Op risk data: $250m legacy loan frauds hit Bric banks

J&K Bank, based in Srinagar: responsible for October’s largest loss

Oniongas

- ORX News
- 08 Nov 2019

Tweet
Facebook
LinkedIn
Save this article
Send to
Print this page

Jump to Spotlight: Mozambique | In Focus: Data breaches

October’s largest operational risk loss relates to an Indian loan fraud dating back to 2011. Executives of Srinagar-based J&K Bank are under investigation for colluding with a rice processing company over commercial loans totalling 11.24 billion rupees ($158.3 million) based on fake documents.

REI Agro took out loans from J&K Bank branches in Mumbai and New Delhi under the pretence that it would use the funds to pay farmers who provided

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to print this content. Please contact info@risk.net to find out more.

You are currently unable to copy this content. Please contact info@risk.net to find out more.

You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/

If you would like to purchase additional rights please email info@risk.net

You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/

If you would like to purchase additional rights please email info@risk.net