Op risk data: losses decline sharply in first half

US-Congress-building-Montage — Settlements with US state and federal entities cost banks in 2019, as our mid-year review shows

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ORX News
03 Jul 2019

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The largest operational risk loss by financial firms in June is an estimated 20 billion rupee ($287.6 million) fraud at Indian investment firm I Monetary Advisory. The specialist Islamic finance house, based in Bengaluru, is thought to have diverted investments from new customers to pay returns to existing investors, in a type of Ponzi scheme. By June 18, 40,000 complaints had been filed against IMA.

The company used investors’ funds for trading in gold, clothing and infrastructure. Investors

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