Advisory Board on Banking and Financial Frauds (ABBFF)
On 21st August, 2023, the Central Vigilance Commission (CVC) reconstituted the Advisory Board on Banking and Financial Frauds (ABBFF). The reconstituted APBFF will be chaired by Suresh N Patel, former Central Vigilance Commissioner.
- ABBFF conducts the first level examination of bank frauds before recommendations or references are made to investigate by agencies such as the Central Bureau of Investigation (CBI).
- It has been empowered to examine the role of officials/ whole-time directors (including ex-officials/ ex-whole-time directors) in public sector banks, public sector insurance companies; and public sector financial institutions in case of frauds amounting to Rs. 3 crore and above. ....
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