Wednesday, September 10, 2014

CVC forms advisory board on bank, commercial frauds

 The Central Vigilance Commission (CVC) has formed an advisory board to assist it and the CBIin examining matters related to Bank, commercial and financial frauds.

The advisory board, headed by former Vigilance Commissioner, Ranjana Kumar, will be based in Mumbai.
The advisory board, headed by former VigilanceCommissionerRanjana Kumar, will be based in Mumbai.

The four-member advisory board will have a tenure of two years and it would form part of the organisationalinfrastructure of the CBI and the Reserve Bank of Indiaproviding the required investigative and secretarial services along with the necessary funds.
“The board’s jurisdiction would be confined to those cases where, in disagreement or dispute with the bank,public sector undertakings or financial institution, the CBI desires to register a regular case or preliminaryinvestigation in respect of an allegation of a fraud,” an order issued by the CVC said.
However, considering the limited number of such disputes arising annually, the Commission does not, at the moment, finds it appropriate to specify the levels above which the reference could be made to the board. Thus, the CBI may refer any case to the board where it has a difference of opinion with the organisation concerned irrespective of the level of the officers involved in it, it said.
The board, headed by former Vigilance Commissioner, Ranjana Kumar, will be based in Mumbai but it can meet anywhere in the country at its convenience, the CVC order said.
The members of the board are Brahm Dutt, former SecretaryMinistry of Road Transport and Highways, Sunil Krishna, former Director General (Investigation) of National Human Rights Commission and D L Rawal, former CMD of Dena Bank.

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