Follow SOPs to check frauds: CVC to banks — Times of India

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https://m.timesofindia.com/business/india-business/follow-sops-to-check-frauds-cvc-to-banks/amp_articleshow/61198950.cms

New Delhi, Oct 24 () Central Vigilance Commissioner K V Chowdary today laid emphasis on adherence to standard operating procedures (SOPs) by banks to check frauds.

Addressing an event here, he said in the last two years or so the banks had been in the news for the wrong reasons.

“Banks have lost a lot of money. When I say banks have lost the money that means the nation has lost a lot of money and public in turn has lost a lot of money. Banks have been in a bad light,” Chowdary said.

He said while some large frauds are very well-planned ones, the small ones were not that well-planned.

“Some say automation is the best way to prevent a fraud. I think automation is the solution provided it is automated in the right sense. So bring a preventive mechanism. You need to be a thief. You need to know where the system can be manipulated,” Chowdary said, inaugurating a conference on financial frauds organized by Anti-Corruption Academy, a private organization.

The need for preventive vigilance or what we call standard operating procedures is very important, he said, referring to frauds in banks.

Chowdary said there was a need to skill accountants and other people associated with the banking sector to help them check frauds.

Various banks reported 4,851 cases of fraud involving about Rs 23,902 crore during 2016-17, according to a reply given by the finance ministry in Parliament in July this year.

Follow SOPs to check frauds: CVC to banks — Economic Times

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https://m.economictimes.com/industry/banking/finance/banking/follow-sops-to-check-frauds-cvc-to-banks/amp_articleshow/61199430.cms

NEW DELHI: Central Vigilance Commissioner K V Chowdary today laid emphasis on adherence to standard operating procedures ( SOPs) by banks to check frauds.

Addressing an event here, he said in the last two years or so the banks had been in the news for the wrong reasons.

“Banks have lost a lot of money. When I say banks have lost the money that means the nation has lost a lot of money and public in turn has lost a lot of money. Banks have been in a bad light,” Chowdary said.

He said while some large frauds are very well-planned ones, the small ones were not that well-planned.

“Some say automation is the best way to prevent a fraud. I think automation is the solution provided it is automated in the right sense. So bring a preventive mechanism. You need to be a thief. You need to know where the system can be manipulated,” Chowdary said, inaugurating a conference on financial frauds organized by Anti-Corruption Academy, a private organization.

The need for preventive vigilance or what we call standard operating procedures is very important, he said, referring to frauds in banks.

Chowdary said there was a need to skill accountants and other people associated with the banking sector to help them check frauds.

Various banks reported 4,851 cases of fraud involving about Rs 23,902 crore during 2016-17, according to a reply given by the finance ministry in Parliament in July this year.

CVC backs Vasundhara Raje govt’s gag ordinance to protect babus from corruption probe : indiatoday.in

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http://m.indiatoday.in/lite/story/anti-corruption-academy-central-vigilance-commission/1/1074118.html

Amid raging controversy over the Rajasthan Government’s ordinance, the Chief Vigilance Commissioner KD Chaudhary has backed law to protect ministers and bureaucrats from corruption investigation.

“Barring bribery cases where trap is being laid, there should be some internal check before the case is registered,” he told media persons on the sidelines of a workshop organised by Anti-Corruption Academy.

“The Central Vigilance Commission (CVC) is on record that there is a need for somebody within the organisation to apply his mind and say that there is a criminality in this and there is a consent given before a case is registered,” said Chaudhary.

At the moment sanction is given when the case reaches the prosecution stage.

The CVC said, “Given the fact that today people (officials) handle diverse kinds of situations, like banking and atomic energy. These are complicated things and every organisation has different protocol of working. Some require approval whole some do not.

“When these things are done, an outside agency may say ‘look here, this is a fraud’, but within the agency that may not be the case,” he added.

“If it is a straight case of bribery or a trap we are not saying you take somebody’s approval. So there is a need for someone to apply his mind before criminal agency takes over because, one, the agency books a case. Then investigation takes a lot of time. Then trial takes time. In the meantime, the career of the officer is ruined,” the CVC said.

The Chief Vigilance Commissioner also red-flagged the growing menace of shell companies. “Some say there are three lakh, some say four lakh shell companies. But more than the number, it is the quantum involved that is more damaging because they are used for more than one purpose. One is to route money. The other is to bring money in form of premium capital like Rs 10 share is issued for a worthless company at Rs 1,000. So people try to white wash money that way,” he said.’

“Shell companies are also used to create long term capital gains,” he further added.

“Though the government has cancelled licences of some of these companies, it has become a menace,” said Mr Chaudhary.

“Regulation is there to some extent but may be we need more teeth. But the PMLA and other enforcement agencies have to catch up. Unless we take up a few cases and take them to a logical conclusion the fear of law will not be there,” he added.

Vigilance Commissioner wants banks to follow standard operating procedures to check frauds — newindianexpress.com

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http://www.newindianexpress.com/business/2017/oct/24/vigilance-commissioner-wants-banks-to-follow-standard-operating-procedures-to-check-frauds-1681429.html

NEW DELHI: Central Vigilance Commissioner KV Chowdary today laid emphasis on adherence to standard operating procedures (SOPs) by banks to check frauds.

Addressing an event here, he said in the last two years or so the banks had been in the news for the wrong reasons.

“Banks have lost a lot of money. When I say banks have lost the money that means the nation has lost a lot of money and public in turn has lost a lot of money. Banks have been in a bad light,” Chowdary said.

He said while some large frauds are very well-planned ones, the small ones were not that well-planned.

“Some say automation is the best way to prevent a fraud.

I think automation is the solution provided it is automated in the right sense. So bring a preventive mechanism. You need to be a thief. You need to know where the system can be manipulated,” Chowdary said, inaugurating a conference on financial frauds organized by Anti-Corruption Academy, a private organization.

The need for preventive vigilance or what we call standard operating procedures is very important, he said, referring to frauds in banks.

Chowdary said there was a need to skill accountants and other people associated with the banking sector to help them check frauds.

Various banks reported 4,851 cases of fraud involving about Rs 23,902 crore during 2016-17, according to a reply given by the finance ministry in Parliament in July this year.

Follow SOPs to check frauds: Central Vigilance Commission to banks — livemint.com

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http://www.livemint.com/Politics/riXoNGfBCbjwE1SgS1h1hP/Follow-SOPs-to-check-frauds-Central-Vigilance-Commission-to.html

New Delhi: Central vigilance commissioner K.V. Chowdary Tuesday laid emphasis on adherence to standard operating procedures (SOPs) by banks to check frauds.

Addressing an event in New Delhi, he said in the last two years or so banks had been in the news for wrong reasons. “Banks have lost a lot of money. When I say banks have lost the money that means the nation has lost a lot of money and public in turn has lost a lot of money. Banks have been in a bad light,” Chowdary said.

He said while some large frauds are very well-planned ones, the small ones were not that well-planned. “Some say automation is the best way to prevent a fraud. I think automation is the solution provided it is automated in the right sense. So bring a preventive mechanism. You need to be a thief. You need to know where the system can be manipulated,” Chowdary said, inaugurating a conference on financial frauds organized by Anti-Corruption Academy, a private organization.

The need for preventive vigilance or what we call standard operating procedures is very important, he said, referring to frauds in banks. Chowdary said there was a need to skill accountants and other people associated with the banking sector to help them check frauds.

Various banks reported 4,851 cases of fraud involving about Rs23,902 crore during 2016-17, according to a reply given by the finance ministry in Parliament in July this year.

Follow SOPs to check frauds: CVC to banks — ptinews.com

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http://www.ptinews.com/news/9174747_Follow-SOPs-to-check-frauds–CVC-to-banks

New Delhi, Oct 24 (PTI) Central Vigilance Commissioner K V Chowdary today laid emphasis on adherence to standard operating procedures (SOPs) by banks to check frauds.

Addressing an event here, he said in the last two years or so the banks had been in the news for the wrong reasons.

“Banks have lost a lot of money. When I say banks have lost the money that means the nation has lost a lot of money and public in turn has lost a lot of money. Banks have been in a bad light,” Chowdary said.

He said while some large frauds are very well-planned ones, the small ones were not that well-planned.

“Some say automation is the best way to prevent a fraud.

I think automation is the solution provided it is automated in the right sense. So bring a preventive mechanism. You need to be a thief. You need to know where the system can be manipulated,” Chowdary said, inaugurating a conference on financial frauds organised by Anti-Corruption Academy, a private organisation.

The need for preventive vigilance or what we call standard operating procedures is very important, he said, referring to frauds in banks.

Chowdary said there was a need to skill accountants and other people associated with the banking sector to help them check frauds.

Various banks reported 4,851 cases of fraud involving about Rs 23,902 crore during 2016-17, according to a reply given by the finance ministry in Parliament in July this year.

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