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CBI Urges Faster Sanction for Prosecution in Bank Fraud Cases at Meeting with Finance Ministry and Banks
The CBI has raised the issue of delays in obtaining sanction for the investigation and prosecution of bank officials in corruption and fraud cases.
The CBI has expressed apprehensions over the delay in obtaining required permissions for launching investigations and prosecution proceedings against the officials of banks in cases of corruption and fraud.
It is reported that this matter cropped up at a meeting held on Thursday between CBI officials, Secretary of the Department of Financial Services, Ministry of Finance, other senior officials of the ministry, bankers and Chief Vigilance Officers (CVOs) of banks.
It has been found that in most cases, the banks are not granting permission for prosecuting their officials. Thus, such cases are not being sanctioned under the Prevention of Corruption Act and the cases are being transferred from special courts to ordinary courts. As per the law, prior sanction is to be obtained by the CBI under Section 17A of the Prevention of Corruption Act before initiating a criminal investigation and under Section 19 of the Act before filing prosecution.
