CVC constitutes advisory board for 4-member banking fraud
CVC constitutes advisory board for 4-member banking fraud
The Central Vigilance Commission has set up a 4-member Banking Fraud Advisory Board (ABBF). ABBF is headed by former Vigilance Commissioner T.M. Bhasin will do.
The panel will serve as a 1 level investigation of all major fraud cases. The lenders will refer all major fraud cases in excess of Rs 50 crore to the board and upon receiving its recommendation or advice, the bank concerned will take further action in such cases.
Other members of the panel are former Urban Development Secretary; Madhusudan Prasad, former Director General of Border Security Force; D.K. Pathak and former MD and CEO of Andhra Bank; Suresh N. Patel.