CVC raises monetary limit for reporting fraud to CBI

New Delhi, June 18, 2012 :The Central Vigilance Commission
has increased the threshold to Rs three crore from Rs one
crore for fraud cases to be reported to CBI by public sector
banks.
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.