The Finance Ministry Declares That The Enforcement Directorate Investigates 1,105 Bank Fraud Cases and Seized ₹64,920 Crores.

The Finance Ministry

The Finance Ministry Declares That The Enforcement Directorate Investigates 1,105 Bank Fraud Cases and Seized ₹64,920 Crores.

New Delhi:  The Enforcement Directorate (ED) has intensified its efforts to combat bank fraud by initiating investigations into 1,105 instances and seizing illicit gains amounting to a remarkable ₹64,920 crore. The Minister of State for Finance, Bhagwat Karad, disclosed this information in a written response during the Rajya Sabha session on Tuesday.

The count of deliberate defaulters, characterized as those with unpaid loans amounting to ₹25 lakh and higher, has also experienced a substantial rise.

In March 2023, the number of defaulters in public sector banks increased to 14,159 from 10,209 in June 2019. The number of private sector banks increased from 1,950 to 2,504 during the same period.

The Enforcement Directorate (ED) conducts investigations into these situations in accordance with the Prevention of Money Laundering Act (PMLA), 2002. The finance ministry responded by stating that the agency has seized assets valued at ₹64,920 crore and apprehended 150 individuals implicated in these fraudulent activities. In addition, a total of 277 prosecution complaints have been submitted to special PMLA tribunals.

The endeavors of the ED to combat bank fraud are vital in safeguarding the financial system and guaranteeing the retrieval of pilfered funds. The agency’s proactive stance, combined with the rise in deliberate defaulter instances, underscores the necessity for heightened surveillance and strict measures to discourage such behavior.

Key Features of This Newspiece

Number of bank fraud cases investigated by ED 1,105
Proceeds of crime attached ₹64,920 Crores
Accused arrested 150
Prosecution complaints filed 277

The Sudden Surge of Intentional Defaulters

Bank Type Number of Intentional Defaulters (June 2019) Number of Intentional Defaulters (March 2023)
Public Sector Banks 10,209 14,159
Private Sector Banks 1,950 2,504

About The Author:

Yogesh Naager is a content marketer who specializes in the cybersecurity and B2B space.  Besides writing for the News4Hackers blog, he’s also written for brands including CollegeDunia, Utsav Fashion, and NASSCOM.  Naager entered the field of content in an unusual way.  He began his career as an insurance sales executive, where he developed an interest in simplifying difficult concepts.  He also combines this interest with a love of narrative, which makes him a good writer in the cybersecurity field.  In the bottom line, he frequently writes for Craw Security.


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