BANKLOOT
Moneylife Digital Team 12 August 2025
Public sector banks (PSBs) are grappling with loans worth Rs1.76 lakh crore owed by more than 2,100 wilful defaulters as of 30 June 2025, while during the past five years, PSBs have written off over Rs10 lakh crore in loans across categories

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Moneylife Digital Team 12 August 2025
The directorate of enforcement (ED) has filed a supplementary prosecution complaint before the Special PMLA (Prevention of Money Laundering Act) Court in New Delhi in connection with an alleged Rs34,000-crore bank fraud involving the Amtek group of companies

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After a decade of studious indifference to financial recklessness, defaults and allegations of financial jugglery, the Anil Ambani group is finally in the enforcement directorate's (ED) crosshairs. Early August saw the ED summon top officials, including Amitabh Jhunjhunwala and Satish Seth, in a money laundering investigation linked to a Rs17,000-crore bank loan fraud involving Reliance Communications (RCom), Reliance Commercial Finance Ltd (RCFL), and Reliance Home Finance Ltd (RHFL).

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Bank of Maharashtra (BoM) has technically written off a staggering Rs11,313.34 crore in loans from accounts with outstanding dues of Rs100 crore and above between financial years (FY)16–17 and FY24–25. Despite these massive write-offs, the bank has managed to recover only Rs2,652.70 crore as of 31 March 2025—just about 23% of the technically written-off amount of Rs11,313.34 crore.

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Moneylife Digital Team 25 July 2025
India’s 12 public sector banks (PSBs) have written off a staggering Rs12.08 lakh crore in bad loans between financial year (FY)15–16 and FY24–25, according to a statement tabled in the Rajya Sabha.

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Moneylife Digital Team 22 July 2025
The Union government confirmed in Parliament that State Bank of India (SBI) has officially classified the loan account of Reliance Communications Ltd (RCom) as 'fraud' and has reported the name of the company's former director Anil Dhirubhai Ambani to Reserve Bank of India (RBI), following due regulatory process.

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Over the years, public sector banks (PSBs) appear to show little or no real interest in recovering bad loans that have been written off, especially those involving large defaulters. Instead, their focus seems to be on cleaning up their balance sheets and showing lower non-performing assets (NPAs) by writing off such loans.

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Moneylife Digital Team 01 July 2025
Diamond merchant Mehul Choksi, a key accused in the Rs13,500 crore Punjab National Bank (PNB) fraud case, has moved the special PMLA court here seeking dismissal of the directorate of enforcement’s (ED) application for declaring him a fugitive economic offender (FEO), says a report from Economic Times (ET)

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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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