Bank Scams: Indian Banks Who are involved in Fraud Activities!

India and its government are quite famous for its corrupt employees and bank scams are one of them. This fever of corruption is also spread among the private sector employees. Due to this corruption fever in the banking sector, many of the banks had to face difficulties. Here are some of the bank scams and the frauds in which they were involved.

Axis bank scams

axis bank fraud

At the time of demonetization, in December 2016, many people were starving for liquid cash. Due to which many banks had to work longer than their normal hours in order to provide the population with the desired liquid cash. At that time, Income tax department raids Axis bank in the charge of bank scams, in which they find 44 fake accounts with 100 crores of cash, which was but obvious black money.

This raid was done in the branch of Chandni Chowk of Delhi. After which the bank suspended 19 officials for the scam.


HDFC bank scams

HDFC bank fraud

Again at the time of demonetization, while the exchange of old currency with the new one created a big chaos at that time. Many corrupt officials did this work illegally after the deadline date which comes in the eyes of the public as bank scams. Two such officials were found doing this in the HDFC bank. They find their staff exchanging old currency with the new one even after the deadline.

Later in the Chandigarh branch of the bank, four officials were discovered doing this and were fired from their jobs.

SBI bank scams

SBI bank fraud

The State bank of India in its Kanpur branch was caught for a fake cheque scam worth ₹ 52 crores. This scam occurred in August in 2009. The fake cheques were credited to the account of a petrol pump owner, who flew out of the country. This scam comes to know by the audit of SBI in Hyderabad.

Some of the senior-most officials including an assistant general manager, two chief managers, and some senior officials. Hence, All the seven officials have suspended after the scam.


PNB bank scams

Punjab national bank fraud

The Punjab National Bank in August 2017 frauded a hotel in Chandigarh. The bank traps the hotel and accuses it to be in debt for the loan taken by the hotel from the bank. Lawyer states about the bank scams of the hotel to be worth approx ₹ 30 – 35 crores and he also states that the bank and a private company together performs this scam. After this, the hotel owner and lawyer demand a CBI investigation, although nothing gets clear.


ICICI bank scams

ICICI bank scams

In February 2016, the ICICI bank indulged in a fraud worth ₹ 79 cores. Three officials of the bank including the manager withdrew ₹79 crores from canceled cheques of various customers through their bank accounts in different banks. According to the police, the culprit purchased six acres land after the scam in order to use the con money.

The CID arrested three officials for the scam, out of which one Vijayasarathi Jonalagadda was a manager at the North Karnataka branch of the Bank. The other two people was also having some association with the same bank.

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