Rs 1,000 Crore Syndicate Bank Scam

Rs 1,000 Crore Syndicate Bank Scam – After S K Jain bribery scam , once again the public sector bank i.e. Syndicate Bank in limelight for negative reason. This time Rs 1,000 crores Scam covering 386 fake accounts in three branches of Syndicate Bank in Jaipur region.

Read : List of Investment Under Section 80C Of Income Tax

The scam of Rs 1,000 crore was done duping fake cheques, letter of credits and LIC policies.  The mode of operation was very simple (as the details are currently not available due to case being pending at CBI) with discounting of fake cheques and bills against fake Letters of Credit and arranging over-draft limit against LIC Policies which are non-existent

Calculate Syndicate Bank Latest Fixed Deposit Amount

This is said that the scam was running since 2011 till date with money involved is much higher than Rs 1,000 crores. There were approx 386 accounts opened of various nature at three bank branches i.e. Malviya Nagar and MI Road in Jaipur and Udaipur.