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Fraud reporting by Bank to Stock exchanges


23-Sep-2023 (In Banking / Finance Law)
A fraud is done within a bank by internal staff and departments . Fraud relates to Gold loans where loan is given against fake gold . Monetory loss happens to Bank . Bank concerned Audit deparyments ( who were responsible to check whether gold is fake or genuine post loan is given ) had issued certificates authentifying the fake gold as genuine . The fraud amount is arount 236 lacs . Does this qualify to be intimated to Stock exchanges where Bank is listed . If yes under which section of Sebi act or otherwise .
Answers (1)

Answer #1
785 votes
Dear Sir.. If according to you the bank has committed this act, then you should report to police and report everything to RBI with all the documentary proof. If you need any help you can contact us well.
Thanks and Regards
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