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Go Back       Himalayan Journal of Economics and Business Management | Volume 3 Issue 2 | April 20, 2022
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DOI : 10.47310/Hjebm.2022.v03i02.021       Download PDF       HTML       XML

Emerging Trends of Banking Frauds and Impact on Economy: Analytical Review with Respect to India


Dr. Abhijit S. Kelkar

Associate Professor, University of Fujairah, United Arab Emirates

*Corresponding Author

Dr. Abhijit S. Kelkar


Article History

Received: 06.04.2022

Accepted: 13.04.2022

Published: 20.04.2022


Abstract: India's banking industry has expanded dramatically. The banking sector's success is critical to India's economic growth. Banks' efficiency, on the other hand, increases the amount of fraud they commit. Despite the numerous safeguards and rules in place to combat fraud, it continues to occur. The purpose of this article is to look at how many bank and sector frauds there are, as well as the impact they have on bank performance and the Indian economy. Punjab National Bank's ongoing scams were investigated. We used secondary data from reliable sources to conduct this research. The T-test, ratios, and percents were among the statistical methods used in this study. The findings show a change in the rate of fraud growth over the time period studied. According to the findings, more and more public sector banks are being targeted for financial fraud. In 2018, it was discovered that the Punjab National Bank had been the victim of a massive fraud. The bank's loans were of lower quality than they should have been after the fraud was discovered.


Keywords: Banking Frauds, Impact Economy.


INTRODUCTION

The financial stability of an economy is determined by putting its financial system to the test. In the face of several global downturns, India's economic potential has allowed it to remain relatively stable, allowing it to emerge relatively unscathed. It's surprising that flaws went unnoticed given its robustness and security, resulting in massive black holes that have tarnished the banking industry's reputation... Fraud is the industry's most visible problem and greatest threat. Because of the difficulty in detecting and preventing fraud, it is one of the most serious issues confronting the banking and financial services industries. Production and consumption trends are influenced by a country's financial and banking systems. Observing the residents' happiness and health on a daily basis is a great way to learn more about them. In recent years, the number of financial fraud cases in India has increased. Despite the fact that fraud has long been accepted as an unavoidable part of doing business in India, authorities are concerned about the impact of banking frauds on bank profitability and the Indian economy since the country's economic liberalization (Granville, A., et.al. 2019).


Bankruptcy is defined by the Reserve Bank of India as a "deliberate act or commission that causes wrongful gain to anyone, either for a short period of time without monetary loss to the bank, or for an extended period of time, with or without the bank's knowledge."


"Any federally insured financial institution aiming at any federally insured financial institution to gain property or money from any federally insured financial institution" is the definition of bank fraud (Sharma, C. et al., ., 2018).


In 2019, the State Bank of India was accused of 1,197 fraud cases totaling Rs 12,000 crore. Punjab National Bank (PNB) and the Central Bank of India (CBI) were the second and third largest banks in terms of bank employee scams.


According to the RBI's annual report for 2019-20, bank fraud totaled more than Rs 1.85 trillion in the fiscal year ending June 2020, compared to approximately Rs 71,500 trillion in the previous fiscal. (Rao, A. 2020).


As a result, the number and value of "advances frauds" in the loan portfolio has increased (loans).


The top 50 credit-related scams accounted for 76 percent of all fraud in the fiscal year 2019-20. This graphic depicts the high concentration of high-value scams.


The number of fraud charges filed against public sector banks increased by 234 percent in the previous year, accounting for 80 percent of all reported cases. Private banks were responsible for roughly one-eighth of all fraud, a 500% increase.


By 2020, the CBI is expected to have investigated nearly $60,000 million in suspected theft. In about a dozen cases, more than 1,000 crores were allegedly defrauded from banks. According to police reports, more than Rs 100 crore has been allegedly misappropriated in more than 70 cases.


Impact on Indian Economy

Bank fraud can have a significant impact on economies. Regulators have no choice but to slap stiff penalties on the defrauded banks. Economic imbalances caused by bank fraud may cause the stock market to fall.


As a result of these schemes, there has been a significant economic impact on the stock market. As a result, the economy deteriorates and foreign investment declines, slowing economic growth. Following this wild ride, investors from all over the world are scrambling to find safer havens for their money.


A common scam involves depositing black money in a bank in order to convert it to white money. Bank lending practises are well-known for making loans to individuals and businesses that cannot be repaid. Banks frequently suffer long-term consequences as a result of these activities. Associate business executives' fraudulent money transfers to associate offshore banks are also common.


When banks fail, the economic impact is greater. Economic factors have a significant impact on people's daily lives. As a result, non-bank payment methods are becoming more popular than bank payment methods. As a result, trust is the most important factor in a bank's failure. It would be an understatement to say that this bank has impacted millions of Indians.


Scams, on the other hand, have become all too common. There was once a stigma attached to banking because it was only available to India's wealthy, but that has changed dramatically in the last ten years or so. A bank fraud or failure has a direct impact on the general public's mood.


According to a working paper published by the Indian Institute of Management, India's financial institutions have lost over 23,000 crore rupees in the last three years and over 61,200 crore rupees in the last five years due to fraud (IIM). When compared to the INR 83 lakh crore total lending in the banking system last year, these frauds appear insignificant. Because of their interdependence with the overall functioning of the economy, "network externalities" are the societal ramifications of bank failures. Delays in infrastructure projects can be traced back to deceptive strategies such as credit restrictions.


To clean up the mess in public sector banks, the government has no choice but to bail out corrupted public sector banks with taxpayer money. Because of the global financial system's fraud issues, Goldman Sachs Group's growth forecast for the year ending March has been lowered from 8% to 7.6%. N.R. Bhanumurthy, an economist at the National Institute of Public Finance and Policy, claims that the banking system's problems stem from a lack of due diligence. Because of the societal consequences of financial frauds, some groups may believe that putting an unofficial halt to lending is counterproductive. People are increasingly seeing PSBs as both a source of corruption and a responsibility to the public good. Because of the country's prudent fiscal policy, now is an ideal time for the government to take proactive rather than reactive measures (Credit, Q., 2021).


Research Problem

Banking fraud has been a major problem for both the financial industry and the global economy in recent years. "The black economy," according to (Bhasin, M. L. 2015), encompasses a wide range of illegal activities. Fraud is a global problem that affects every continent and industry. Both the bank's financial health and the national economy have suffered as a result of financial fraud.


Banks and financial institutions, on the other hand, are more likely to conceal fraud from the general public than to report it to authorities. This proclivity drives those who commit fraud to do so. Without financial institutions disclosing their information, it will be impossible to investigate a problem. Due to the complexity and length of legal regulations and processes, detecting and prosecuting fraud early on is extremely difficult.


When banks and financial institutions have no choice but to report suspicious activity, law enforcement is called in.


Hide wrong doing within the bank and use hiring and firing policies as a defense are two other ways to lose money.


This level of secrecy is justified by the belief that financial institutions would face liquidity issues if customers learned of bank fraud. Obtaining accurate data is a major challenge in a bank fraud investigation.


Because of the alarming rise in bank fraud, these occurrences necessitate thorough investigations by the banking industry.


Research Significance

Financial frauds and scams are a common occurrence in any economy, so the banking industry needed to study them. Because of their financial ties to other sectors, bank failures have significant "network externalities" in any country's economy. Banks. It thrives despite the implementation of numerous anti-fraud measures and rules.


Because fraud is thought to have a negative impact on bank performance, it was necessary to investigate the number of bank and sector frauds.


Research Objectives

  • To study about frauds in banking sector.

  • To review and analyze the trend of frauds plaguing the banking sector in India and its impact on Indian economy.

  • To compare number and amount of frauds in public and private sector bank wise.

  • To examine impact of frauds on performance of banks.

RESEARCH METHODOLOGY

Sources of Data

A significant amount of information is derived from secondary sources. For this project, a number of academic articles and research papers were used as sources.


Tools

The researchers used the following method to complete the project and meet the objectives:

  • To determine market price changes, data from several different dates was required.

  • The market's significance was investigated using statistical tests such as the t-test and ratios.


Sample

For the study, data on financial frauds was gathered from both public and private sector banks, with the latter being used.


Limitations of the Study

Here are just a few of the numerous issues with it:

  • Secondary data, on the other hand, could not be used in this investigation.

  • During the selection process, one or two banks were considered.

  • Only t-test data from December 18, 2017 to February 15, 2018 is available.


Scope of the Study

In this study, data on bank frauds is broken down by year and bank. The study examines bank fraud cases from 2008 to 2019, which is when the vast majority of these crimes took place.


LITERATURE REVIEW

Deceptive business practices are the subject of numerous publications and academic investigations. Research on the topic has been done. According to (Swain, S., & Pani, L. K. 2016), recent years have seen an increase in banking fraud in India (2016). The RBI's KYC rules aren't being followed, bank employees aren't taking their jobs seriously, and bank employees are stressed, which results in bank fraud. According to (Vigneshwaran, T. S., & Yokesh, M. 2018) in A Study on the Causes and Prevention of Fraud in the Banking Industry, the banking industry has its own set of challenges and obstacles when it comes to ethical behaviour. Their report, Rising Toll of Banking Fraud: A Threat to the Indian Economy, states that the bank serves as an intermediary between the availability of money and its proper use in society. There are numerous types of fraudsters in the financial sector, and they can be found in every area of the industry. Having a strong defense system in place and monitoring its effectiveness is now more important than ever for banks. According to (Yego, J. K. 2016), fraud has risen to the level of a major global issue and is not likely to diminish any time soon. Many businesses are losing money and becoming unprofitable because of this type of fraud.


Keep a close eye on things, or have someone else do a regular check.


Internal control systems are only as effective as the company's attitude toward bank fraud and the extent to which it is implemented, according to (Sharma, N., & Sharma, D. 2017) Banking Fraud in India: An Empirical Study of the Impact of Employee Education Cryptographic check barriers like multipoint inquiries can help banks keep their customers' confidence. Cyber-attacks on Online Bank Accounts: A Review by (More, D. M. M., & Nalawade, M. P. J. D. K. 2015). Right now, we are in the following situation: Online banking has become a necessary part of life in the twenty-first century. Recent years have seen an increase in cybercrime. Finding the source of the crime, shortages in training, and the growth of the underground economy all play a role in decreasing cybercrime. In today's global economy, auditor roles must be re-examined, say (Gupta, P. K., & Gupta, S. 2015), because current regulations are inadequate. Even in the face of investor demands, government securities regulators, or exogenous market changes, auditors and business leaders can take proactive and conscious steps to prevent financial fraud. A new study was carried out to better understand fraudsters' motivations and methods. A little depressing, to say the least.


It is claimed that banks drive money into the financial and money markets as well as long-term economic growth and prosperity by (Bhasin, M. L. 2015), an empirical study of bank frauds. More sophisticated techniques are being used by bank fraudsters in India as the country's banking sector grows in size. Detecting suspicious activity is essential if you want to avoid becoming the victim of fraud "Indian banks' audit committees and boards of directors have failed, resulting in an increase in financial institution fraud in the country. To combat fraud, regulators and law enforcement agencies must work together and share data and information."

It has been shown that boosting the morale of bank employees can help cut down on the likelihood of theft by embezzlement. Bank employees are essential to the success of such scams (Adebisi, J. et al., ., 2016). It is rare to come across a banking scam in a company where everyone adheres to strict ethical standards. According to the Greed Theory of Fraud, banks have frequently been the target of the underworld because of their wealth (Inaya, L., & Isito, E. O. 2016).


DATA ANALYSIS

Some Major Bank Frauds that Shook the Country

  • PNB Scam

In the Brady House Branch in Mumbai in 2018, Nirav Modi, his family, and Mehul Choksi, the owner of Gitanjali Gems, allegedly defrauded the state-run lender PNB of Rs 11,400 crore. Since the financial fraud scandal broke, PNB employees, including general managers, have been placed on administrative leave. The authorities have also revoked the passports of Nirav Modi and Mehul Choksi.


In March 2018, the Punjab National Bank (PNB) discovered a Ponzi scheme worth Rs 12,000 crore, and Nirav Modi was arrested on charges of masterminding it. Employees of an unnamed company have been put on trial in this case. Chandri Papers and Allied Products Pvt Ltd's primary goal is to produce papers and other related goods (CPAP). The robbery took place at the PNB Brady House branch in Mumbai, which was also the site of the Nirav Modi fraud.


The Reserve Bank of India (RBI) was alerted when Punjab National Bank (PNB) discovered an additional Rs 38,05 billion in fraudulent borrowings in Bhushan Power & Steel's account (RBI). The firm has taken advantage of bank frauds and manipulated the books of accounts in order to secure loans from the consortium lending banks.


  • SBI Fraud Case

Through the bank, Kanishk Gold Pvt Ltd, a jeweller, defrauded the State Bank of India (SBI) (KGPL). The KGPL is accused of defrauding 14 banks, including the SBI, for a total of Rs 824.15 crore. Kanishk Gold has been charged criminally by the ED and the CBI (CBI). This week, one of the owners of Kolkata's Shree Ganesh Jewellery House was arrested on charges of defrauding 25 banks, including the State Bank of India. On the morning of May 8th, he was apprehended. The accused avoided having their import financing recovered by using one bank's import financing and another's export financing.


  • Andhra Bank

Andhra Financial Institutions Limited (AFIL) is an Indian financial institution based in the state of Andhra Pradesh.

According to the Indian Express, Andhra Bank's former director and two other directors were arrested on January 13th in connection with a Rs. 5000 crore fraud case. An Andhra Bank-led consortium had loaned the company Rs. 5000 crore. The loan could not be repaid in the end.


  • Bank of Maharashtra

The former head of Maharashtra Bank's Pune Zone was arrested on July 20th, 2017, according to the CBI, for allegedly violating regulations regarding the amount of money that could be authorized in a Rs 836 crore scam. On the basis of forged documents, he gave a logistics company credit and loaned money to 2,802 drivers for the purchase of automobiles.


  • Canara Bank

On June 13th, it was discovered that the Abhijeet Group's promoters had set up 132 fictitious companies to avoid paying 20 banks and financial institutions. Jas Infrastructure, a subsidiary of the Abhijeet group, was contracted to build a power plant in Bihar and then used for that purpose to defraud Canara and Vijaya banks out of Rs 790 crore.


Table 1: Showing number of frauds year wise:

Year

No. of Frauds

%

Amount (Cr)

%

2008-09

4372


1860.09


2009-10

4669

6.79

1998.94

7.46

2010-11

4534

-2.89

3815.76

90.89

2011-12

4093

-9.73

4501.15

17.96

2012-13

4235

3.47

8590.86

90.86

2013-14

4306

1.68

10170.81

18.39

2014-15

4639

7.73

19455.07

91-28

2015-16

4693

1.16

18698.82

-3.89

2016-17

5076

8.16

23999.85

28.00

2017-18

5916

16.55

41167

72.00

2018-19

6801

14.96

71542

73.78

Source: https://www.livemint.com/industry/banking/bank-frauds-worth-rs-2-05-trillion-happened-in-last-11-years-reveals -rbi-data-1560335835680.html


Over the research period, fraud growth shifted from 2008-09 to 2018-19, as shown in the accompanying table. Scams have been steadily increasing since 2011, according to a closer examination of the graph.

Table 2: Showing the amount of frauds in private sector banks

Private Sector Banks

Amount (in crores)

Industrial Credit and Investment Corporation of India (ICICI)

5,033.81

Housing Development Finance Corporation (HDFC)

1,200.79

Axis Bank

5,301.69

Industrial Development Bank of India (IDBI)

5,978.96

Standard Chartered Bank

1,221.41

Kotak Mahindra Bank

430.92

Tamilnad Mercantile Bank

493.92

Lakshmi Vilas Bank

862.64

Total

20,523.68

Source: https://www.livemint.com/industry/banking/bank-frauds-worth-rs-2-05-trillion-happened-in-last-11-years-reveals -rbi-data-1560335835680.html


Table 3: Showing the amount of frauds in public sector banks: -

Public Sector Banks

Amount (in crores)

State Bank of India (SBI)

23,734.74

Bank of Baroda

12,962.96

Punjab National Bank (PNB)

28,700.74

Bank of India

12,358.20

Syndicate Bank

5,830.85

Central Bank of India

9,041.98

Canara Bank

5,553.38

Union Bank of India

11,830.74

Indian Overseas Bank

12,644.70

Oriental Bank of Commerce

5,598.23

United Bank of India

3,052.34

State Bank of Mysore

742.31

State Bank of Patiala

1,178.77

Punjab and Sind Bank

1,154.89

UCO Bank

7,104.77

Total

41,489.6

Source: https://www.livemint.com/industry/banking/bank-frauds-worth-rs-2-05-trillion-happened-in-last-11-years-reveals -rbi-data-1560335835680.html


It is much easier to defraud public sector banks in India than private sector banks, and the data reveals a lot about how private sector banks are run.


Table 4: Pnb market prices of shares used for T-test

Date

Closing Price

Date

Closing Price

18-Dec-17

178.75

16-Jan-18

165.55

19-Dec-17

178.75

17-Jan-18

175.55

20-Dec-17

17.5

18-Jan-18

170.5

21-Dec-17

173.5

19-Jan-18

176.4

22-Dec-17

175.95

22-Jan-18

176

26-Dec-17

174.3

24-Jan-18

194.65

27-Dec-17

174.1

25-Jan-18

180.9

28-Dec-17

170.8

29-Jan-18

173.95

29-Dec-17

171.4

30-Jan-18

172.65

01-Jan-18

169.75

31-Jan-18

171.35

02-Jan-18

166.4

01-Feb-18

167.55

03-Jan-18

166.6

02-Feb-18

161.85

04-Jan-18

176.45

05-Feb-18

163.7

05-Jan-18

176

06-Feb-18

161.05

08-Jan-18

175.7

07-Feb-18

156.55

09-Jan-18

174.65

08-Feb-18

159.35

10-Jan-18

170.65

09-Feb-18

156.8

11-Jan-18

172.75

12-Feb-18

161.65

12-Jan-18

174.2

14-Feb-18

145.85

15-Jan-18

172.15

15-Feb-18

128.25

Source: www.nseindia.com


T-Test: Paired two sample for means

 

Variable 1

Variable 2

Mean

172.1645

165.003

Variance

11.84419968

190.2205286

Observations

20

20

Pearson Correlation

0.089462174


Hypothesized Mean difference

0


Df

19


t-stat

2.286442375


P(T<=t)one tail

0.015533864


t Critical one -tail

1.724175364


P(T<=t) two tail

0.033112217


t Critical two tail

2.092442353



Table 5: Ratios showing the impact of frauds on bank: -

Punjab National Bank

2015

2016

2017

2018

2019

Net NPA (%)

4.00

9.00

8.00

11.00

7.00

Capital Adequacy Ratio (%)

13.00

11.00

12.00

9.00

10.00

EV Per Net Sales (X)

11.87

12.71

14.16

14.6

14.17

Price to Book Value (X)

0.7

0.47

0.84

0.7

1.07

Price to Sales (X)

0.58

0.35

0.68

0.55

0.86

Retention Ratios (%)

79.48

100

100

100

100

Earning Yield (x)

0.11

-0.24

0.04

-0.47

-0.23

Net NPA to Advances (%)

4.00

9.00

8.00

-2.00

7.00

Total Provisions and Contingencies

8,893.17

16,190.74

13,240.36

22,577.02

22,970.74

P1-P0/P0*100


82.06

-18.22

70.52

1.74

Source: https://www.moneycontrol.com/financials/punjabnationalbank/ratiosVI/PNB05#PNB05


According to Table 5, the bank's capital adequacy ratio has steadily declined since the bank's leadership failed to protect depositors' interests. As shown in the table, the bank's earnings per share fell to their lowest level in the year of the fraud. Despite the fact that the bank's loan was of poor quality, it was given a low overall rating. As a result of the fraud discovery, total provisions and contingencies were increased in 2018 and 2019. Fraud has been linked to a significant negative impact on a financial institution's performance.


FINDINGS AND CONCLUSIONS

Banks that deal with a wide range of products and services must keep an eye out for and prevent fraud in order to keep their operations running smoothly. Frauds have the potential to severely disrupt markets, financial institutions, and the payment system. Fraud prevention, detection, investigation, and reporting should all be handled by a separate division within a bank. Banking fraud could be a major issue in today's world. Despite all of this, the search for a cure continues to progress slowly. As a result, the country's overall growth suffers, as does people's well-being.


Bank fraud has a negative impact on banks and their market value, according to the findings.

  1. The rise in the number of frauds from 2008-09 to 2018-19 shows a fluctuating pattern.

  2. Scams have been on the rise since 2011-12, according to the data in the table.


According to the report, there were numerous bank frauds:

  1. The two largest banks in India are ICICI and SBI.

  2. The most scams were reported by Punjab National Bank and SBI.

  3. SBI committed a significant number of frauds, both in terms of the number of frauds and the dollar amounts involved.

  4. The massive fraud at Punjab National Bank is cause for concern.


  1. According to the study, defrauding India's public sector banks is easier than defrauding private sector banks.

  2. The T-test, a statistical tool used in the study, revealed that bank fraud has a significant impact. The T-test was only done on Punjab National Bank in this case.

  3. According to the analysis, the bank's capital adequacy ratio has decreased since the scam was exposed in 2018, while non-performing assets have increased. As shown in the table, the bank's earnings per share fell to their lowest level in the year of the fraud. As a result, the bank's loan was given a low rating. As a result of the fraud discovery, total provisions and contingencies were increased in 2018 and 2019. Fraud has been linked to a significant negative impact on a financial institution's performance.


4.1 RECOMMENDATIONS AND SUGGESTIONS

  • Accounting firms must be chosen and held accountable in order to keep track of loans. These accounting firms should provide loan recovery status information at least once a month.

  • These accounting firms should be assigned forensic audits right away.

  • If Re-KYC is done correctly, fraudulent activity can be detected more easily.

  • Banks should concentrate on market knowledge as well. To begin, a bank must establish an evaluation cell for the company or firm to whom it is lending, as well as the industry or market in which its products are sold.

  • It is critical to establish an agency with a skilled team of fraud investigators. To conduct the necessary investigation, a specialized investigation agency with experience working with the CBI, RBI, SEBI, and commercial banks is required.

  • Any new instances of fraud should be communicated to all bank employees on a regular basis. If a bank has its own communication intranet system, a simple mailer with the names of officials and parties changed can be sent out.

  • All employees should receive regular fraud detection and prevention training.

  • Three of the most important capabilities that banks should include in their cyber risk management plans are security, vigilance, and resilience.


REFERENCES

  1. Granville, A., et.al. (2019). Impact of frauds on Indian banking sector. International Journal of Innovative Technology and Exploring Engineering (IJITEE), 8(7S2). ISSN: 2278-3075.

  2. Sharma, C., Yadav, S., & Rani, M. (2018). Bank Frauds- Types and Prevention. International Journal Of Research.

  3. Rao, A. (2020). RBI Annual Report 2019-2020: Bank Frauds more than double. Bloomberg.

  4. Credit, Q., (2021). What is the effect of bank scams on Indian economy? Available at https://creditq.in/post/what-is-the-effect-of-bank-scams-in-the-indian-economy

  5. Swain, S., & Pani, L. K. (2016). Frauds in Indian banking: Aspects, reasons, trend-analysis and suggestive measures. International Journal of Business and Management Invention5(7), 1-9.

  6. Vigneshwaran, T. S., & Yokesh, M. (2018). A study on causes and prevention of fraud in banking industry. International Journal of Pure and Applied Mathematics120(5), 311-321.

  7. Sharma, N., & Sharma, D. (2018). Rising Toll of Frauds in Banking: A Threat for the Indian Economy. Journal of Technology Management for Growing Economies9(1), 71-88.

  8. Yego, J. K. (2016). The Impact of Fraud in the Banking Industry: A Case of Standard Chartered Bank (Doctoral dissertation, United States International University-Africa).

  9. Sharma, N., & Sharma, D. (2017). An empirical study on banking frauds in India-with a special reference to role of employee awareness in banking frauds. International Journal of Business Management3(1), 2055-2066.

  10. More, D. M. M., & Nalawade, M. P. J. D. K. (2015). Online banking and cyber-attacks: the current scenario. International Journal of Advanced Research in Computer Science and Software Engineering Research Paper.

  11. Gupta, P. K., & Gupta, S. (2015). Corporate frauds in India–perceptions and emerging issues. Journal of Financial Crime. 22(1), 79-103.

  12. Bhasin, M. L. (2015). Menace of frauds in the Indian banking industry: an empirical study. Australian Journal of Business and Management Research4(12).

  13. Adebisi, J., Matthew, O., & Agbo, P. (2016). Employee frauds in financial institutions: evidence from deposit money banks (DMBS) in Nigeria. International Journal of Business Marketing and Management1(4), 1-8.

  14. Inaya, L., & Isito, E. O. (2016). An empirical analysis of social impact of fraud on the Nigerian banking industry. Research Journal of Finance and Accounting7(4), 12-17.

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