The Central Bureau of Investigation (CBI) this week arrested Chanda Kochhar and her husband, Deepak Kochhar in relation to the Rs 3,000-crore Videocon Group loan scam. There were several other people also booked in the case under the relevant sections of IPC related to criminal conspiracy and provisions of the Prevention of Corruption Act.
Here we take a look at the top 10 bank fraud cases that hit India in the past 10 years.
Vijay Mallya Fraud case
The King of Good Times, as Mallya was known as, is one of the biggest offenders when it comes to bank fraud. The businessman’s now bankrupt. The Kingfisher Airlines owes more than Rs 10,000 crore to several banks, wih SBI, PNB and IDBI all loaning him money. Mallya fled India in early 2016. Out of the original loan of Rs 6,900 crore to Kingfisher, SBI had lent Mallya Rs 1,600 crore.
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The Punjab National Bank had Rs 800 crores, IDBI had Rs 650 crores, and the Bank of Baroda had Rs 550 crore. The banks had approached a special Prevention of Money Laundering Act (PMLA) court which allowed them to sell certain real estate properties and securities belonging to Mallya to recover loans turned bad. The Indian government is trying to get Mallya to be extradited from the UK to India to face criminal proceedings.
Punjab National Bank scam
The Punjab National Bank scam was touted as India’s biggest at Rs 11,400 crore and the main accused were jeweller Nirav…
