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Moneylife Digital Team 23 May 2025
The Kolkata zonal office of the directorate of enforcement (ED) has arrested Subodh Kumar Goel, former chairman and managing director (CMD) of UCO Bank, in connection with a multi-crore bank fraud case linked to Concast Steel & Power Ltd (CSPL).

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Moneylife Digital Team 16 May 2025
Fugitive diamond merchant Nirav Modi's troubles have deepened once again, as a UK court on Thursday rejected his fresh bail petition. Mr Modi has been in a London prison for nearly six years after losing his extradition battle to face fraud and money laundering charges in India.

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Just under a year ago I reported (Moneylife Exclusive: Serial Fraudster Dinesh Dalmia Strikes Again: Dupes Lenders of Nearly Rs200 Crore) that Dinesh Dalmia, serial fraudster and founder of the now-defunct DSQ Software group had resurfaced under a new guise.

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Moneylife Digital Team 14 April 2025
Fugitive diamantaire Mehul Choksi has been arrested in Belgium in Rs13,500 crore Punjab National Bank (PNB) fraud case.

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Moneylife Digital Team 27 March 2025
The Gurugram zonal office of the directorate of enforcement (ED) has provisionally attached assets worth Rs557.49 crore in connection with the Amtek Auto group’s Rs27,000 crore bank fraud case. The latest action follows an earlier attachment of Rs5,115.31 crore, confirmed by the PMLA Adjudicating Authority.

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Moneylife Digital Team 21 March 2025
In a startling revelation, the Union government disclosed that scheduled commercial banks (SCBs) in the country have written off bad loans (non-performing assets (NPAs) worth a staggering Rs16.35 lakh crore worth of over the past decade. This information was presented in the Lok Sabha by finance minister (FM) Nirmala Sitharaman in response to a question raised by member of Parliament (MP) Amra Ram.

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Moneylife Digital Team 16 January 2025
The Ahmedabad zonal office of the directorate of enforcement (ED) has frozen 37 bank accounts with a balance of Rs33.67 crore and seized two high-end Mercedees-make luxury cars in the bank fraud case against Electrotherm India Ltd and others.

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During the past five financial years, banks wrote off bad loans worth Rs9.90 lakh crore but managed to recover just over 18% or Rs1.85 lakh crore. Yet, public sector banks (PSBs), which fall under the Right to Information (RTI) Act, refuse to share the names of big defaulters whose loans were settled through the national company law tribunal (NCLT), where these lenders have to accept a haircut on the outstanding.

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State Bank of India (SBI), the country's largest state-run lender, continues its breach of trust by deducting money without any authorisation or consent from account holders for two insurance schemes

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Moneylife Digital Team 30 July 2024
Tightening norms to deal with wilful and large defaulters, the Reserve Bank of India (RBI) has directed regulated entities (REs), including banks, financial institutions (FIs) and non-banking financial companies (NBFCs)

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Dinesh Dalmia, the notorious founder of the DSQ Software group, is back to his old tricks. After spending significant time in jail for fraud, stock manipulation and other legal transgressions in India and the US, he is once again embroiled in allegations of fraud.

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IANS 05 February 2024
It has been several years since high-profile economic offenders such as Vijay Mallya and Nirav Modi made headlines by fleeing the country, leaving a trail of unpaid debts amounting to thousands of crores from Indian banks.

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The Bombay High Court has refused to squash the arrest and remand of Naresh Goyal, founder of Jet Airways, by the enforcement directorate (ED) on 1st September on charges of money laundering.

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Artha Sastry 08 September 2023
Fans of the iconic British serials Yes Minister and Yes Prime Minister, may recall the wily Humphrey Appleby advising the hapless Jim Hacker that major government announcements are usually accompanied by gentle Elgar melodies and conservative dress, while minor changes are boosted by bold Stravinsky tunes and perhaps a flamboyant necktie! Here in India, an innocuous-looking amendment by the Reserve Bank of India (RBI) in June, with neither Elgar nor Stravinsky accompaniments, is already turning into an opportunity to allow defaulters to get substantial chunks of their loans written off, while retaining their companies.

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As many as 369 big defaulters, with an outstanding of Rs100 crore and more, owe more than Rs1.39 lakh crore to scheduled commercial banks and all India financial institutes (AIFI). Gitanjali Gems Ltd, owned by fugitive businessman Mehul Choksi, remains the top wilful defaulter with an outstanding of Rs8,065 crore as of 31 March 2023, reveals a reply received under the Right to Information (RTI) Act.

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During the past five financial years, public sector banks (PSBs) have made an aggregate recovery of Rs4,80,111 crore from the non-performing asset (NPA) accounts and upgradation of NPAs of Rs1,45,356 crore. However, most PSBs refuse to share the names of big defaulters whose loans were settled through the national company law tribunal (NCLT), where these lenders have to accept a haircut on the outstanding.

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Moneylife Digital Team 24 July 2023
Reserve Bank of India (RBI), responding to a Right to Information (RTI) query, says during the financial year (FY) 2022-23, banks in the country wrote off bad loans worth Rs2.09 lakh crore, taking the total write-off by the banking sector to Rs10.57 lakh crore during the past five years, says a report.

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IDBI Bank Ltd, which has received multiple bailouts in the past few years, recovered just 7% from big defaulters who have an outstanding of Rs100 crore and more, from Rs45,536 crore bad loans it wrote off since financial year (FY)2016-17. What is more shocking is IDBI Bank took a haircut of 60% while settling loans worth Rs15,623 crore through the national company law tribunal (NCLT), reveals a reply received under the Right to Information (RTI) Act. IDBI Bank was re-categorised as a private sector lender in January 2019 after the Life Insurance Corporation of India (LIC) increased its stake to 51% in the lender.

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Loan write-offs by government owned and private banks have shown a phenomenal increase contrary to the government claims, said People's Commission on Public Sector and Public Services.

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Maintaining the 'tradition' of public sector banks (PSBs) of keeping hidden the names of big and wilful defaulters, the Central Bank of India (CBI) says information about defaulter-borrowers whose loans worth Rs100 crore and above are written off, is related to third-party and hence cannot be provided. Since FY2016-17, the Bank wrote off bad debts worth Rs21,085 crore of these big defaulters while recovering just 10% or Rs2,031 crore. Interestingly, speaking about haircuts it suffered while recovering bad loans of big defaulters, CBI simply says the query is unclear and hence cannot be replied to!

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