Advisory Board for Banking and Financial Frauds (ABBFF)

August 23, 2023

The Central Vigilance Commission (CVC) has reconstituted the advisory board on Banking and Financial Frauds (ABBFF).
The reconstituted APBFF will be chaired by Suresh N Patel, former Central Vigilance Commissioner. Besides the Chairman, there are four Members and the tenure of the Chairman/ Members would be for two years with effect from August 21.
The ABBFF conducts the first level examination of bank frauds before recommendations or references are made to investigative by agencies such as Central Bureau of Investigation (CBI).
The Advisory Board for Banking and Financial Frauds (ABBFF) will examine the role of all levels of officials and whole-time directors (including ex-officials and 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.
The CVC or the Central Bureau of Investigation (CBI) can also refer any case or technical matter to the board for its advice.
The board can also give inputs for policy formulation related to frauds to the Reserve Bank of India and the CVC.
The ABBFF — which will be headquartered in New Delhi — will have to ordinarily, within a month of receipt of the initial reference, tender the advice as may be requisitioned by the Ministry/Department/CVC or the investigation agency.