law relating to bank frauds (issues & challenges)

Description

Law Relating to Bank Frauds: Issues and Challenges (India Focused)

Bank frauds are serious criminal offenses involving deception or misrepresentation to unlawfully obtain money, assets, or other property held by or under the control of a bank. In India, these are governed under multiple laws and face several enforcement and procedural challenges.

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I. Legal Framework Governing Bank Frauds

1. Indian Penal Code, 1860 (IPC)

Sections 403–420: Criminal breach of trust, cheating, and forgery.

Section 467–471: Forgery of valuable security, falsification of documents.

2. Prevention of Corruption Act, 1988

Applies where bank officials are involved in fraudulent acts or abuse of position.

3. Prevention of Money Laundering Act, 2002 (PMLA)

Fraud proceeds may be treated as proceeds of crime; property can be attached.