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An Investigation Types and Reasons of Frauds in Indian Public Sector Banks

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Review Article

An Investigation Types and Reasons of Frauds in

Indian Public Sector Banks
MS. BHAVNA SHARMA1, SULTAN SINGH2, D. BABIN DHAS3
1
Research Scholar Chaudhary Devi Lal University, Sirsa, Haryana
2
Department of Business Administration, Chaudhary Devi Lal University, Sirsa, Haryana
3
Assistant Professor, Department of Management Studies, Loyola Institute of Technology, Chennai
Email ID: [email protected], [email protected], [email protected]
Received: 10.07.20, Revised: 10.08.20, Accepted: 10.09.20

ABSTRACT
Fraud is a challenge to the world and particularly for banking sector, a significant segment in the advancement
of an economy. The frauds may be done by the management, employees, customers and outsiders, which
considerably reduce the amount of funds in the banks and cause losses to the banks and also affect the
economic development. The purpose of the study is to find the various categories of frauds occurred and
reasons thereof in the selected Indian public sector banks. The data were collected through questionnaire filled
from 90 bank staff, categorized into managers and officers, of State Bank of India (SBI), Bank of India (BOI) and
Bank of Baroda (BOB) in the area of Delhi and NCR. The collected data were analyzed with the help of
various descriptive statistics like frequency distribution, mean, standard deviation, etc. To check the validity of
the results and test the hypotheses, ANOVA technique was used. It is found that major types of frauds
occurred were fake documents, forged cheques, money laundering, manipulation of accounts, opening fictitious
accounts. The main reasons of frauds identified were lack of sufficient training to staff, lack of proper audit,
multiple financing to same party against same security, negligence to inspect the security documents and non-
verification of end use of funds. It is recommended that bank staff must check proper financial documents
during the loan process to control the frauds. All high-risk transactions should be checked on continuous basis
by the bank head and also by the concurrent auditor. There should be timely audit at regular intervals and
proper discussion of audit points with the branches and top management. Proper training must be provided to
the bank staff involved in prevention and detection of frauds. End use of funds must be verified by the bank
staff regularly.
Keywords: Frauds, Negligence, Money laundering, Manipulation of Accounts, Fake documents.

INTRODUCTION losses to the banks and affect the economic

A bank is an organization which acts as a development (Shahi, 2013). Security is a basic
mediator and handles other individuals' cash and significant issue in the banking industry.
(Gordon & Natarajan, 2017). With the growth in Fraud prevention has become a worry to banks
banking business, there is an increase in the and clients. Prevention of frauds involves chances
frauds (Singh, 2016). An act of untruthfulness for banks to upgrade the associations with their
executed by at least one people, by and large for clients. It offers the chance to the banks to win the
monetary benefit is termed as fraud (Gee, n.d.). client trust (Hoffmann & Birnbrich, 2012). The
Fraud is a challenge to the world and particularly banks can just watch the fraud warnings. Fraud
for banking sector, a significant segment in the prevention and identification are main purposes
advancement of an economy (Repousis, et al., of internal control. Any weakness in the internal
2019). Dealing with a bank is a matter of trust control adds to the main reason of fraud (Gee,
(Nainta & Sharma, 2005). The customers expect n.d.). In the financial year 2019-20, 6801 fraud
that the bank keep our money safe. A fraud done cases were reported of Rs. 71,500 crores. Out of
on the part of banks breaks the customers this, credit related frauds were occurred more (92
(Ogbeide, 2018). The banks must ensure that the percent) in public sector banks (Manikandan,
money withdrawn is not for deceitful means 2019). The time taken in the past to detect a
(Nainta & Sharma, 2005). The frauds are done by fraud, on an average, has been 55 months. Most
the management, employees, customers and of the banks have not reported the frauds mainly
outsiders (Silverstone, et al., 2012). Fraud affects due to interference of investigation agencies,
the bank's performance, increases its liabilities, reputational risks and for the survival of a bank.
reduces the assets and affects the confidence of Sometimes, the bank officials do not report the
the public, which may lead to bank failure fraud as the investigation officer will harass them
(Ogbeide, 2018). Frauds are the main cause of (Manikandan, 2019). The higher reporting of

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Ms. Bhavna Sharma et al / An Investigation Types and Reasons of Frauds in Indian Public Sector Banks

bank frauds may be due to more focus on discovered that the administrative framework is
detection of frauds in recent years (Alexander, weak and there is critical need to rethink about
2019). the job of evaluators. Coordination among
various administrative specialists is also found
REVIEW OF RELATED LITERATURE very poor. Tasie (2016) identified forged cheques,
Njanikeet al. (2009) studied the role of forensic account opening fraud, fund diversion, etc. as
auditors in identifying bank frauds in Zimbabwe. main types of frauds. Ramana and Krishna (2017)
The data were collected from thirty forensic examined the impact of frauds in Indian banks
auditors and identified credit card fraud, identity and mentioned the various types of frauds such
fraud, computer fraud, ATM fraud, cheque fraud, as cheque kiting, fraudulent loans, bill
etc. as main types of frauds. Gottschalk (2010) discounting fraud, phishing, internet fraud,
identified credit card fraud, check fraud, identity money laundering, etc. Menon et al. (2017)
fraud, mortgage fraud and advance fee frauds surveyed 110 digital banking users and revealed
main types of frauds. Idolor (2010) identified that frauds were occurred more in credit cards as
computer frauds, manipulation, theft, fake compared to net banking transactions. The main
payments and money laundering as main types of types of frauds occurred were phishing,
frauds affecting the banks. Owolabi (2010) skimming, identity theft, etc. Repousis, et al.
studied various types of frauds in the banks in (2019) revealed that corruption and illegal tax
Nigeria such as theft, fraudulent withdrawals, avoidance are the most significant kinds of
unauthorised loans, forged cheques, etc. Siddique frauds. Suleet al. (2019) examined whether the
and Rehman (2011) examined the role of cyber use of forensic accounting examination have an
frauds in the Indian banks and examined credit impact in identifying frauds. The study prescribed
card frauds, ATM frauds, money laundering, etc. that banks need to execute a set of principles and
as major types of cyber-frauds. Akinyomi (2012) a code of morals for staff in Nigeria. Olatunde
pointed out the cases of frauds in the Nigerian and Fasunle (2019) discovered that there is a
banks. The data were collected through noteworthy association between e-banking
questionnaire filled from two hundred bank staff practices in Nigeria and the rise in the security of
and analysed by using t-test. The study found banking dealings. E-banking has improved the
theft, forgery, defalcation, money laundering, volume of banking exchanges. Zuberi and Mzeni
fake payments, etc. as various types of frauds. (2019) revealed the factors that boost employees
Hoffman and Birnbrich (2012) revealed that there to take part in false practices, money related and
is a positive relationship between customer social pressure, insatiability, working issues and
awareness regarding fraud preventive measures noxious workplace. Poor control condition,
and the quality of customer relationship. It was deficient control exercises and conditions that
also found that older customers have a better permit tricky conduct among the fraudsters are
knowledge about their bank’s fraud prevention the main reasons of frauds. The foregoing review
measures than younger ones. Josiah et. al (2012) of literature shows that there is a need to conduct
discussed the role of auditors in fraud detection of a study highlighting the types of frauds and
selected firms in Nigeria. The data were collected reasons thereof in Indian public sector banks.
with the help of questionnaire and oral interviews,
and analysed by the use of chi-square test. The RESEARCH OBJECTIVES
study mentioned various types of frauds like asset The present study is conducted to achieve the
misappropriation, insurance fraud, false following specific objectives:
accounting, etc. Wada and Odulaja (2012) 1. To find the various categories of frauds
examined various types of cyber-crime in Nigeria occurred in the selected banks.
like phishing, cyber terrorism, cyber stalking, 2. To identify the reasons of frauds in the
spam mails, etc. Kanu and Okorafor (2013) selected banks.
discovered that fraudulent withdrawals, ATM
withdrawals and forged cheques were the most RESEARCH HYPOTHESES
frequent type of frauds occurred in banks. To achieve the objectives and validate the results
Dzomira (2014) collected the data from 22 banks of the study, following research hypotheses were
and found that money transfer, identity theft and formulated:
mobile banking frauds are the main types of H01: There is no significant difference in the
frauds occurred in banks. Hollow (2014) studied respondents' viewpoint towards various categories
64 cases of frauds from the financial sector of UK of frauds in selected banks.
and found that personal and financial pressure H02: There is no significant difference in the
are the main factors which encourage employees respondents' viewpoint towards the reasons of
to commit fraud. Gupta and Gupta (2015) frauds in selected banks.

1311| International Journal of Pharmaceutical Research | Jul - Dec 2020 | Vol 12 | Supplementary Issue 2
 Ms. Bhavna Sharma et al / An Investigation Types and Reasons of Frauds in Indian Public Sector Banks

Sample Profile: The population for the present vouchers, forged customer's signature, whereas
study is all the public sector banks in India. But for they agree/strongly agree towards fake
the present study, only three public sector banks documents, forged cheques, money laundering,
namely State Bank of India (SBI), Bank of India unauthorized borrowings and opening fictitious
(BOI) and Bank of Baroda (BOB) has been accounts. As a whole, majority of the respondents
selected. A sample of 90 respondents, expressed their disagreement towards
categorised into managers (37) and officers (54), unauthorized sanctions (N=54, P=60),
i.e. 30 each from BOI, BOB and SBI from the unauthorized borrowings (N=49, P=54.44), fake
area of Delhi, NCR was selected on the basis of payments (N=66, P=73.34), manipulation of
purposive/snowball sampling. The numbers of the vouchers (N=59, P=65.55), forged customer's
respondents with experience of less than 10 years signature (N=52, P=57.77), manipulation of
were 17 (18.9 percent), 11 to 20 years were 60 accounts (N=38, P=42.22), whereas majority of
(66.7 percent), 21 to 30 years were 9 (10 the respondents expressed their agreement
percent), and those with 30 years or above were towards fake documents (N=49, P=54.44),
4 (5 percent). Out of total respondents, 58 (64.4 forged cheques (N=50, P=55.55), money
percent) were males and 32 (35.6 percent) were laundering (N=41, P=45.55) and opening
females. 26 (28.9 percent) were graduates, 35 fictitious accounts (N=37, P=41.11). Table-I
(38.9 percent) were post-graduates and 29 (32.2 shows the descriptive statistics and ANOVA results
percent) were professionally qualified. of the types of frauds occurred in the selected
banks. In SBI, fake documents (x̄=3.10, σ=1.39)
Data Collection: Both types of data i.e. primary
is placed at the top, followed by forged cheques
and secondary were used in the present study.
(x̄=2.93, σ=1.41) and money laundering
Primary data were collected through a pre-tested
(x̄=2.87, σ=1.30), whereas forged cheques
structured questionnaire on five-point Likert scale
i.e. Strongly Agree (SA), Agree (A), Neutral (N), (x̄=3.53, σ=1.38) is placed at the top, followed
Disagree (D) and Strongly Disagree (SD) to get by manipulation of accounts (x̄=3.44, σ =1.04),
response about various categories of frauds fake documents (x̄=3.43, σ=1.4), opening
occurred in the selected banks and reasons fictitious accounts (x̄=3.40, σ=1.22) and money
thereof. The secondary data were collected from laundering (x̄=3.07, σ=1.35) in BOI. However,
books, journals, newspapers, websites, etc. forged cheques (x̄=3.73, σ=1.01) is at the top,
followed by opening fictitious accounts (x̄=3.59,
Data Analysis: The collected data have been σ=1.14), money laundering (x̄=3.57, σ=1.07)
analysed with the help of various descriptive and fake documents (x̄=3.54, σ=1.00) in case of
techniques like frequency distribution, mean, BOB. As a whole, forged cheque (x̄=3.40,
standard deviation, etc. ANOVA technique has σ=1.314) is at the top, followed by fake
been used to test the hypotheses and validate the documents (x̄=3.37, σ=1.285), money
results of the study. laundering (x̄=3.29, σ=1.274), opening fictitious
Reliability of the Scale: Reliability of the accounts (x̄=3.08, σ=1.192). The mean score of
instrument was checked by using Cronbach alpha some of the statements is greater than 3.00,
coefficient and objective-wise values are 0.826 which indicates that most of the respondents
and 0.943 and overall value is 0.879. Any value agree with the types of frauds in the selected
of 0.70 and above is a good measure of internal banks. Statistically, ANOVA results show that
consistency (Nunally, 1978). there is a significant difference in the respondents'
viewpoint towards forged cheques (p=0.047) at 5
RESULTS AND DISCUSSIONS percent level of significance in the selected banks,
Types of Frauds: The frequency distribution of the therefore the null hypothesis (H01) i.e. there is no
respondent’s viewpoint towards various types of significant difference in the respondents' viewpoint
frauds in the selected banks shows that most of towards various types of frauds in the selected
the respondents disagree/strongly disagree banks, is rejected.
towards unauthorized sanctions, manipulation of
accounts, fake payments, manipulation of
Table 1: Descriptive Statistics & ANOVA Results
Statements N SBI BOI BOB Total ANOVA
x̄ σ x̄ σ x̄ σ x̄ σ F Sign.
Unauthorized sanctions 30 2.27 1.048 2.53 1.279 2.43 1.040 2.41 1.121 0.428 0.653
Unauthorized borrowings 30 2.47 1.196 2.57 1.073 2.60 1.221 2.54 1.153 0.106 0.899
Fake payments 30 2.07 1.230 2.10 .995 2.10 1.062 2.09 1.088 0.009 0.991

1312| International Journal of Pharmaceutical Research | Jul - Dec 2020 | Vol 12 | Supplementary Issue 2
 Ms. Bhavna Sharma et al / An Investigation Types and Reasons of Frauds in Indian Public Sector Banks

Manipulation of vouchers 30 2.17 1.262 2.43 1.331 2.00 1.017 2.20 1.210 0.978 0.380
Forged customer's signature 30 2.10 1.185 2.57 1.455 2.63 1.402 2.43 1.358 1.386 0.256
Fake documents 30 3.10 1.398 3.43 1.406 3.54 1.006 3.37 1.285 1.051 0.354
Forged cheques 30 2.93 1.413 3.53 1.383 3.73 1.015 3.40 1.314 3.159 0.047
Money laundering 30 2.87 1.306 3.07 1.357 3.57 1.073 3.29 1.274 2.647 0.077
Manipulation of accounts 30 2.70 1.179 3.44 1.048 2.93 1.311 2.90 1.181 0.737 0.482
Opening fictitious accounts 30 2.77 1.165 3.40 1.221 3.59 1.143 3.08 1.192 2.175 0.120
Note: N=No. of Respondents; Source: Primary survey
Reasons of Frauds sufficient training to staff, (x̄ =3.03, σ =1.402)
As per the frequency distribution of responses and lack of proper audit (x̄ =3.03, σ =1.326) are
about the reasons of the frauds, most of the placed at the top, followed by multiple financing
respondents disagree/strongly disagree towards to same party against same security (x̄ =2.87, σ
poor supervision, inadequate compensation to =1.252), whereas lack of proper audit (x̄ =3.4, σ
employees, poor internal control system, =1.221) is placed at the top, followed by lack of
unauthorized extension of credit facilities, sufficient training to staff (x̄ =3.23, σ =1.501),
negligence to inspect the security documents, negligence to inspect the security documents (x̄
collusion between employees and external parties =3.20, σ =1.243), non-verification of end use of
and multiple financing to same party against funds (x̄ =3.13, σ =1.167) in BOI. However,
same security. However, they agree/strongly non-verification of end use of funds (x̄ =3.3, σ
agree towards lack of sufficient training to staff, =1.236) is placed at the top, followed by lack of
non-verification of end use of funds and lack of sufficient training to staff (x̄ =2.93, σ =1.258),
proper audit in the selected banks. As a whole, multiple financing to same party against same
majority of the respondents expressed their security (x̄ =2.9, σ =1.155). As a whole, lack of
disagreement towards poor supervision (N=48, sufficient training to staff, (x̄ =3.07, σ =1.38) is at
P=53.34), inadequate compensation to the top, followed by non-verification of end use of
employees (N=44, P=48.89), poor internal funds (x̄ =3.07, σ =1.243) and lack of proper
control system (N=48, P=53.34), unauthorized audit (x̄ =3.02, σ =1.236) in case of BOB. The
extension of credit facilities (N=44, P=48.89), mean score of some of the statements is greater
negligence to inspect the security documents than 3.00, which indicates that most of the
(N=40, P=44.45), collusion between employees respondents agree with the reasons of frauds in
and external parties (N=42, P=46.67) and the selected banks. Statistically, ANOVA results
multiple financing to same party against same show that there is a significant difference in the
security (N=41, P=45.56), whereas majority of respondents' viewpoint towards lack of proper
the respondents expressed their agreement audit (p=0.054) at 5 percent level of significance
towards lack of sufficient training to staff (N=43, in the selected banks, therefore the null
P=47.78), non-verification of end use of funds hypothesis (H02) i.e. there is no significant
(N=41, P=45.56) and lack of proper audit difference in the respondents' viewpoint towards
(N=39, P=43.34). Table-II shows the descriptive reasons of frauds in the selected banks, is
statistics and ANOVA results of reasons of fraud rejected.
occurred in the selected banks. In SBI, lack of
Table 2: Descriptive Statistics & ANOVA Results
Statements N SBI BOI BOB Total ANOVA
x̄ σ x̄ σ x̄ Σ x̄ Σ F Sign.
Poor Supervision 30 2.63 1.351 2.87 1.074 2.43 1.165 2.64 1.202 0.976 0.381
Inadequate compensation to 30 2.60 1.329 2.97 1.217 2.50 1.167 2.69 1.242 1.179 0.313
employees
Poor internal control system 30 2.47 1.306 2.83 1.262 2.60 1.276 2.63 1.276 0.629 0.535
Lack of sufficient training to 30 3.03 1.402 3.23 1.501 2.93 1.258 3.07 1.380 0.362 0.697
staff
Non-verification of end use of 30 2.77 1.305 3.13 1.167 3.30 1.236 3.07 1.243 1.459 0.238
funds
Lack of proper audit 30 3.03 1.326 3.40 1.221 2.63 1.066 3.02 1.236 3.019 0.054
Unauthorized extension of 30 2.67 1.124 2.87 1.106 2.70 1.236 2.74 1.147 0.257 0.774
credit facilities
Negligence to inspect the 30 2.80 1.243 3.20 1.243 2.57 1.194 2.86 1.241 2.045 0.136

1313| International Journal of Pharmaceutical Research | Jul - Dec 2020 | Vol 12 | Supplementary Issue 2
 Ms. Bhavna Sharma et al / An Investigation Types and Reasons of Frauds in Indian Public Sector Banks

security documents
Collusion between employees 30 2.73 1.258 2.87 1.224 2.67 1.241 2.76 1.230 0.202 0.817
and external parties
Multiple financing to same 30 2.87 1.252 2.70 1.291 2.90 1.155 2.82 1.223 0.226 0.798
party against same security
Note: N=No. of Respondents; Source: Primary survey
CONCLUSION AND RECOMMENDATIONS
In recent years, cases of bank frauds reported in IMPLICATIONS OF THE STUDY
India are on a steady rise. The predominant The study will provide information to bank staffs,
increase in frauds has affected the financial auditors, RBI and other related parties about the
performance of banks in the country. The results types and reasons of frauds. It will also be helpful
of the study shows that major types of frauds to the policy makers in framing the policies and
occurred were fake documents, forged cheques, strategies for prevention of frauds. The regulatory
money laundering, manipulation of accounts and authorities will be able to know the loopholes in
opening fictitious accounts. Manipulation of the existing policies and their implementation for
accounts was the main type of fraud being done sustainable growth of the banking sector. The
by the fraudsters in cases like Bhushan Power and study will provide a base to the future researchers
Steel fraud in Punjab National Bank, Parekh for conducting research in this area and
Alluminex Ltd. fraud in Axis Bank, R P Info contribute to the existing literature on frauds in
Systems fraud in Canara Bank, Totem banking sector.
Infrastructure Ltd. fraud in Union Bank of India.
Submission of fake documents was reported in LIMITATIONS AND FURTHER SCOPE OF
fraud cases like Bhushan Power and Steel fraud RESEARCH
case in Punjab National Bank, Rotomac Global The present study is limited to three Indian public
Private Limited fraud case in Bank of India, sector banks only. So the future research may
Simbhaoli Sugar Mills fraud case in Oriental Bank include other public sector and/or private banks
of Commerce, Parekh Alluminex Ltd. fraud case to arrive at more concrete results. The study may
in Axis Bank, Diamond Power Infrastructure also be done in other parts of country as this
Limited fraud case in Bank of India and R P Info study is limited to Delhi and NCR area. The other
Systems fraud case in Canara Bank. The main aspects like fraud detection, fraud prevention,
reasons of frauds identified were lack of sufficient impact of frauds on the performance of the
training to staff, lack of proper audit, multiple banks, etc. may also be examined by the
financing to same party against same security, researchers.
negligence to inspect the security documents and
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 Ms. Bhavna Sharma et al / An Investigation Types and Reasons of Frauds in Indian Public Sector Banks

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