Mirroring the traditional hawala system, where money is sent through non-banking channels, this digital version uses the anonymity of unregulated cryptocurrency to erase the financial trail and inject cash into the domestic economy.
The amount involved in banking system frauds surged to Rs 21,515 crore in the first half of FY26, up 30 per cent from the same period last year, even as the number of frauds fell 2.8 times to 5,092.
Five individuals, including an electronic repair shop owner and a DJ operator, have been arrested for allegedly defrauding a 78-year-old Delhi resident of over Rs 2.19 crore through a sophisticated cyber fraud involving impersonation of law enforcement officials and a 'digital arrest'.
The Indian Army has enhanced security along the Line of Control (LoC) in Jammu and Kashmir's Rajouri district by deploying state-of-the-art equipment, including smart fence systems, robotic mules, and all-terrain vehicles. These upgrades aim to counter infiltration and ensure peaceful Independence Day celebrations.
A man was arrested in Gujarat for allegedly receiving a significant portion of Rs 3.71 crore siphoned off from a Mumbai woman in a 'digital arrest' scam. The cybercriminals impersonated law enforcement and court officials, staging a fake online hearing to deceive the victim.
The relation between a regulator and its regulated entities is collaborative and not adversarial with the common objective of maintaining the stability and credibility of the financial system. However, the action on regulated entities like penalties and business restrictions are the last resort, Reserve Bank of India (RBI)'s governor Sanjay Malhotra said on Friday.
The CBI has filed a chargesheet against 17 people, including four Chinese nationals, and 58 companies for their alleged roles in a transnational cyber fraud network that siphoned off over Rs 1,000 crore.
The Enforcement Directorate (ED) is investigating a money-laundering case involving over Rs 331 crore deposited in a bank account linked to an illegal betting app. A bike-taxi driver was found to be unknowingly used as a 'mule' to funnel the illicit funds.
The accused had links with six persons, arrested on November 3 from Morbi, Surendranagar, Surat and Amreli districts, for allegedly routing Rs 200 crore to Dubai-based cybercriminals using nearly 100 mule accounts, the release said.
Telangana's anti-narcotics wing, the EAGLE Force, conducted a multi-state operation against a Nigerian drug cartel, resulting in over 50 arrests and the seizure of narcotics worth Rs 3.5 crore.
'Just like oral hygiene, cyber hygiene must become a daily habit,' says Beena Vaheed, executive director, Bank of Baroda. 'It is not enough to rely only on banks, companies, or the government. Each of us must play our part.'
The agency also ran a parallel investigation into cyber-slavery and the organised digital exploitation networks in Southeast Asia, with slave compounds in Myanmar and neighbouring areas, that are emerging as incubators for the execution of such frauds.
The Supreme Court has directed the CBI to conduct a pan-India investigation into digital arrest scams and questioned the RBI about its lack of AI usage in detecting and freezing accounts used by cybercriminals.
Delhi Police have dismantled three multi-state cyber fraud networks involved in online investment scams, fake trading applications, and KYC fraud, leading to the arrest of three key individuals.
The fierce battles of Galwan, Rezang La, Gurung Hill, and Walong taught the PLA a hard lesson: Fighting the Indian Army would never be easy or inexpensive.
By enabling real-time data sharing, the platform will help prevent scams and ensure secure transactions.
Mumbai police have arrested six individuals from Gujarat, dismantling an interstate cyber fraud gang involved in digital arrest scams, including one where a businessman was defrauded of Rs 58 crore.
Gujarat police arrest a woman allegedly involved in trafficking job aspirants to Myanmar and Thailand for cyber slavery. The accused lured people with promises of high-paying jobs and forced them to work for international cyber crime syndicates.
Reserve Bank of India (RBI) Governor Shaktikanta Das said on Friday said the central bank has developed an innovative artificial intelligence and machine learning (AI/ML) based model MuleHunter.ai to address the growing issue of mule bank accounts that are often used for committing financial fraud. Developed by the Reserve Bank Innovation Hub, the new initiative is piloted with two public sector banks.
Gujarat Police arrested an Indian national accused of running an international cyber slavery network operated by Chinese gangs from Myanmar and Cambodia. The accused allegedly supplied Indian workers to scam compounds where they were forced to commit cybercrimes.
The Enforcement Directorate (ED) has frozen Rs 110 crore and seized 1,200 mule credit cards following searches against the Indian operations of Parimatch, a Cyprus-based online betting platform, for alleged money laundering and cheating investors.
'Instead of the government and telecom operators solving the mess of their own creation, they're telling us we need to give access to our phones perpetually.'
'A mule operates someone else's account to transfer illegal money.'
Risk assessment platforms are increasingly using diverse data sources to help lenders identify groups attempting to access credit from regulated entities and to improve the process of evaluating new-to-credit (NTC) users.
Cyber fraudsters have duped Delhi residents of nearly Rs 1,000 crore so far this year, with investment scams, digital arrests and boss scams emerging as the most common cybercrimes.
The Enforcement Directorate (ED) has accused Karnataka Congress MLA K C Veerendra of collecting over Rs 2,000 crore through online betting sites. The agency alleges that Veerendra and his associates used various gateways and fintech service providers to mask their illicit activities.
The Army Day Parade this year will see participation of an all-girl marching contingent from the National Cadet Corps (NCC) and showcasing of four thematic tableaux, including one based on the force's Mission Olympics Wing.
A hiker has died and hundreds are stranded on the Tibetan slopes of Mt. Everest following a blizzard. Rescue efforts are underway.
Reserve Bank Governor Sanjay Malhotra on Wednesday exhorted the fledgling fintech ecosystem to focus on the underserved sections of the society to deepen financial inclusion. Speaking at the annual Global Fintech Fest in Mumbai, Malhotra accepted that serving the "privileged" will be a lucrative business, but urged the smaller companies to focus on the underserved.
State-owned banks have received guidance from the government to close Jan Dhan accounts whose beneficiaries are unwilling to keep them active, amid rising instances of such accounts being misused by fraudsters as mule accounts to defraud people, people aware of the development said.
'The larger and more opaque this shadow economy becomes, especially online, the greater the risk to India's national security.'
Maratha quota movement leader Manoj Jarange is heading to Mumbai to launch a fresh hunger strike, demanding reservation for the Maratha community under the OBC category. He has agreed to meet a government delegation near Pune en route.
India Inc, which is sitting on cash balances of 13.5 trillion, is using the funds to meet capital expenditure as well as brownfield expansion, resulting in 'anaemic' demand for bank loans, State Bank of India (SBI) chairman CS Setty said at an event on Monday. He added that a slowdown in corporate credit is mainly due to lack of demand.
A chargesheet filed by Andhra Pradesh police alleges former Chief Minister YS Jagan Mohan Reddy chaired a meeting related to a new liquor policy under which outlets would be run by a government entity. The chargesheet details alleged kickbacks and money laundering.
Viresh Joshi, a former chief trader and fund manager of Axis Mutual Fund, has been arrested under the anti-money laundering law in a case linked to alleged cheating of investors to the tune of Rs 200 crore by 'front-running' in trade activities, the Enforcement Directorate (ED) said on Sunday.
At the end of the discussion, the older Monpa said that if today the Chinese were to come inside India, "I will fight and kill them", prudently adding, "if they are of my age, if they are younger soldiers, I will not be able to fight". The entire village had a good laugh.
The raids were linked to a sophisticated organised investment fraud scheme targeting unsuspecting individuals through fake mobile apps and WhatsApp groups.
Dr Aniket Mule, consultant, internal medicine, KIMS Hospitals, offers practical advice to protect yourself from mosquitoes and water-borne diseases like malaria, dengue and chikungunya.
'Illegal gambling operators are systematically exploiting India's advertising and payment infrastructure, siphoning off crores of rupees from outside the country.'
Frankly, I never expected to be offroading in an electric vehicle, let alone an SUV of this calibre, raves Rajesh Karkera/Rediff after a test drive.
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