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CVC raises monetary limit for reporting fraud to CBI

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Press Trust of India New Delhi
Last Updated : Jan 24 2013 | 1:49 AM IST

As per the revised structure, fraud of minimum Rs three crore and up to Rs 15 crore has to be reported to the CBI's Anti-Corruption Branch (in case staff involvement is prima facie evident) and Economic Offences Wing (if staff involvement is prima facie not evident) respectively.

Case of Rs 15 crore and above should be given to CBI's Banking Securities (BS) and Fraud Cell, officials said.

The cases where the amount is less than Rs three crore should be reported to police, they said.

Earlier, cases of fraud involving Rs one crore to Rs 7.5 crore were to be reported to the CBI's ACB and EOW and all cases involving over Rs 7.5 crore were to be probed by BS and FC unit of the investigating agency. Cases of below Rs one crore fraud were to be referred to police.

"BS and FC is a specialised unit for bank fraud cases and should be allowed to concentrate only on investigations of high value bank fraud cases. CBI has emphasised the need for revising the present monetary limit for cases to be referred to its various units," an official said.

"A letter informing the changes in the monetary limits for referring financial fraud investigations to the CBI and state police has been sent to Reserve Bank of India, CBI and chief vigilance officers of all public sector banks for immediate compliance," he said.

  

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First Published: Jun 18 2012 | 3:05 PM IST

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