ABSTRACT
The legislative framework governing bank fraud in India has evolved significantly in response to the increasing complexity of financial crimes, particularly those involving cyber elements. Various laws, including the Indian Penal Code (IPC), the Prevention of Money Laundering Act (PMLA), the Information Technology Act, 2000, and the Reserve Bank of India (RBI) guidelines, play a crucial role in addressing fraudulent activities in the banking sector. However, the growing use of digital transactions has led to a rise in cyber fraud, necessitating the involvement of specialized cyber investigation units. These units, operating under law enforcement agencies, employ advanced forensic techniques to track, analyze, and resolve cyber-enabled banking fraud. Despite legislative provisions and technological advancements, challenges persist in terms of jurisdictional issues, procedural delays, and the adaptability of laws to emerging cyber threats. This paper examines the effectiveness of India’s legal framework in tackling bank fraud, assesses the role of cyber investigation units in redressing financial cybercrimes, and explores potential reforms to enhance the existing mechanisms for fraud prevention and resolution.
INTRODUCTION
The world is rapidly developing as the days are passing, we are living in a modern scientific era. The things are enormously changed due to the advancement of information and communication technology. Due to artificial intelligence (AI) world become global digital village. This advanced technology give birth to unnecessary evils in the form of cybercrimes.
We cannot avoid technological development but there is time to be safe form anti technologic personalities. It is said that law is an instrument of social change, we can change the world through it. The banking sector is most important sector of any country, rather it must be safe and sound from cybercrimes. It is need of time to have a better digital security to banking sector
Cyber space is the electronic medium of computer networks, in which online communication takes place. Cyber space refers to the global network of independent information technology infrastructures, telecommunication networks and computer processing systems in which online communication takes place[1].
For our day to day work we are using cyberspace in different ways, now so many trends of crimes we are inviting with the use of cyber space, and this new trend of crime is called computer crimes or cyber crime
A crime is an unlawful act which is not to be measured by the issue of occasions, but with the lawful aims and by the bad intentions of men. The greatest crime does not emerge from a need of feeling for others but from an over sensibility for ourselves and an over indulgence in our own desires. Cybercrime is a crime committed on the internet. This is a broad term that describes everything from electronic commerce sites to lose money.
The concept of cybercrime is not radically different from the concept of conventional crime, both include conduct whether act or omission, which cause breach of law and counter balanced by sanction of the state[2].
Cybercrime is a digital wrong doing. Any illegal activities committed using a computer or by using the net is known as cyber crime. Digital criminal acts are a variety of wrongdoings, which utilize machines and network systems for criminal exercises. The distinction between customary unlawful acts (Traditional crime) and digital wrong doings is the digital law violations can be transnational in nature. Cyber crime is a crime that is committed online in many areas using network and e- commerce. A computer can be the used for an offence when an unapproved access of computer system happens and on the other hand it influences e- commerce.
[1]DrS.R.Myneni–InformationTechnologyLaw(cyberlaw),AsiaLawHouseHyderabad2ndEdition (2021)ISBN:978-93-90227-37-6 pg no-9-10
[2]Prof.Shilpas.Dongre-cyberlawanditsapplications,currentpublications(2010)