UPSC Current – CBI conducts searches in bank fraud case
CBI conducts searches in bank fraud case
Why in News?
- The Central Bureau of Investigation has conducted searches in connection with a case against three former senior officials of Syndicate Bank and others for allegedly causing a loss of over ₹12 crore to the exchequer.
What is CBI?
- Central Bureau of Investigation (CBI) is the premier investigating police agency in India.
- It functions under the superintendence of the Deptt. of Personnel, Ministry of Personnel, Pension & Public Grievances, Government of India – which falls under the prime minister’s office.
- However, for investigations of offences under the Prevention of Corruption Act, its superintendence vests with the Central Vigilance Commission.
- It is also the nodal police agency in India which coordinates investigation on behalf of Interpol Member countries.
- Its conviction rate is as high as 65 to 70% and it is comparable to the best investigation agencies in the world.