MoF extends jurisdiction of Advisory Board for Banking and Financial Frauds

LegalitySimplified

The Ministry of Finance (MoF) vide notification dated January 10, 2022 has extended the jurisdiction of Advisory Board for Banking and Financial Frauds (ABBFF) to following fraud cases:

  1. All cases of total amount involving Rs.3.00 Crore and up to Rs.50.00 Crore also , which are classified as Fraud and reported to RBI by PSBS and in case of PSFls, fraud declared, on or after January 06, 2022.
  2. The cases of total amount involving Rs.3.00 Crore and up to Rs.50.00 Crore, which ore classified as Fraud and reported to RBI by PSBS and in case of PSFls, declared as fraud prior to January 06, 2022 but hove reached the Disciplinary Authority through IAC and CVO on at after January 06, 2022, shall also be referred to ABBFF.
  3. The cases of total amount involving Rs. 3.00 Crore and up to Rs. 50.00 Crore, where FMR b filed by PSBs or declared as fraud by PSFIs prior to January 06, 2022but criminal complaint is yet to be filed with the investigating agencies, are also to be reported to ABBFF.

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