The Central Vigilance Commission has appointed A.D.M. Chavali, retired Executive Director of the Indian Overseas Bank, as a member in the Advisory Board for Banking & Financial Frauds.
The board, which was constituted last year and renamed earlier this month, is empowered to conduct the first level of examination of the allegations against officials in the rank of general managers and above in public sector banks and other financial institutions, in fraud cases involving more than ₹50 crore.
Investigating agencies and bank authorities have been instructed to seek the board’s advice in such matters before initiating any inquiry or investigation against officials under the Prevention of Corruption Act. Ordinarily, the board will tender its advice within one month of the receipt of the initial reference.
The board is headed by T.M. Bhasin, former Vigilance Commissioner and former Chairman-cum-Managing Director of the Indian Bank.
Its other members are former Urban Development Secretary Madhusudan Prasad, former Director General of the Border Security Force D. K. Pathak and former Managing Director and Chief Executive Officer of Andhra Bank Suresh N. Patel.
