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Banking Fraud

The criminal offense of bank fraud is deliberately engaging in a secret scheme or deception intended to defraud a bank or financial institution, to obtain money or property owned by the bank or financial institution. Bank fraud is considered to be a white collar crime. In India, a criminal charge of bank fraud generally applies when an individual knowingly executes, or attempts to execute, at act

(1) In order to defraud a financial institution,

(2) To receive money, assets, credits, securities, or property from a bank or financial institution using false information, pretences, or insincere promises.

Types of Bank Fraud

There are dozens of ways in which an individual can commit bank fraud. Some of these schemes are more complex, and affect more people or institutions, garnering harsher penalties than others do. Common types of bank fraud include:

# Bank Impersonation – one or more individuals act as a financial institution, often by setting up fake companies, or creating websites, in order to lure people into depositing funds.

# Stolen Checks – fraudsters may obtain jobs that provide access to mail, such as the post office, mailbox stores, a tax authority, or corporate payroll company. After stealing checks, they open a bank account using an assumed name, and deposit the checks.

# Forgery – forgery occurs when a person alters a check by changing the name or some other information on the face. Altering the amount of the check, such as adding a zero to the end of a number, can turn a Rs 200 check into a Rs 20000 check, putting more cash into the forger's pocket. Forging a person's signature in order to cash or deposit a check also falls under this category.

# Fraudulent loans – an individual who takes out a loan, knowing that he will immediately filebankruptcy, has committed bank fraud. The same is true if the borrow uses a false identity in order to become approved for a loan, or forges information on a loan application.

# Internet Fraud – as it relates to bank fraud, internet fraud occurs when someone creates a website for the purpose of posing as a bank or other financial institution, to fraudulently obtain money deposited by other people.

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