 Early Times Report
Jammu, Nov 27: Like other parts of the country, financial fraud cases are increasing in the Union Territory of Jammu and Kashmir as cheaters continue to fraud innocent people by adopting deceitful tactics.
According to data shared by the Minister of the State for Finance, Pankaj Choudhary, in the Lok Sabha in the financial year 2021-22, 45 financial fraud cases were reported in Jammu and Kashmir involving Rs 19.04 crore. In the financial year 22-23, the number of financial fraud cases increased to 49 involving Rs 28.51 crore. Similarly in the financial year 2023-24, 84 financial fraud cases were reported in Jammu and Kashmir involving Rs 8.87 crore.
The Minister said that comprehensive steps have been taken to keep a check on banking frauds and deter fraudsters, which resulted in a decline in the amount involved in frauds over the years.
Further, based on a comprehensive review of the earli “Establishment of dedicated data analytics and market intelligence units in banks have been mandated for facilitating collection and processing of relevant information to enable an early detection and prevention of potentially fraudulent activities”,
The Minister said that the silent features of the said Master Direction, include strengthening of the role of the Board in overall governance and oversight of fraud risk management.
“Emphasis on the need for instituting robust internal audit and controls framework. Framework on Early Warning Signals and Red Flagging of Accounts has been strengthened further for early detection and prevention of frauds and timely reporting to Law Enforcement Agencies and Supervisors”, the Minister said.
“Establishment of dedicated data analytics and market intelligence units in banks have been mandated for facilitating collection and processing of relevant information to enable an early detection and prevention of potentially fraudulent activities”, the Minister said. | 