Government constitutes advisory board to examine bank frauds of at least Rs 50 crore


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In an attempt to curb the unauthentic/fraud transactions by businesses and bankers, the government has constituted a five-member Advisory Board to vet all alleged frauds of at least Rs 50 crore in state-run banks and public financial institutions before these are referred to investigative agencies such as the Central Bureau of Investigation (CBI). The Central Vigilance Commission (CVC) announced the formation of the board.