Sebi widens fraudulent, unfair trade practices list
Concerned by age frauds at national level tournaments, the Sports Ministry on Friday directed state federations to ban overage athletes for two years when caught for the first time and hand a five-year penalty if the offence is repeated.
Bernie Madoff, notorious fraudster, was sentenced to 150 years in jail. Turns out, his sentence is only the 5th largest in recent years!
A look at ten of America's most famous fraudsters, and how they were dealth with by US courts of law.
Since its launch in April, helpline 155260 has been able to prevent more than Rs 18.5 million of defrauded money from reaching the hands of fraudsters.
As part of its efforts to strengthen customer protection, Reserve Bank is considering setting up a fraud registry to create a database of fraudulent websites, phones and various modus operandi used for digital fraud. Such a database will help prevent these fraudsters from repeating the fraud as the websites or phone numbers would be blacklisted, RBI executive director Anil Kumar Sharma said on Monday. "There is no definite timeline for setting up of the fraud registry.
A massive data breach that has implications for national security was unearthed by the Cyberabad Police in Hyderabad, who arrested seven people of a gang allegedly involved in the theft and sale of sensitive data of the government and important organisations, including details of defence personnel as well as the personal and confidential data of about 16.8 crore citizens.
Embattled Adani group has appointed accountancy firm Grant Thornton for an independent audit of some of its companies in a bid to come clean of the damning allegations levelled by the US short-seller Hindenburg Research and to assure investors and regulators. Sources said the audit is primarily to show to regulators like the Reserve Bank of India (RBI) that the group has nothing to hide and it is in compliance with relevant laws. The audit will specifically look into if there was any misappropriation or repatriation of funds and if loans were used for any purpose other than the one they were intended for.
Shiv Raj Puri, the alleged mastermind behind the multi-crore Citibank fraud, displayed his credibility to his potential customers, but never pushed them.
This provision is a very smart rule against fraudster and would not affect any genuine business entities or Ease of Doing Business in any manner, said a source.
A 40-year-old freelance journalist has claimed a person 'hypnotised' him over the phone and duped him of Rs 40,000, but police and experts said this is one of the 'most normal kinds of cyber fraud' and not a case of hypnosis.
5 precautionary measures you must take to prevent any misuse of your credit card.
Scammers and fraudsters keep coming up with creative ways to gain access to sensitive information and only by being alert and aware of such attempts can data privacy be truly maintained.
The opposition party questioned why the government took five years after the liquidation proceedings of ABG Shipyard to lodge an FIR in connection with the alleged duping of 28 banks.
Going through the credit report regularly will make you aware of a number of issues. One is identity theft.
Citing the SC order in Sahara case, Sebi has passed orders against at least five companies and 21 individuals charged with collecting thousands of crores fraudulently
German authorities had earlier prevented the CBI from taking Ghosh on the ground that an eight-centimetre knife lodged in his stomach could prove dangerous.
With Sebi telling the Supreme Court that it was not investigating the Adani group since 2016, the Congress on Monday cited a Union minister's reply in the Lok Sabha to challenge the claim and asked whether Parliament was misled or the market regulator was "fast asleep" as investors were "duped".
New guidelines by RBI on card usage will make it difficult for swindlers to dupe cardholders, but customers say security has come at the cost of convenience.
Such attempts had risen sharply right before pandemic and early part of pandemic by 121 per cent.
In an 18-page "suicide note" to the Central Bureau of Investigation (CBI), Sudipta Sen has declared himself as the only son of Maa Saradha.
Investigators working with the Federal Bureau of Investigation revealed that 'cover up', 'write off'', 'illegal', and 'failed investment' were used most often by employees carrying out rogue trading and fraud.
Be careful if you find your postal mails/ bank and financial statements intercepted, pilfered or tampered with.
The Securities and Exchange Board of India chairman C B Bhave said punishment should be quick for the perpetrators of fraud at IT firm Satyam Computer.
India has moved up in rankings from ninth to the fourth spot this year in the tally of top 20 countries affected by spam calls, owing to a significant increase in sales and telemarketing calls, as per a report by Truecaller. This year, all categories of sales-related calls made up a vast majority (93.5 per cent) of all incoming spam calls. Interestingly, over 202 million spam calls were made by just one spammer in India this year between January to October - which is over 6.64 lakh calls every day and 27,000 calls every hour of every day.
In the year-long crackdown on tax evasion, the GST authorities have unearthed over Rs 35,000 crore of tax fraud committed by misuse of input tax credit provision under the Goods and Services Tax (GST) regime. During the 2020-21 financial year, the CGST zones and the Directorate General of GST Intelligence (DGGI) booked about 8,000 cases involving fake ITC of over Rs 35,000 crore, a statement from CBIC said. Under the GST regime, at the time of paying tax on output, entities can reduce the tax they have already paid on inputs.
Personal data of thousands of people in India has been leaked from a government server which includes their name, mobile number, address and Covid test result, and these information can be accessed through online search.
A pan-India 'fraud-to-phone' network has been busted by security agencies, which have also arrested eight people and seized nearly 300 new mobile phones bought with stolen funds, officials said on Tuesday. Moreover, 900 mobile phones, 1,000 bank accounts and hundreds of unified payment interface (UPI) and e-commerce IDs of this gang have been identified and are under investigation. Nearly 100 bank accounts, and debit and credit cards have been frozen by the security agencies so far, officials said.
Borrowers should be careful if the app promises too-quick disbursal, and doesn't provide adequate information on the terms of the loan, such as interest rate, repayment schedule, etc.
Two Indian Americans -- Congressman Ro Khanna and Vijaya Gadde -- prominently figure in United States President Joe Biden's son Hunter Biden's laptop story whose full disclosure Twitter CEO Elon Musk has announced would be released on the microblogging site.
An Indian national from Gurgaon has been sentenced to three years in federal imprisonment on charges of call centre fraud that intended to cheat Americans of millions of dollars, a US attorney said.
Grim police procedurals, dark superheroes, ghostly encounters, things get pretty intense on OTT this week. Sukanya Verma offers some suggestions.
The Reserve Bank on Monday cautioned people against frauds in the name of KYC updation and advised them not to share key information like account details or passwords with unidentified persons or agencies. In a release, the RBI said it has been receiving complaints/reports about customers falling prey to frauds being perpetrated in the name of KYC updation. "The usual modus operandi in such cases include receipt of unsolicited communication, such as, calls, SMSs, emails, etc., by customer urging him/her to share certain personal details, account / login details/ card information, PIN, OTP, etc. or install some unauthorised/ unverified application for KYC updation using a link provided in the communication," it said.
The Reserve Bank of India (RBI) on Friday extended the card-on-file (CoF) tokenisation deadline by three months to September 30, 2022, in view of various representations received from industry bodies. Card-on-file, or CoF, refers to card information stored by payment gateway and merchants to process future transactions. Tokenisation is the process of replacing actual card details with a unique alternate code called 'Token' - thereby enabling more secure transactions.
Referring to Supreme Court's order against Sahara group as a benchmark for cases of unauthorized raising of money from public, Sebi has barred seven persons and one company from the markets for ten years for their involvement in the estimated Rs 1,500 crore 'StockGuru' fraud.
However, Jaitley's son-in-law had earlier issued a statement stating that his law firm had returned the retainership the moment they came to know that the company was involved in a scam.
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