A "significant" part of the banks' non performing assets (NPAs) were a result of loans obtained by fraudulent methods, the Comptroller and Auditor General (CAG) of India, Shashi Kant Sharma said here on Friday.
"There is a significant part of NPAs that amounts to fraudulently obtained advances, " Sharma said at the Assocham (Associated Chambers of Commerce and Industry of India) conference on financial and corporate frauds.
Sharma also added that a large part of these loans may now be irretrievable as they are likely to have been transferred abroad.
"There is also the belief that a large part of these advances may have been transferred abroad and may never be recovered, " he said.
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