In India, the number of instances of bank fraud has increased by 28% in FY20 compared to FY19 and have nearly doubled by value (by approximately Rs. 1.85 trillion) during this period. The problem might not lie in the numbers, but rather in the detection and reporting of these frauds. Tarun Bhatia, Managing Director and Head of South Asia in the Business Intelligence and Investigations practice of Kroll, noted that this issue could be due to the lag between when frauds occur and when they are reported.
He commented, “The spike (in frauds) is more technical than an actual reflection of it in FY20. They have predominantly been in advances, and a few accounts make up for almost three-fourths of the value.”
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