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<ul><li>In the first half of the year, <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> identified ₹263,944 crore worth of frauds </li><li>Some of these frauds date back to 2000-01, have remained effectively hidden for decades. </li><li>This year however, frauds worth ₹1,000 crore each rose sharply swallowing up ₹44,951 crore from banks </li></ul>The large piles of non-performing assets are not just toxic loans that turned bad – a chunk of them are frauds. The many loopholes in banks and a dormant regulator ensured that some of these frauds that date back to 2000-01, have remained effectively hidden. This is what the Reserve Bank of India (RBI) had unearthed when it checked the books closely. Only in the first half of the year, it identified ₹263,944 crore worth of frauds, as per the <keyword id="678734" type="ORGANIZATION" weightage="20" keywordseo="Financial-Stability-Report">financial stability report</keyword>. This year, there were 21 cases of fraud, each worth ₹1,000 crore and above. That’s a sharp rise⁠— only 14 such cases have been identified. The amount is also at a staggering ₹44,951 crore is twice the amounts identified twice that of all the five years combined. Over 97% of them all occurred in earlier years. Here is a look at the number of frauds and the amounts involved. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[
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 Sins of the past There is a glaring time gap between the occurrence and detection of fraud. “The amount involved in frauds that occurred between FY2000-01 and FY 2017-18 formed about 90.6% of the frauds reported in 2018-19 in terms of value. Similarly, 97.3% of the frauds reported in H1:2019-20 by value occurred in previous financial years,” said the report. To put the delay in context, centennials were not even born when some of these frauds took place. “A systemic and comprehensive check of legacy stock of public sector banks’ NPAs (non-performing assets) for frauds during the first half of 2019-20 helped unearth frauds perpetrated over a number of years and this is reflected in an increased number of reported incidents of frauds in recent years,” the RBI report said. It was also a time when the world was reeling from first domcom bust. Even during the sub-prime crisis of the US these frauds have remained dormant but now, the non-performing assets have piled up so much that they have become tough to ignore. But now, RBI is working on an early monitoring system that can help identify frauds. “A sharpened focus on fraud response plan is being sought from the banks and for this, stricter timelines and clear cut guidance with respect to reporting of frauds and declaration and processing of red flagged accounts (RFAs) will be prescribed,” said RBI in the report. SEE ALSO <a href="https://www.businessinsider.in/policy/economy/article/healthy-diets-are-hurting-coke-pepsi-amul-sales-as-well-as-the-economy/articleshow/72976410.cms">Your ‘healthy’ diet is making the Indian economy leaner ⁠— but it’s not for you to change</a> <a href="https://www.businessinsider.in/business/news/imf-calls-out-indias-growth-rate-which-did-not-translate-into-jobs/articleshow/72947797.cms">IMF calls out India's 'growth' rate which did not translate into jobs</a>

Indian banks found ₹2.6 lakh crore frauds in first six months of FY20– only because RBI looked ‘closely’

<ul class="summary-list"><li>Trump did a Pizza Hut commercial in 1995 with Ivana, his ex-wife, to promote stuffed-crust pies. </li><li>He didn't tell his new wife, Marla Maples, about the commercial until afterward.</li></ul>Had it not been for Donald and Ivana Trump, his ex-wife, Pizza Hut's <a href="https://www.businessinsider.com/donald-trump-saved-pizza-hut-stuffed-crust-pizza-2018-8" target="_blank" rel="noopener">stuffed-crust</a> dish may have landed in the <a href="https://www.businessinsider.com/fast-food-flops-mcdonalds-taco-bell-2019-12" target="_blank" rel="noopener">fast-food graveyard</a> alongside the chain's hot-dog-bites crust. Instead, a commercial featuring the divorced Trumps helped turn the cheesy crust into a multimillion-dollar business.But the whole thing made Marla Maples sick."<a href="https://affiliate.insider.com?u=https%3A%2F%2Fwww.amazon.com%2FConfidence-Man-Making-Breaking-America-ebook%2Fdp%2FB09S39YPP7%2Fref%3Dsr_1_1%3Fgclid%3DCjwKCAjws--ZBhAXEiwAv-RNL3j_Koh2QXOXWNCdJYmcDFbbw_E7BlQD9KcEEmcpTzHuXWTvSFUi5hoC8WIQAvD_BwE%26hvadid%3D174241552004%26hvdev%3Dc%26hvlocphy%3D9011917%26hvnetw%3Dg%26hvqmt%3De%26hvrand%3D2095449052252748785%26hvtargid%3Dkwd-3113208756%26hydadcr%3D22537_9636736%26keywords%3Dthe%2Bconfidence-man%26qid%3D1664902945%26qu%3DeyJxc2MiOiIyLjkzIiwicXNhIjoiMi4zNCIsInFzcCI6IjIuMzkifQ%253D%253D%26s%3Dbooks%26sr%3D1-1" target="_blank" rel="noopener">Confidence Man</a>," a new book out Tuesday by the New York Times reporter Maggie Haberman, says Maples threw up when Donald Trump told her he'd filmed the commercial. She'd been married to Trump for roughly two years, and they shared a daughter, Tiffany. At the time of the Pizza Hut commercial, Donald and Ivana Trump had finalized their divorce a few years earlier, but their postmarital sparring <a href="https://www.businessinsider.com/trump-ivana-divorce-tabloid-covers-2017-10" target="_blank" rel="noopener">constantly</a> made headlines. Ivana Trump was furious about her ex-husband's affair with Maples, and the two were known to loathe each other.But the ex-couple came together to film a cheeky commercial. It hints at a tryst between Trump and his ex-wife, with the couple saying it's "wrong" but "feels so right." After a pause, the two whip out a pizza box and agree to "eat our pizza the wrong way," meaning crust-first.They then poke fun at their divorce, with Ivana Trump reaching for the pizza box and asking, "May I have the last slice?""Actually," Donald Trump says in the commercial, "you're only entitled to half."Donald Trump, who was 49 at the time, had filmed the Pizza Hut commercial in Trump Tower while Maples was away at Mar-a-Lago. The room where the commercial was filmed was made to look like the inside of the Plaza Hotel, "Confidence Man" says. The day Trump filmed his commercial, he told Nick Ribis, the chief executive of the Trump casino empire at the time, and Alan Marcus, a consultant, about it, the book adds. Ribis had noticed that Trump had makeup on his face and inquired about it. "It's really cute," Trump told Marcus and Ribis about the commercial. "It's me and Ivana. And we're sharing a pizza. I'm in black tie, she's in a gown, and we're fighting over the last piece." Marcus tried to correct Trump, asking whether he had misspoken and had actually filmed the commercial with Maples, the book says.Trump confirmed that he'd filmed the commercial with Ivana Trump and said Pizza Hut paid him $500,000 for the slot, it adds. He had not told Maples, and Marcus recommended he do so.After coming clean to his wife, Trump disclosed to Marcus and Ribis that it didn't go well. "The poor kid," he said, according to the book. "I started to tell her and she got sick. She said she had to go."Trump's voice, the book adds, "turned to a nasal falsetto." He said Maples told him she had to "puke her fucking guts out." Trump and Maples divorced in 1999, and in 2005, he married his current wife, Melania Trump. Ivana Trump <a href="https://www.businessinsider.com/ivana-trump-the-first-wife-of-former-president-donald-trump-has-died-2022-7" target="_blank" rel="noopener">died</a> in July.

Marla Maples told Trump she had to throw up after he filmed a now famous Pizza Hut commercial with his ex-wife Ivana, book says

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Indian banks found ₹2.6 lakh crore frauds in first six months of FY20– only because RBI looked ‘closely’

Katya Naidu

Marla Maples told Trump she had to throw up after he filmed a now famous Pizza Hut commercial with his ex-wife Ivana, book says

Kimberly Leonard

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