Enforcement Directorate Probes 1,105 Bank Fraud Cases, Seizes Rs 64,920 Crore: Finance Ministry Reveals

NEW DELHI: The Enforcement Directorate (ED) has stepped up its fight against bank fraud, taking up 1,105 cases and attaching crime proceeds worth a staggering Rs 64,920 crore. This information was revealed in a written reply by the Minister of State for Finance, Bhagwat Karad, in the Rajya Sabha on Tuesday.

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Wilful Defaulters on the Rise

The number of wilful defaulters, defined as those with outstanding loans of Rs 25 lakh and above, has also increased significantly. As of March 2023, there were 14,159 such defaulters in public sector banks, up from 10,209 in June 2019. In private sector banks, the number rose from 1,950 to 2,504 during the same period.

ED’s Crackdown on Bank Fraud

The ED investigates these cases under the Prevention of Money Laundering Act (PMLA), 2002. In its reply, the finance ministry stated that the agency has attached assets worth Rs 64,920 crore and arrested 150 individuals involved in such frauds. Additionally, 277 prosecution complaints have been filed before special PMLA courts.

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Moving Forward

The ED’s efforts to combat bank fraud are crucial in protecting the financial system and ensuring that stolen funds are recovered. The agency’s proactive approach, coupled with the increase in wilful defaulter cases, highlights the need for further vigilance and stringent measures to deter such activities.

Infographic:

• Number of bank fraud cases investigated by ED: 1,105
• Proceeds of crime attached: Rs 64,920 crore
• Accused arrested: 150
• Prosecution complaints filed: 277

The rise in wilful defaulters::