The Supreme Court has directed the Reserve Bank of India to prepare a standard operating procedure (SOP) within four weeks to deal with bank accounts linked to cyber frauds, including mule accounts. This directive is part of a broader effort to strengthen responses to cyber-enabled financial frauds, with the court also urging states and UTs to adopt and operationalise grievance redressal and money restoration modules.
I strongly believe that if the government does indeed have the mindset and launches the machinery to severely punish white collar criminals, my life will be easier albeit in a convoluted manner.
As many as 6,801 cases of fraud were reported by scheduled commercial banks and select financial institutions involving an amount of Rs 71,542.93 crore in the last fiscal.
If there were an Olympics for bank frauds in India, Rishi Agarwal, founder and former chairman of ABG Shipyard Ltd, a nephew of the Ruia brothers of the Essar group, would bag the gold, pushing Nirav Modi to his right, says Tamal Bandyopadhyay.
The project is awaiting clearances from the DGCA.
