The Indian government has approved the sale of a 60.72 per cent stake in IDBI Bank Ltd to Canadian billionaire Prem Watsa's Fairfax Financial Holdings Ltd for approximately 52,878 crore, a move that reflects improving India-Canada ties and marks a significant turning point for the bank.
Delhi Police have arrested two men, Himanshu Kumar and Ankit Kumar, for allegedly facilitating cyber fraud by arranging bank accounts for fraudsters. This action stems from a case where a victim was cheated of Rs 15.83 lakh. The investigation revealed how the accused provided crucial support to online cheating operations.
By the time she finished her term as SBI chairman, she was overseeing over two lakh employees, 24,000 domestic branches, 100 international ones and a bank that had stepped into the technological age and become youth-friendly. Meet Arundhati Bhattacharya, the first woman chairman of the State Bank of India and president and CEO, Salesforce, South Asia.
An 85-year-old woman was allegedly cheated of Rs 76.50 lakh by a bank manager and his family on the pretext of investing in shares. The manager, Jay Mukesh Mehta, was arrested after being on the run for six months, while his wife, father, mother, and brother remain absconding. The family reportedly duped others using the same method.
Can your money be protected against online frauds like hacking, digital arrests, etc?
Jared Kushner, former US President Donald Trump's son-in-law, has vehemently denied "outrageous and categorically false" allegations in a new book, "Princes and Thieves," which claims he accessed secret bank accounts linked to UAE, Saudi, and Israeli funds. Kushner stated on X that the author provided no evidence and that such claims never surfaced during his extensive past investigations.
A textile company director in Thane was allegedly defrauded of Rs 20.58 crore by five individuals who promised to secure loans for factory expansion and government uniform supply contracts. The accused reportedly misused financial documents and misappropriated funds.
'We see a lot of cases of bank deposits getting lost, especially when people die, so this will help address that because you have one consolidated view.'
Kanpur police have uncovered a Rs 2.66-crore cyber fraud operation, leading to the arrest of two individuals and the identification of 89 bank accounts nationwide. The investigation began after a bank manager reported alleged fake complaints filed by one of the accused, Akhil Singh Chauhan, who was denied banking facilities. The fraud involved a fake investment scheme that targeted an exporter, with money routed through numerous mule accounts.
A two-day weekend would help employees recover physically and mentally. They would return better prepared for branch work that demands patience, judgment, and accuracy, asserts Tamal Bandyopadhyay.
A savings or current account with no customer-induced transaction for more than 24 months is classified as inoperative.
The Indian Cabinet has approved Fairfax Financial Holdings' Rs 52,878 crore bid to acquire a 60.72 per cent stake in IDBI Bank, marking the country's largest foreign direct investment in the financial sector.
Bankers said the impact could become more visible from September 29 as customers could withdraw larger amounts of cash, although ATM operations are increasingly managed through third-party cash-loading arrangements.
'Ultimately, banks are a channel for people to get some long-term return, and this means banks need to adjust their asset-liability mismatch.' 'Customers also need long-term deposits, say those of three-five years. How would they get them if returns on those deposits do not climb?' 'Otherwise, on fixed deposits, a senior citizen doesn't get anything.'
A 57-year-old woman in Kozhikode allegedly lost Rs 1.35 crore to cyber fraudsters who posed as Mumbai Crime Branch officers. They threatened her with criminal cases and coerced her into transferring money for "verification" to the Reserve Bank of India, promising a return with interest. Police have registered a case and are investigating the incident.
The Delhi Police's Financial Monitoring Cell prevented potential losses of Rs 1.53 crore in "digital arrest" scams across five states. Their Proactive Victim Identification and Protection Team intervened to save multiple victims, including senior citizens, from transferring additional money to fraudsters who impersonated officials and threatened arrest for fabricated crimes.
Mumbai Cyber Police have apprehended six individuals, including an IIT graduate and a bank manager, for allegedly defrauding a senior citizen of Rs 1.12 crore through a "digital arrest" scam. The victim was coerced into transferring funds after being threatened with family arrest by impersonators.
A 62-year-old farmer from Dakshina Kannada district was digitally arrested and duped of Rs 1.31 crore by cybercriminals impersonating Mumbai police and ATS officers. The fraudsters coerced him into transferring money by falsely claiming he was involved in a terror attack. A case has been registered, and investigation is ongoing.
Delhi Police have arrested a 43-year-old man from Kerala in connection with a cyber fraud case involving unauthorised transactions totalling Rs 1.96 lakh from a woman's bank account. The accused, Raju, was identified through bank records and the National Cyber Crime Reporting Portal, and his account was linked to multiple cybercrime complaints.
Hyderabad cybercrime police have arrested two individuals involved in a 'digital arrest fraud' case where an elderly man was duped of Rs 29.17 lakh. The accused facilitated mule bank accounts and cryptocurrency transactions to conceal the money trail for an absconding third accused. The victim was threatened with arrest by fraudsters impersonating officials from Delhi Police, CBI, and ED.
A frozen phone screen, a fake customer-care call, a screen-sharing request or even a duplicate SIM can give cybercriminals a route into your bank account.
Mumbai Police have registered an FIR against former Yes Bank MD and CEO Rana Kapoor and others for alleged illegal transfer of mortgaged property worth Rs 1,000 crore.
Gurugram police have arrested three men from Gwalior, Madhya Pradesh, for allegedly providing bank accounts to cybercriminals involved in a fake e-challan SMS fraud. The arrests followed a complaint where a man lost Rs 1.35 lakh after clicking on a fraudulent link. The accused received Rs 7,500 for facilitating the transfer of Rs 70,000 from the victim's account.
Property ownership disputes depend on the registered deed, the parties' intentions, financial contributions and available evidence.
Rajasthan Police arrested Wasim Hussain in Gurugram for his alleged role in a cyber fraud case. A Jaipur resident was swindled out of Rs 22 lakh after fraudsters, posing as an American citizen, promised a job abroad for his son and demanded various clearance fees. Hussain allegedly provided mule bank accounts used to receive part of the defrauded amount.
A 57-year-old woman in Bengaluru was allegedly defrauded of approximately Rs 32 crore in a 'digital arrest' scam. Posing as CBI officers, fraudsters coerced her into sharing financial details and making numerous bank transfers over six months.
The Enforcement Directorate has made its sixth arrest, Mukesh Kumar Pukhraj Jain, in a pan-India cyber fraud and digital arrest case involving transactions worth Rs 30,000 crore. Jain is accused of acting as an RTGS agent for the criminal network. The probe, initiated by a Goa Police FIR, uncovered a vast money laundering operation across 20 states, with funds converted into foreign currency and linked to numerous shell companies.
Faridabad police have arrested six individuals in connection with a cyber-fraud case where Rs 50 lakh was swindled using a company CMD's photograph on WhatsApp. The police managed to freeze Rs 29 lakh of the defrauded amount. The accused, from Mumbai and Gujarat, were produced in court and sent to judicial custody.
A businessman in Ratlam was allegedly defrauded of Rs 55 lakh by cyber criminals posing as police officers. The fraudsters claimed his mobile number was linked to Pakistan's ISI and threatened legal action, coercing him to transfer funds. Three accused have been apprehended, and Rs 20 lakh of the defrauded amount has been blocked.
A Gurugram resident, Akhil Maurya, was arrested for allegedly defrauding an Italian woman, Paola Bertolini, of 900 euros (approximately Rs 98,000) under the guise of marriage. Maurya, who posed as an AI film creator, convinced Bertolini to transfer money for a project before cutting off contact. The Gurugram Cyber Crime police traced and apprehended him after the victim filed a complaint.
Two men from Jammu and Kashmir and Rajasthan have been arrested for allegedly duping a Delhi resident of Rs 6 lakh in a digital arrest cyber fraud. The accused impersonated law enforcement officials, threatened the victim, and induced him to transfer money. Investigations revealed links to multiple other cyber fraud complaints and a Cambodia-linked digital trail.
Police in Ghazipur, Uttar Pradesh, have arrested a father-son duo and an associate for allegedly running an elaborate job scam. They defrauded job seekers of lakhs of rupees by promising overseas employment using fake visas, flight tickets, and other forged documents. The accused operated a cyber centre and used online advertisements to lure victims, collecting money in instalments before providing fraudulent paperwork.
A businessman from Vrindavan, Ratan Lal Agarwal, was defrauded of Rs 30 lakh in a "digital arrest" scam. A cyber fraudster, posing as an ATS officer, threatened Agarwal with a criminal case linked to his wife's mobile number and kept him under constant surveillance, coercing him into transferring the money. Police have registered a case and frozen part of the scammed amount.
The Central Bureau of Investigation has appealed to the Bombay High Court against the acquittal of former Maharashtra minister Padamsinh Patil and seven others in the 2006 murder case of Congress leader Pawanraje Nimbalkar. A sessions court had acquitted the accused on June 20, citing insufficient evidence, and Nimbalkar's wife also filed an appeal last month.
A man from Kochi has been arrested in connection with a 'digital arrest' scam that defrauded a retired judge in Rajasthan of Rs 2.5 crore. The accused allegedly threatened the judge with false links to hawala transactions and the Pulwama case, leading to his apprehension in a coordinated police operation.
Delhi Police have arrested 11 individuals involved in multiple "digital-arrest" scams, recovering over Rs 12 crore. The scams, linked to handlers in Southeast Asia, have affected 78 complainants nationwide, totaling Rs 73 crore. A retired scientist was defrauded of Rs 1.25 crore, with the entire amount frozen. The investigation uncovered a network arranging mule bank accounts and using cryptocurrency for commissions.
Bank fraud is no longer just an external cyber threat -- insiders with legitimate access can exploit banking systems, trusted credentials and institutional blind spots to quietly siphon money.
Nandan Nilekani, co-founder of Infosys, has urged for the expanded adoption of the Account Aggregator (AA) framework to facilitate formal credit access for self-employed individuals and gig workers. He highlighted its potential to enable cash-flow-based lending by leveraging diverse data streams, moving beyond traditional asset-based lending, and fostering a more inclusive digital financial infrastructure in India.
The Enforcement Directorate has arrested Pravin Shinde and Brijesh Moradiya in a money laundering investigation connected to international drug trafficker Salim Ismail Dola's syndicate. The probe revealed a highly organised network involved in manufacturing and trafficking mephedrone, using hawala channels to layer proceeds of crime and acquire assets.
The CBI has registered a case against Basanta Kumar Das, former director of the ICAR-Central Inland Fisheries Research Institute, for allegedly diverting over Rs 27 lakh in government funds to his family members and others. The FIR states that these diversions caused wrongful loss to the exchequer.
