Total Questions : 1
Recently, the Digi Bank-Biocoin loan fraud case was in the news for loan fraud and irregularities in loans provided to the Biocoin Group by Digi Bank, where Teesha Verma was the CEO and Managing Director. Verma and her family allegedly received kickbacks in exchange for granting loans to the Biocoin group, many of which became non-performing assets (NPAs) and caused a loss of 1,730 crores to the bank. Furthermore, Teesha Verma's husband was in the head position in Biocoin company, and the loan indirectly benefitted him, as he siphoned off all the funds to his Swiss bank accounts. The Enforcement Director is called upon to carry out the further investigation, further you as the senior officer leading the case and there has been political pressure to hush up the matter so that Teesha and her Husband don’t get involved in the case.
As a senior enforcement director officer what would you do in this situation? Also Suggest actions that could have been taken to prevent and address these ethical violations.GS Paper 4 Case Studies