
Op risk data: $250m legacy loan frauds hit Bric banks
Also: costs from post-2012 cyber breaches top $2bn. Data by ORX News

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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
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