CFE, CII, FCIISCM, CATS, CCPS, CFAP
Kisan Credit card Frauds
Although KCC was a noble idea to help needy farmers, it has become a tool that has been misused by many. A disturbing trend has been observed that has been causing severe concern to banks and regulators alike where funds borrowed under KCC schemes are often being diverted for non-agriculture activities. These include estate investment, other business activities, purchase of expensive cars and jewellery, higher education of children in foreign countries, indigenous lending, etc.
Revolving cash facility, which entails unlimited withdrawals and repayments as long as it is within the prescribed limits, makes KCC vulnerable to money laundering. KCC could also be potentially used for “nesting” due to lack of proper documentation requirements. A customer can facilitate payments or deposits on behalf of someone else, which could easily be crime proceeds.
Netrika’s smart use of data analytics along with on field expertise in investigations can help banks/NBFCs detect red flags at an early stage and fight potential money laundering hazards.
Contact us at the Netrika office nearest to you or submit a business inquiry online.
Organisations are trying to be proactive with their monitoring to spot suspicious people and packages before crimes occur.
We at Netrika aim to be in the top 5 in times to come soon, while maintaining cost competitiveness and quality of the work delivery.
Enabling organizations to focus on core competencies & manage the risks with more confidence, leaving operational risk management challenges to us.