The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
The Daily Hodl
No Result
View All Result

State-Run Banks in India (Not Bitcoin) Report Over $13 Billion in Fraud in Six Months: Report

by Daily Hodl Staff
November 20, 2019
in Bitcoin

Systemic bank fraud in India has created a major challenge for the government as it aims to rectify schemes and scandals that have claimed customers’ entire life savings.

Following the bombshell of the $2-billion fraud at Punjab National Bank that was uncovered last year, India’s banking system has fallen further into the deep end. The country’s finance minister announced on Tuesday that state-run banks reported fraud worth $13.3 billion (958 billion rupees) from April through September of this year.

In the latest banking scandal, a police report filed by Indian officials alleges that Punjab and Maharashtra Co-operative Bank (PMC) used over 21,000 fictitious accounts to hide rotten loans totaling at least $616.5 million (43.55 billion rupees).

Bitcoin and blockchain advocates point out the advantages of using a system based on immutable and transparent ledgers that cannot be altered to prevent bank officials from fleecing customers.

Writes Aditya Dev Sood, chief executive officer of Center for Knowledge, a research and innovation company focused on emerging economies,

“The big-B Blockchain paradigm is not about increased technical security for banks whose risk exposure is poorly managed by their senior officials. It is about assuming that anyone who can take advantage of a poorly designed system will do so, and therefore the system must always be able to withstand such attacks.

It is about moving away from trusted intermediaries, introductions, and assumed trustworthiness towards the automatic and market enforcement of transparent rules regardless of who you are and whom you know.”

Source: Ganesh Faterpekar, Founder at Counterfeit IQ

According to the complaint against PMC, the fake accounts were not registered on the bank’s network, reports Reuters.

“The actual financial position of the bank was camouflaged, & the bank deceptively reflected a rosy picture of its financial parameters.”

India’s Minister of Finance Nirmala Sitharaman says state banks are now reporting 5,743 cases of fraud over the six-month period with the majority of the losses sustained over the last several years. One thousand relatively new cases generated losses worth $348 million (25 billion rupees).

Sitharaman adds,

“Government has taken comprehensive measures to curb the incidence of fraud in banks.”

The Indian Parliament passed the Fugitive Economic Offenders bill last year in order to seize property of an increasing number of offenders fleeing the country to evade the legal system.

[the_ad id="42537"] [the_ad id="42536"]
Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Industry Announcements

  • BinaryX Launches AI Chat Game ‘AI Hero’ With Limited NFT Mints
    November 28, 2023
  • Binance Labs and BNB Chain Open New Founder-Focused Track To Incubate 100 Early-Stage Projects
    November 24, 2023
  • Socrates Launches Groundbreaking Social Media and Entertainment Platform for Web 3.0 Users Globally
    November 23, 2023
  • GCEX Receives Operational VASP License From Dubai’s Virtual Assets Regulatory Authority
    November 22, 2023
  • Yubo Ruan – Revolutionizing Web 3.0 With a Web 3.0 Super-App
    November 22, 2023
  • De.Fi Sold Out $5 Million Round, OKX, Binance and Coinbase Directors Among Investors – The Sale Is Still Open
    November 20, 2023
  • Sleek, the Web 3.0 Social Network, Raises $5 Million To Power the Ownership Economy
    November 17, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$37,944.17
$37,944.17
2.15%
Ethereum
$2,055.22
$2,055.22
1.32%
Cardano
$0.384675
$0.384675
1.95%
XRP
$0.612415
$0.612415
1.24%
Dogecoin
$0.080679
$0.080679
3.09%

Spotlight

  • Bloomberg Analyst Says Crypto at the Start of Upswing Which Will Last ‘Many Years’ – Here’s Why
    November 21, 2023
  • Macro Indicators Suggesting Bitcoin Rallies Just Getting Started, According to Ex-Goldman Sachs Executive
    November 21, 2023
  • Billionaire Ray Dalio Warns US at Inflection Point Where Enormous Debt Could Witness Acceleration – Here’s Why
    November 21, 2023
  • Crypto Analyst Calls for Ethereum To Massively Underperform Against Bitcoin, Says Now Is Not the Time for ETH
    November 21, 2023
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Covering the future of finance, including macro, bitcoin, ethereum, crypto, and web 3.

Categories

Bitcoin • Ethereum • Trading •
Altcoins • Futuremash • Financeflux •
Blockchain • Regulators • Scams •
HodlX • Press Releases

 

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON X

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise

© 2023 The Daily Hodl