Banking system frauds doubled in 2005: FM

He said in 2003, the amount involved in frauds was Rs 623.6 crore on total 2,193 incidents. Giving out figures for the current year, he said so far 528 incidents of frauds had surfaced till March 31, 2006, which involved an amount of Rs 225.7 crore.

Chidambaram said the Centre had taken several measures to prevent frauds in the Indian banking industry. ‘‘Banks have been advised to strengthen the vigilance set up and introduce preventive and prohibitive measures,’’ he said.

He said this included introduction of concurrent audit, monitoring of working of internal inspection and setting up of the Board for Financial Supervision and Serious Fraud Investigation Office.