BANKING

A loan acocunt is categorised as a 'fraud account' after it is red-flagged on the basis of practices like fund diversion (even if there is no siphoning of money from the company). A bank is supposed to report the fraud to RBI within 21 days of its detection as well as report it to the CBI or the economic offences wing of the police depending on the amount involved

from Banking/Finance-Industry-Economic Times https://ift.tt/K6QVON1
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