Failure of regulatory mechanism behind rising fraud cases: CBI

Commercial banks have reported 1.69 lakh cases of frauds involving an amount of Rs 29,910 crore as on March 31, 2013, said Sinha.

CBI director Ranjit Sinha. (PTI) CBI director Ranjit Sinha. ( Source: PTI )
By: Press Trust of India | New Delhi | Updated: May 13, 2014 2:58 pm

trying to influence policy makers, regulators, etc. and on the other the companies that evade taxes or indulge in irregularities adversely affecting shareholders, customers and the public at large,” the CBI chief said.

Sinha sought close liaison among regulators and investigating agencies to ensure timely completion of investigations.

“The regulatory bodies and investigating agencies like Serious Fraud Investigation Office (SFIO), Securities and Exchange Board of India (SEBI), CBI and Enforcement Directorate (ED), along the Registrar of Companies and the Ministry of Corporate Affairs need to interact more frequently at various levels to share the intelligence and the outcome of the respective investigations,” he said.

The CBI Director also supported an institutional mechanism for information sharing and use of common database by all the regulatory as well as investigating agencies in the country to achieve better results.

First Published on: May 13, 2014 2:55 pmSingle Page Format
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