MoF extends the scope of Advisory Board for Banking and Financial Frauds (ABBFF)

Jan 12, 2022 | by TeamLease RegTech Legal Research Team

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Finance & Taxation ComplianceThe Ministry of Finance (MoF) on January 10, 2022 has issued a notification to extend the scope of Advisory Board for Banking and Financial Frauds (ABBFF) to cover all fraud cases involving amount of Rs.3 Crore and above and examine the role of all levels of officials/Whole Time Directors (including ex-officials/ex-WTDs) in Public Sector Banks and Public Sector Financial institutions.

The following Cases are to be examined by ABBFF:

(a) The ABBFF will examine all cases of total amount involving Rs.3.00 Crore and up to Rs.50.00 Crore also , which ore classified as Fraud and reported to RBI by PSBS and in case of PSFls, fraud declared, on or after January 06, 2022.

(b) The cases of total amount involving Rs.3.00 Crore and up to Rs.50.00 Crore, which ore classified as Fraud and reported to RBI by PSBS and in case of PSFls, declared as fraud prior to January 06, 2022 but hove reached the Disciplinary Authority through IAC and CVO on at after January 06, 2022, shall also be referred to ABBFF.

(c) The cases of total amount involving Rs. 3.00 Crore and up to Rs. 50.00 Crore, where FMR b filed by PSBs or declared as fraud by PSFIs prior to January 06, 2022but criminal complaint is yet to be filed with the investigating agencies, are also to be reported to ABBFF.


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