2025, Vol. 8, Issue 1

author(s)
Mohsin Kamal, Jahangir Chauhan, Md. Qaiser Alam and Md. Rahber Alam

abstract
This scholarly treatise undertakes a meticulous examination of the pervasive banking frauds in India, analysing their substantial impacts on financial stability and the macroeconomic landscape. The study explores a gamut of fraud types, from traditional schemes like fraudulent loans and forged documents to advanced, technology-enabled frauds such as phishing, identity theft, and cyber-attacks. It identifies critical causative factors, including regulatory deficiencies, weak corporate governance, technological vulnerabilities, and collusion between bank staff and perpetrators. Detailed case studies, including the Rotomac Pen Scam, Winsome Diamond Fraud, Vijay Mallya Case, Sterling Biotech Fraud, Nirav Modi Fraud, Videocon Case, and ABG Shipyard Fraud, elucidate operational methods, financial hemorrhages, and legal outcomes. The paper evaluates the repercussions on stakeholders, highlighting financial losses, erosion of public trust, increased regulatory oversight, and operational disruptions. Additionally, it proposes a comprehensive array of countermeasures, including regulatory fortifications, technological innovations, organizational reforms, customer education, and stringent punitive measures. The study underscores the imperative for a multifaceted, collaborative approach involving regulatory bodies, financial institutions, law enforcement agencies, and customers to efficaciously mitigate banking fraud risks.