In some of these cases the first round of forensic investigation was carried out by a group of lenders, which Yes Bank was part of. According to the people in the know, Yes Bank is looking to get a digital forensic audit and asset tracing probe on some of the top accounts.
While Yes Bank did not respond to an email query, its chief Prashant Kumar had hinted about a planned approach against defaulters last month.
“We are taking a planned approach towards bad loan recovery, in fact in the coming days you will hear our actions (against defaulters) would have reached such a stage that it would be under public scrutiny, the actions we are taking are confidential so I can’t discuss much,” Kumar had told ET in August. “For each of these (fraud & bad) accounts there is a separate strategy, there is a separate action plan and because of the legal processes it takes time. In the coming months you will see substantial action against all these defaulters.”
Responding to an ET query a Zee and Essel group spokesperson said, “Zee Entertainment Enterprises Ltd does not have a banking relationship with Yes Bank. An Essar spokesperson said, “We have no comments to offer on the alleged enquiry.” ADAG group and Cox and Kings did not respond to the query.
In most of the cases an investigation was carried out by a forensic investigator appointed by all the lenders. ET was first to write on January 28 that the lenders had roped in PwC and were conducting a forensic investigation in the case. After taking over Cox & Kings following a series of defaults, the lenders had discovered that the company had only ₹8 crore in a fixed deposit. The bankers also found that all computers, laptops and IT systems in the company were wiped clean and locked.
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15 Comments on this Story
abbagoldcricket Hussein38 days ago
THATS WHY RAGHURAM RAJAN WAS REMOVED WITH THE HELP OF SUBMARINE SWAMY HE WROTE A LETTER TO PM MODI TO REMOVE RAJAN A HE WAS INVESTIGATING NPA SPECIALLY THIS BANK BUT BIG GANGSTER CORPOREAT TYCOONS OR SWINDELERS WANTED HIM OUT AND LO AND BEHOLD HE WAS REMOVED VERY DISCREETLY WHERE IS SWAMY WHY IS HE KEEPING QUIET RAJAN WAS SMART KEPT HIS JOB IN USA ON HOLD HE KNEW POLITICS IN INDIA WAS TERROR ORGANISATION IT WAS DR MANMOHAN SIGH WHO PERSUADED HIM TO COME TO INDIA AS THEN PM HE WAS HIGHLY EDUCATED UNLIE TEBAOY YEAR FOUR FAILED NOW INDIA WILL LAMENT FOR A DECADE AS MORE NPA ARE DUG OUT
Chandrahash Rushi38 days ago
Jai Ho Top Most Neo Corny Rich has swindled the amounts & a few names like ADAG Group, Cox & Kings are common.These are the great favoured capttailists on whom this Govt relies & wants to offer on a platter Privatisation like Air India, Space companies like ISRO, Airports, Oil fields, Railways, Telecommunications( Almost all companies are sick & are unable to pay agreed Royalty & finall SC too has agreed to give stagerred time frame for Payments.These companies shall borrow again Billions, divert the funds, declare NPAs, SC too shall not allow enforcement of peronal BG & be a silent spectator in allowing looting of nation's wealth in this modern capitalist way of society at the cost of poor, middle class, savers & farmers. Jai Jo Loot by Loot by white callered moderen NAgarseths.
Sridhar Raghunatha Rao38 days ago
There is another report today about irregularities in HSBC Bank also. Cooperative Banks seem to exist for committing irregularities only. With all such reports about Bank's shady doings, what is not understandable is how our regulatory authorities allowed things to worsen to this extent?
The confidence in our Banking system is fast eroding.