnataka alone. These banks are Canara Bank, Vijaya Bank, Corporation Bank, Syndicate Bank and State Bank of Mysore.

 

The latest instance surfaced on Wednesday when the CBI registered a case against an Ahmedabad-based telecom company and its directors following a joint complaint from State Bank of India, Vijaya Bank and Canara Bank.

 

According to CBI statement published in TOI, “It is alleged that expressing urgency, the company promoter got Rs 40.4 crore released from the three banks even though some documentation was pending. He disappeared after seeking time until August 31, 2013, to repay the loan”.

 

Among the documents the promoter submitted were letters of credit (LCs), which turned out to be fake. A term loan of Rs 86 crore was also released to this firm, which too was allegedly siphoned off. There is an estimated total loss of Rs 126.4 crore to the banks.

 

In another case, the CBI on Thursday arrested a former managing director of a Bhopal-based private firm, who was absconding in a case relating to alleged loss of Rs 3.63 crore to State Bank of Indore. He conspired with bank officials to obtain credit facilities on the basis of fake collateral during 2003-2004.

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