Banking Frauds

Topics: Fraud, Identity theft, Credit card Pages: 15 (3449 words) Published: December 23, 2012
|PROJECT ON | | | |BANKING FRAUDS | | |

SUBMITTED BY:

• PRAJAKTA JADHAV - 9

• AYESHA KHAN - 12

• SHIRIN PATHAN – 19

• RACHNA RAUT - 24

• SONIA PAL- 40

• RANI RAMRAKHYANI - 49

Project report submitted to:

Ms. Darshana Ma’am

INDEX

|SR.NO |TOPIC | |1. |Introduction to Bank | |2. |Introduction to fraud | |3. |Introduction to Bank Fraud | |4. |Types of Frauds | |5. |Preventions | |6. |Case Study | |7. |Conclusion | |8. |References |

INTRODUCTION TO BANK

Bank is an institution for lending. Borrowing, exchanging, issuing or safeguarding money. a bank is a financial organization where people deposit their money to keep it safe.

According to the banking regulation act of 1949, defines “a company which transacts the business of banking in India.”

Under section 5(b)banks as “ accepting for the purpose of lending of investment of deposits of money from the public repayable on demand or other wise and withdrawal by cheques,draft,other or otherwise.”

A bank provides easy payment and withdrawal facility to its customers in the form of cheques and drafts, it also brings bank money in circulation. this money is in the form of cheques, drafts, etc. a bank provides various banking facilities to its customers. they include general utility services and agency services. a bank acts as a connecting link between borrowers and lenders of money. banks collect money from those who have surplus money and give the same to those who are in need of money.

INTRODUCTION TO FRAUD:

Fraud is a deliberate misrepresentation which causes another person to suffer damages, usually monetary losses. Most people consider the act of lying to be fraudulent, but in a legal sense lying is only one small element of actual fraud. Many fraud cases involve complicated financial transactions conducted by 'white collar criminals', business professionals with specialized knowledge and criminal intent. Fraud is a crime, and also a civil law violation. An unscrupulous investment broker may present clients with an opportunity to purchase shares in precious metal repositories. Fraud is not easily proven in a court of law. Laws concerning fraud may vary from state to state, but in general several different conditions must be met. Some employees of a large company may sell a product or offer a service without personal knowledge of a deception. The account representative who sold a fraudulent insurance policy on behalf of an unscrupulous employer may not have known the policy was bogus at the time of the sale....
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