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PATNA HIGH COURT
Nawnit Kumar – Appellant
Versus
Union of India – Respondent
ORAL JUDGMENT
(Per: HONOURABLE MR. JUSTICE P. B. BAJANTHRI)
Date : 21-03-2024 In the instant petition, petitioner has prayed for the following relief:-
(i) For issuance of a writ, order, or direction in the nature of mandamus thereby directing the respondents to initiate inquiry either by S.I.T., C.B.I., or any other independent agency under the supervision of this Hon’ble Court in frauds committed by officials of Respondent Uttar Bihar Gramin Bank which has been revealed in audit report conducted by its auditor. According to the audit reports, such frauds alone have caused losses in excess of Rs.500 cores, an
The Reserve Bank of India's guidelines mandate that fraud cases involving amounts above Rs.3 Crores must be reported to the CBI, establishing a clear protocol for handling such cases.
The judgment establishes that banks are liable for negligence in loan sanctioning, failing to comply with RBI guidelines, and engaging in connivance with borrowers, thereby enabling fraud.
Failure to adhere to RBI guidelines in loan disbursement constitutes fraud, leading to contempt for willful defaults and necessitating CBI investigation.
Regulations issued under Section 35A of the Banking Regulation Act mandate that financial frauds involving more than three crores rupees be investigated by either branch of CBI depending on staff inv....
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