Former CVC Suresh N Patel Replaces TM Bhasin As chairman Of Advisory Board For Banking & Financial Frauds ABBFF, New Members Inducted On Advisory Board Of ABBFF
Former Central Vigilance Commissioner of India Suresh N Patel has been named as chairman of an advisory body to investigate the role of top bank employees in fraud cases.
According to an official order, the board members are Ravikant, a former secretary of the Department of Ex-Servicemen Welfare; Rajni Kant Mishra, a former director general of the Border Security Force; David Rasquinha, ex-MD of the Exim Bank and Partha Pratim Sengupta, ex-MD and CEO of the Indian Overseas Bank.
The chairman's and members' terms would be for two years, beginning on 21 August 2023, according to the Central Vigilance Commission's decree.
The Advisory Board for Banking and Financial Frauds (ABBFF) will investigate the role of all levels of officials and full-time directors (including ex-officials and ex-whole-time directors) in public sector banks, public sector insurance companies, and public sector financial institutions in cases of fraud involving Rs 3 crore or more, according to the statement.
"All public sector banks, public sector insurance companies, and public sector financial institutions shall refer all matters of fraud involving sums of money of Rs 3 crore and above to the board... for advice before the initiation of criminal investigation, and the competent authority shall consider the advice tendered by ABBFF regarding the involvement of criminality or mala fide of the officials, in all such cases", said the order released on 18 August.
It said also that “all public sector banks and public-sector financial institutions shall ensure that the advice of the board has been sought, received, and made available in case of frauds amounting to Rs 3 crore and above to the investigating agencies, who may take the advice of the board into account while taking consequential actions in such cases.”
According to the decision, the Central Vigilance Commission or the Central Bureau of Investigation (CBI) can also refer any case or technical problem to the board for recommendations.
According to the statement, the board can also provide suggestions for policy formation relating to fraud to the Reserve Bank of India and the Central Vigilance Commission.
The ABBFF will normally provide its advice within a month of receiving the original reference unless otherwise directed by ministries, departments, the Central Vigilance Commission, or the CBI.
