All major alleged bank fraud cases will need a panel analysis before lenders agencies such as the Central Investigation Bureau (CBI) take action. The system has been designed to allow bankers to take decisions without thinking about credit flows and release them, a top government official told ET. The Central Vigilance Commission (CVC) has established the planning board on banks and financial frauds to find grievances against bankers in consultation with India's Federal Reserve Bank (RBI) and Niti Aayog. Former vigilance commissioner TM Bhasin will be heading this. The five-member board will act because first level of scrutiny for all suspected cases of fraud involving Rs 50 crore or more and head or higher rank executives will operate. Within a month, the Board will select matters. This is being done to make sure that banks lend with none fear,” the official said. “Bankers are apprehensive of coming under the glare of investigative agencies for even a bonafide decision going...
An Ola spokesperson confirmed that the event claiming that there is an indoor investigation that is currently underway and that no details can be given immediately to others. Home-grown ride-hailing application in Bengaluru, Ola stated an inspect into fraud law allegations against the company’s HR and administration head about this case, Saikia Yugantar, who was allegedly involved in favouring select recruitment vendors and reversely receiving money estimated to be worth many dollars than content, consistent with a Factor Daily affirmed. Yugantar remains on the corporate rolls for the purpose of the investigation. In January 2015, Saikia was recruited to go to Ola for human resources and was also given additional responsibility of Chief Administrative Officer over the course of a few months. He completed his notice period and was expected to leave the company by the end of March, but his laptop was confiscated during the last week and he was told to no longer report t...