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Financial Fraud In Banking Sector & It`s Consequential Impact On Banking System


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The Financial Institutions particularly the Banks have historically been prone to frauds and prevention of such instances / frauds has consistently been engaged the attention of regulators all over the world. The globalization of the financial system and liberalization of the economy has further exposed the Banking system to risks and attempts of fraud perpetration. Though with the diversification into different areas/activities, the Banks have been consistently reviewing their systems, introducing technology with appropriate inbuilt control mechanisms aimed at prevention of frauds by the unscrupulous elements both within and outside the Banking System, yet the growing increase in volumes of business and Banking transactions, the risks have also increased manifold. Therefore, it is imperative that while implementing technology with inbuilt controls and risk management techniques, there is need to have strong vigilance apparatus in Banks to monitor the whole set of operations and ensure prevention of frauds.


This book has been divided into eight chapters. The First Chapter throws light on the Historical Analysis of Banking System, it`s existence from the primitive stage to present position.

Second Chapter has been devoted to discussion on Anatomy of Frauds and their Prevention.

The Third Chapter, deals with the Major Financial Frauds/Scams and their analysis including Scam case of Harshad Mehta and Ketan Parikh.

The Fourth Chapter deals with Computer Crime and Frauds in Banks. The author has suggested the number of measures to prevent frauds in Computerised Branches of the banks,

In the Fifth Chapter, author examines the Role of Reserve Bank of India in the prevention of frauds/malpractices.

Similarly in Chapter Sixth, the Role and Function of Central Vigilance Commission in prevention of bank frauds are explained in detail.

In Chapter Seventh “FRAUDS AND IT`S LEGAL CONTROL”, the Author has discussed leading Judgment Supreme Court and Special Court cases are being discussed in detail.

In the last Chapter on Major Findings and Suggestions for strengthening the existing system keeping in view of the international policies followed for the prevention of frauds and mal-practices in the Banking Sector.

Contents :

I. Theoretical Background
II. Anatomy Of Frauds In Banks And Their Prevention
III. Major Financial Frauds/Scams And Their Analysis
IV. Computer Crime & Frauds In Banks
V. The Role Of Reserve Bank Of India In The Prevention Of Frauds
VI. Central Vigilance Commission Vs. Bank Frauds
VII. Frauds And It`S Legal Control
VIII. Major Suggestions & Conclusions Table Of Cases


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Dr. R.A. Kini


Himalaya pub