Which are the biggest banking scams India has witnessed?
Indian banks have reportedly witnessed 8,670 loan fraud cases worth â¹61,260 crore in last 5 years. In 2014, a bribe-for-loan scam involving â¹8,000 crore was uncovered, and in 2015, multiple banks defrauded to move â¹6,000 crore in a forex scam. In 2017, Vijay Mallya defaulted â¹9,000 crore-worth loans, and Nilesh Parekh caused loss of â¹2,223 crore to about 20 banks.