Top 5 Biggest Bank Fraud Cases in India

Banks are one of the most trusted institutions in India, and almost every Indian has a bank account and relies on their bank to keep their money safe. However, from the past few years, the credibility of banks is getting diminished like never before. Although banks have been sacked many times before, from the past few years, there are several such cases that question the credibility of the banks.

Dhananjay Choudhary Fraud

In this article, we are going to talk about the five most talked about and biggest bank fraud cases that have been registered in India. Go through them, and know more about these biggest fraud cases in Indian history along with the legal help that you can seek if you got accused of bank fraud case.

Top five biggest and most popular bank fraud cases

Neerav Modi Bank Scam

Neerav Modi bank scam isconsidered as the biggest bank scam to date and worth 11,400 Crore INR. The main accused of the case isNeerav Modi and Mehul Surakshi (Gitanjali Gems). They somehow managed to get the letter of Undertaking form the bank employees of Punjab National banks Mumbai branch and by using this letter that has withdrawn enormous funds from the foreign bankson the guarantee of PNB. This has been the most intelligently thought off and biggest bank fraud in Indian history.

Vijay Mallya bank Scam

Another popular bank scam that shook the whole country was done By Vijay Mallya who is owner of Kingfisher Airlines. He has borrowed over 9,500 crores from different banks of India left the country in the year 2016. He still lives in London and India government is still trying the best to get back him to the country so that he can be charged for the allegations.

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Allahabad bank fraud case

Allahabad bank’s fraud case worth nearly 2363 crores and caused due to the letter of undertaking and SWIFT messages that were generated authentically. This was the third biggest bank scam done in India and was one of the most talked-about fraud cases of the time. The SIWFT messages technique was highly misused in this scam and cost the bank a big amount.

Vikram Kothari Bank Scam

Another popular bank scam took place in India is the Vikram Kothari Ban scam that worth around 3700 crores. Vikram Kothari who was the Managing Director Rotomac Global Pvt Ltd took enormous amount of loans from seven different banks, and the loan amount and the interest made the total outstanding loan amount of 3695 crores. The major banks which were included in the scam are Bank of India, Indian Overseas Bank and the Bank of India. This bank scam is considered as the biggest scam related to the public sector banks.

Simbhaoli Sugar Mills bank scam

Another bank fraud that worth a lot in terms of the outstanding amount is the Simbhaoli Sugar mills in which the amount on stack worth 200 crores. There were tenpeople charge for the allegation by CBI including the deputy MD of the mills. Gurmeet Singh.

Things to consider while you are accused of  bank fraud cases

In case you are also accused of the bank fraud case, then the best way to deal with it is to hire an experienced lawyer who has enough experience to deal such cases. Dhananjay Choudhary Koda Associates is the right person to contact if you are in Delhi. He has over 10 years of experience in dealing the fraud cases and you can easily rely him for the best possible results.

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