Seven central investigation and intelligence agencies Central Board of Direct Tax, Directorate of Revenue Intelligence, Enforcement Directorate and DG GST intelligence, Central Bureau of Investigation, Serious Fraud Investigation Office and the Registrar of Companies have detected and are investigating a total of 10,674 cases.
New Delhi: Rs 13,000 crore worth of Nirav Modi-PNB scam is not even 10% of the total amount involved in more than 10,000 cases of financial frauds and irregularities detected and investigated by all central agencies since 2014.
The figure of financial frauds is much higher. Data compiled by the Union government on financial frauds and irregularities probed by all central agencies claims that more than 10,000 cases have been detected and registered since 2014 related to only financial frauds and irregularities. It also includes bank frauds.
According to a rough estimate, if the money involved in cases registered by CBI related to financial frauds, the total amount would cross Rupees 2 lakh crores, almost 50% of total India’s defence budget.
Seven central investigation and intelligence agencies Central Board of Direct Tax (CBDT), Directorate of Revenue Intelligence (DRI), Enforcement Directorate (ED) and DG GST intelligence, Central Bureau of Investigation (CBI), Serious Fraud Investigation Office (SFIO) and the Registrar of Companies have detected and investigating a total of 10,674 cases.
Data also suggests that four main central agencies CBDT, DRI, ED and DG GST intelligence have registered cases involving almost Rs 1,25,000 crore. Interestingly, this figure does not include money involved in cases registered by CBI and cases registered by State polices across the country.
CBI alone this year has registered five major cases, which include Nirav Modi- PNB bank fraud, where Rs 13,000 crores is involved, a fraud of Rs 2,654 crore allegedly misappropriated by Diamond Power Infrastructure Ltd from various banks, Surya Pharmaceuticals-banks fraud of Rs 621 crore etc.
Data compiled by the Ministry of Finance says that the ED and Income Tax are probing cases where Rs 83,000 crore is involved. The ED has identified 376 cases. The total value of attachments seizure etc. is Rs 30434.63 crore.
The CBDT has conducted searches on the premises of a total of 2,725 groups. The total undisclosed income the department unearthed is Rs 52,705.75 crore, which their illicit owners have owned up. The CBDT has seized assets worth a total of Rs 3,940.64 crore.
The Serious Fraud Investigation Office (SFIO) alone has assigned 82 cases of cheating since 2014 till July 2018, involving 706 entities allegedly involved in frauds.
To keep a track of such financial frauds, the Union government has set up the Central Fraud Registry (CFR), a web-based searchable database of frauds reported by the banks, containing data for the last 13 years has been made operational by RBI in January 2016.
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