In FY18, the banks had reported frauds worth ₹41,167 crore, he added.
"Total value involved in these frauds reported by the RBI-regulated entities during FY19 amounted to ₹71,543 crore as against ₹41,167 crore during the previous year, which is a 73% jump year-on-year," Dash told a CII event here.
He said the distribution of reported frauds by banks follow a high pareto principle also known as 80/20 principle, which means 80% of the consequences come from 20% of the causes.
The large value frauds worth ₹50 crore and above, constituted about 1% of the fraudulent cases but amounted to three-fourths of the fraud losses, Dash said.
Banks, on an average, report fraud loss of ₹35,000 crore every year. "This does not take into account loss to investors and other financial and operational creditors, apart from the intangible losses to the system," he said.
The amount involved in frauds reported since FY15 stood at ₹1,74,798 crore, constituting a whopping 211% of actual occurrence of frauds during the same period at ₹82,959 crore, he said.
Noting that corporate fraud is rarely a one-step operation, he said, "the most expensive frauds are committed by management teams who have the ability to override control systems and collude to cover their tracks."
Addressing the same event, Sebi executive director Anand Baiwar said there is a close link between corporate frauds and corporate governance.
"Effects of good corporate governance can be seen in terms of improved operating results and enhanced market capitalisation," Baiwar said.