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Bank Fraud With Relation To Documentation and Auditing

From 2011-2016, one of the biggest bank frauds to take place in India happened in one of the top banks in the country. The scam was alleged to be worth over 1000 CR, with 5 people being found guilty of fraud. 

The irony in this case was that the main accused was the chief manager of the bank. Him and his 4 associates (including his wife) were charged under various sections of the Indian Penal Code including criminal conspiracy and cheating by using forged documents. 

The issue started with the accused providing false documents and forged cheques to the main accused, who then proceeded to disburse large amounts of money to various accounts, even though he didn’t have the power to do so. 

Through the investigation, it was understood that many LIC policies that were pledged against the loans were fake, and were actually issued in the names of various different people and various different terms. 

This is where the need for strict KYC documentation and efficient auditing systems. The presence of a strong auditing software and KYC document collection could have easily prevented a fraud of this scale from taking place. Banks today are starting to understand the need for efficient auditing systems and comprehensive and trustworthy KYC documentation. 

That’s where Encore 360° comes in. 

Encore 360° is a one-stop integrated API solution that is risk-free and RBI compliant. We aim to fully automate and digitize every step involved in the lending process, while also organizing streamlined in-field management. An efficient start-to-finish system that manages everything, from financing, all the way up to debt collection.