Read the following case carefully and answer the questions that follow. Read the news from The Himalayan Times on February 4, 2023. Police have arrested eight people involved in withdrawing…

Read the following case carefully and answer the questions that follow. Read the news from The Himalayan Times on February 4, 2023. Police have arrested eight people involved in withdrawing thousands of rupees by hacking bank accounts using an app called 'Nepali Kefi'. According to the police, the group of people get access to vital information of anyone who opens the app and then use the data to empty the bank accounts. Police arrested them today after an investigation based on a complaint filed by Hari Prasad at the District Police, Range, Lalitpur, stating that his bank account of NIC Asia Bank was hacked and the amount of Rs 400,000 was stolen from the account. Police investigation found that the group was also involved in stealing several million rupees from various other bank accounts. According to forensic experts, the group has been found using the Android Package Kit (APK) file to spread the malicious app through WhatsApp."An APK file is generally rewarded by someone and is not downloaded from the official Google store. This type of manual installation is quite dangerous. The APK file is not tested by Android's app store standard," reads a warning issued by experts through social media. Many banks have reported incidents where customers have faced financial and data loss including password of their email, CIPS, mobile banking, eSewa and Khalti accounts, the warning adds. Police said during a press conference that they recovered nine mobile phones, one laptop and five ATM cards from the accused who are 6 Nepalese and 2 Indians. Earlier, police have arrested Chines, Turkish, Pakistani and other nationals in similar cases after withdrawing millions of Rupees from others bank account by hacking ATM pins. According to the police, further investigation is under way in connection to the banking crime. Questions: a) What do you mean by banking fraud? Narrate the above case regarding the banking fraud in Nepal. b) What are the major provisions made by Banking Offence and Punishment Act, 2008 on banking fraud? c) In the above case, the foreign citizens have been held against the fraud charges. What kind of policies need to be developed for the foreign citizens coming to Nepal? d) Do you see the loopholes in the existing banking system or weakness of the banks in the ATM hacking cases? Suggest the banks various way to be safe from such banking frauds.