On one side increasing work- load and, on the other, alarming number of frauds are threatening the smooth functioning of commercial banks causing serious concern. Fraud is a deception deliberately practiced in order to secure unfair and unlawful gains. Values and virtues have vanished from this great land because we have exported all of them for exchange of almighty dollar. Vices and vulgarities have increased because the least we want is to be on a par with the advanced countries. Evidently frauds have become common thing in all walks of life for quick, illegal advantages. In fact, it has now become extremely difficult to distinguish between honesty and dishonesty, genuine and fake. It is painful and cumbersome to talk about winning by fair means since intentionally willing to lose is more rewarding in terms of the immense amount of illegitimate money that can be earned with least strain and stress. The money, thus, gained, in turn, takes care of a whole lot of things. In sports dopes provide medals. Real ability becomes a casualty and gives disappointment. The sanctity of sportsman spirit is substituted by the greed for fame and fortune.
Frauds have become a part of life though it is dreadful, unacceptable and dangerous. Banks are no exception to this general rule of fraudulent incidents spreading like cancer. Frauds in banks are capable of inflicting bigger shocks and upsets to many persons who are working in the system. If not directly involved, there is a chance for indirect involvement. An individual's professional career is fully dependent on the job in hand and survival of the self and the family members are directly linked to the earnings from the occupation. If job is lost, life is lost. Committing a fraud is a criminal offence. The Indian Penal Code (45 of 1860) as amended by the Code of Criminal Procedure (amendment) Act 2005 (25 of 2005) with its 511 sections deal with offences and punishments. Amongst them, the Section 420 of IPC is heard by many persons because it deals with cheating.
In the banking scenario, every area of transaction is vulnerable for frauds because money is transacted by each and every action. The word fraud has five letters and each letter reveals the following unpleasant responses, namely F stands for fake, fictitious, false and forgery, R for ruin, ridicule, recrimination and reprimand, A for avarice, access,
alteration and accusation, U for unpleasantness, ugly, upsetting and uncouth and D for deception, despair, difficulties and dismissal. The effect of fraud is both sorrowful and shameful. One has to avoid it at all costs.
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