News CBI raids 10 Syndicate Bank branches in fraud case, stock falls

[Technoglitch]

The Central Bureau of Investigation (CBI) has raided 10 branches of Syndicate bank investigating alleged fraud of over Rs 1,000 crore at the government-owned bank, a CBI spokesperson said on Tuesday.

“The searches are taking place at Syndicate Bank branches across 10 places in Delhi, Jaipur and Udaipur. The fraud is involving more than Rs 1,000 crore fraud relating to discounting of fake cheque, discounting of fake bills and availing overdraft against (non-existent) LIC policies,” said Devpreet Singh, Chief information officer, CBI.

As news of the raid spread, shares of Syndicate Bank slipped by over 3% and at 2.40 p.m., they were trading at 3.48% to trade at Rs 59.65 per share on the Bombay Stock Exchange (BSE).

CBI raids 10 Syndicate Bank branches in fraud case, stock falls | business | Hindustan Times

 

[scorpionking76]

PSU banks are always in the limelight for the wrong thing. The major reason is the exposure to NPA'S of rich industrialists

 

[Technoglitch]

Funds are being siphoned off or given in rotation.

 

[IndianMascot]

Should we declare all these PSU as congress banks

 

[Technoglitch]

Or BJP alliances

 

[Deepu]

Should we declare all these PSU as congress banks

All political parties are involved in these Bank loan scams. First they should catch hold of the guy who gave approval to loans and then all the names will come out in public