CHENNAI: A high-level coordination meeting was held here today with representatives from the Central Bureau of Investigation (CBI), the Department of Financial Services (DFS) officials, the Ministry of Finance, and the Chief Vigilance Officers (CVOs) of Public Sector Banks to review the ongoing cases being probed in connection with bank frauds.
The whole day’s session was devoted to discussion of all pending matters connected to the CBI investigations and prosecution of bank fraud cases. The main aim of this conference was promoting interdepartmental cooperation and faster progress in the investigation and prosecution of bank fraud cases.
Senior officials of the CBI and public sector banks gave detailed presentations on important operational matters. Case-specific information was shared, and extensive discussions were held on how the pending investigations could be expedited. Particular attention was drawn to simplifying processes and facilitating proactive cooperation, particularly regarding seeking prior approvals and prosecution sanctions under the Prevention of Corruption Act. This meeting also included the rising threat of mule accounts being used in cyber frauds, as well as the potential remedies to check the usage of these accounts.
Some of the old matters existing between the CBI and public sector banks in relation to the ongoing investigations were also resolved during the course of the talks. Emphasis was given to the need for frequent formal talks to remove bottlenecks in the investigation process.
Senior officers of the Banking Fraud Investigation Division of the CBI, high-ranking officials of DFS, the Ministry of Finance, and CVOs of all the PSBs participated in the meet. It was decided to sustain the momentum of collective efforts and even strengthen the institutional mechanisms to address bank fraud cases.