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10 Most Important Bank Scam That Every Bank Customer Needs To Be To Be Aware

10 Most Important Bank Scam That Every Bank Customer Needs To Be To Be Aware

10 Most Important Bank Scam: Generally, the banking system of each country consists of small savings of the population. When the majority of people put their money in the bank, it becomes a massive amount in the hands of the banks. Commercial banks give this money in the form of loans to individuals, organizations, and traders which make a profit in the form of interest. But if these creditors do not return this amount to the banks, it will become the banks ‘non-performing assets (NPAs), which will continue to threaten the banks’ existence.

10 Most Important Bank Scam
10 Most Important Bank Scam That Every Bank Customer Needs To Be To Be Aware

Let’s take a look at the biggest bank scams in India:


1. Neerav Modi Bank scam;

I am sure you must have heard about this banking scam because it is one of the biggest scams (11,400 crores rupees) in the Indian banking industry.  Neerav Modi and his uncle Mehul Surakshi (owner of Gitanjali James) are the main culprits of this scam.

2. Vijay Mallya Bank Scam

In February 2018, Kingfisher Airlines Mallya had borrowed Rs 9,432 crores from 13 banks. State Bank of India was the largest lender with Rs 1,600 crores. This was followed by PNB with Rs 800 crores, IDBI with Rs 650 crores, and Bank of Baroda with Rs 550 crores.

3. Allahabad bank scam

Kolkata-based bank Allahabad said it was at risk of € 2,363 million in a PNB fraud case. Allahabad Bank, however, emphasized that recovery of payment is guaranteed as the exposure is fully protected by Letter of Commitment (LoU) documents.

4. Rotomac pen fraud

The main culprit of Rotomac, Vikram Kotari, was alleged to have deceived R. Rs.3,695 crores with seven banks. Kotari misused loans of 2,919 crores from 7 banks and the total unpaid debt, including interest on them, is Rs. 3695 crores CBI arrested Vikram Kotari, CEO of Rotomac Global Pvt Ltd.

5. Bank fraud information RP system

CBI has accused computer maker R P Info Systems and its directors of allegedly swallowing a consortium of 9 banks in the number of rupees. Rs 515.15 This Company used fake documents to get a loan. On February 28, 2018, CBI searched the company’s offices in Kolkata and elsewhere.

6. Simbhaoli Sugar Mills Bank Fraud

CBI has filed another bank fraud against one of the largest sugar factories in India, Simbhaoli Sugars Ltd, in the amount of 200 million CZK. 10 people were hired, including Simbhaoli Sugar Mills Limited Chairman Gurmit Singh Mann, Deputy CEO Gurpal Singh, and GSC CEO Rao.

7. Satyam Scam – Rs. 14,000 crores

This 2009 corporate scandal revolves around B. Ramalinga Raju and his Satyam Computer Services Ltd. The company admitted that it misrepresented, manipulated, and falsified its accounts in excess of Rs 14,000.

8. Hawala scammers – $ 18 million

In the 1990s, the Hawala scandal attracted public attention, as did politicians such as L.K. Advani, Arjun Singh, Yeshwant Sinha, Madan Lal Khurana, and others who allegedly participated in the bribe.

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How to protect your bank account from Scams?

Now have a look at Tips from the safe bank Scam

Types Of Bank Account Scam

Vishing is popularly known as voice phishing. In this scam, the scammers claim that they come from a trustworthy institute and ask you for personal bank details. And later use these details to steal money from your bank.

In the event of identity theft, fraudsters steal your ID and use it to apply for a personal loan, a two-wheeler loan, or a bank credit card.

Another bank scam is card skimming, in which scammers use a small electronic device called a skimmer to steal card information.

You received many emails in a day but not all mails are genuine. Some emails are just intended to steal bank account details. These emails are classified as phishing.

Stay tuned with us for more valuable information.

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