On an average, the lag between the date of occurrence of the fraud and the detection by banks was stated to be 22 months, while the banks were found to have taken 55 months (2 years) on an average to report large frauds. The report further stated that large frauds, primarily involving funds of more than Rs.100 crore, took banks nearly four and a half years to detect. Public sector banks were said to have accounted for the bulk of frauds, followed by private sector banks and foreign banks. While cheating and forgery constituted for a large portion of the frauds, misappropriation of funds and criminal breach of trust were also reported in large numbers.