Reserve Bank of India is the central banking agency in India and it is also the regulatory body that defines the rules and regulations of the banking system in India. As per one of the latest reports published by RBI, there is an increase of 15% in the number of frauds reported in India. This is the number which is compared with the fraud cases reported in FY 18. In addition to all this, the amount defrauded in all these cases has soared up by 73.8%. At present, the amount stands at Rs 52,200 crore.
As per the report, the majority of the parties involved here include Public Sector Banks, Private Sector Banks, and Foreign Banks. In the report, it was also mentioned that the average lag between the occurrence of the event and between the reporting of the fraud is 22 months. In some of the cases, the fraud was reported after a period of 55 months as well. This not only highlights the lack of investigation but it also gives enough time to criminals to tamper with the evidence.
You might be aware of the fact that a lot of online frauds also goes unreported in the industry. In such a case, you always need to be vigilant with your online footprints and the information that you share on online platforms. If you own a small, medium or large scale business, it is always worth investing some money in review of the business process to ensure that there is no such illegal activity happening your business.
You must also pay special attention to the fact that the company is not involved in any activity which may amount to money laundering. A lot of people come with a question and the question is how to stay safe in this era of online frauds. Well, it is best to consult an expert in such a case and who is better than a lawyer who specializes in dealing with the cases related to money laundering and online frauds? You guess it right, we are talking about Dhananjay Chaudhary - Koda Associates who is a lawyer in Delhi High Court with an experience of over 10 years. Reach out to him with the information and he will surely be able to help you with the details and we assure you that he will provide the best possible consultation services to you.
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