Rs 411 Crore Loan Fraud by Ram Dev International promoters

Bad management of public sector banks has ruined trust in them. Do we hear such large-scale banking scams other than India; you say about Vijay Mallya’s 9000 Cr scam that crippled trust in public sector banks or you talk about Nirav Modi’s 13000 cr scam from major public sector banks? Private banks are much more capable of managing public money than public sector banks there is no doubt about it.

Trust of investors, shareholders and even depositors has broken with such big scams eroded their market capitalization.

It’s not over here now a new scam has came to public limelight, three promotors of Ram Dev International cheated six public sector banks to the tune of Rs 411 crore and fled the country. By the time banks noticed the fraud and reported to CBI it’s all over. CBI recently booked the company and its directors of Ram Dev international Naresh Kumar, Suresh Kumar and Sangita based on complaint from the State Bank of India (SBI), which suffered the loss of more than Rs 173 crore, they said.

By : | Category : Crime| Sub Category : National|Date : May 20,2020

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