Police in Belagavi, Karnataka, have arrested the operator of Shivam Associates, accused of running a multi-crore Ponzi scheme that promised high returns to depositors. The case has been registered under the BUDS Act and KPID Act, and will be transferred to the CID for further investigation.
Police in Karnataka have arrested an individual running a firm accused of operating a multi-crore deposit scam, attracting investments with promises of high returns. The case involves Shivaanand S Neelanavar and his firm Shivam Associates, also known as Acumen, who allegedly failed to return money to depositors after promising a 36 per cent annual return.
Public-sector banks (PSBs) in India have reported an 11.2 per cent year-on-year rise in net profit, reaching a record 1.98 trillion in FY26, marking their fourth consecutive year of profitability, driven by sustained business growth, improved asset quality, and strong capital positions.
HDFC Bank reports a 12% credit growth for the March quarter, alongside the unexpected resignation of its chairman, Atanu Chakraborty, due to ethical concerns.
The CBI has arrested five individuals, including a key figure, in connection with the LUCC chit fund scam in Uttarakhand, which involves over Rs 400 crore. The case concerns alleged irregularities by the Loni Urban Multi-State Credit and Thrift Co-operative Society (LUCC), accused of enticing investors into unregulated schemes.
The Haryana government has authorised the CBI to investigate the alleged involvement of five IAS officers in a Rs 590-crore fraud case involving IDFC First Bank. The CBI can now summon the officers for questioning.
Andhra Pradesh is spearheading an ambitious initiative to establish a fully integrated beach sand minerals, rare earth, and titanium ecosystem, aiming to attract over 50,000 crore in investments over the next decade. This move is part of India's broader strategy to reduce its reliance on China for strategic minerals and permanent magnets, with the state preparing a comprehensive rare earth policy and planning specialised industrial clusters.
The Haryana government has authorised the CBI to investigate the alleged involvement of five IAS officers in a Rs 590-crore fraud case involving IDFC First Bank. The CBI can now summon the officers for questioning.
The owner of Shivam Associates in Belagavi has been arrested following allegations of multi-crore investment fraud and unregulated financial activities. Authorities are investigating the firm's dealings with thousands of investors.
The Reserve Bank of India (RBI) has cancelled the banking licence of Paytm Payments Bank, citing that the bank's affairs were conducted in a manner detrimental to the interests of the bank and its depositors, and its management was prejudicial to public interest.
The RBI will now charge banks different deposit insurance fees based on how risky they are, allowing safer banks to pay less premium.
A Delhi court has expressed its dissatisfaction with the slow progress in the Shraddha Walkar murder case, noting significant delays over the past three months. The court urged lawyers to expedite the proceedings after the summer vacation.
Police in Gautam Buddh Nagar claim an accused linked to violent labour protests in Noida received over Rs 1 crore from foreign countries in their personal bank account.
'At the first sign of real trouble, that money will move. There will be a run.'
The Allahabad High Court has criticised the Uttar Pradesh government and police for the massive pendency of criminal cases in district courts, citing insufficient staff, lack of police cooperation, and delays in forensic reports.
The Enforcement Directorate (ED) has seized Rs 1.4 crore and incriminating documents during raids related to money laundering against suspended Punjab Police DIG H S Bhullar and his associates.
Faridabad police have arrested four individuals from Patna for allegedly defrauding a woman of over Rs 2.5 lakh by promising to take her to England. The accused, who operated three accounts used in the cybercrime, are in police custody and being questioned.
The government is planning a postal logistics infrastructure upgrade for India Post to modernise parcel facilities, aligning them with those in developed nations, according to Communications Minister Jyotiraditya Scindia.
The personal bodyguard of Bollywood actor Salman Khan has testified in court that the April 2024 shooting incident at the actor's Mumbai residence was an attempt to kill him. The trial began last month with the bodyguard's deposition as the first witness.
A special court in Mumbai has denied Indrani Mukerjea, an accused in the Sheena Bora murder case, permission to travel to Spain and the United Kingdom, citing concerns about her being a flight risk and the trial nearing its conclusion.
A special court in Thane, Maharashtra, has sentenced the mastermind of an investment fraud to rigorous imprisonment and ordered the auction of his properties to repay duped investors.
Former West Bengal minister Sujit Bose has been arrested by the Enforcement Directorate in connection with a money laundering case linked to an alleged municipality recruitment scam.
Pakistan's skewed foreign reserves got a major boost after Saudi Arabia pledged an additional $3 billion in deposits while extending its existing $5 billion facility for a further three years.
A tribal man in Odisha was forced to carry his sister's exhumed skeleton to a bank to withdraw her money, sparking widespread condemnation. The bank claims it only requested valid documents, but the incident has raised questions about the treatment of vulnerable customers.
Reliance Industries Ltd reported a 12.5 per cent fall in its March quarter net profit, primarily impacted by the global energy crisis affecting its oil and chemicals business, while its consumer-facing Jio Platforms unit saw a 13 per cent increase in profit after tax.
'The government's decision to keep interest rates unchanged on small savings schemes will certainly constrain banks' ability to cut deposit rates further.'
The Indian government has maintained the interest rates on small savings schemes, including PPF and NSC, for the eighth consecutive quarter, starting April 1, 2026.
Police in Nellore district, Andhra Pradesh, have busted an organised online cricket betting racket, arresting 12 people and seizing cash, mobile phones, and a television. The syndicate operated through online platforms, using multiple bank accounts and PhonePe numbers for fund transfers.
Melania Trump has publicly denied any connection to Jeffrey Epstein, dismissing allegations as false and politically motivated.
Haryana Chief Minister Nayab Singh Saini announced a CBI investigation into the Rs 590-crore IDFC First Bank fraud case, emphasising the government's zero-tolerance approach to wrongdoing. The State Vigilance and Anti-Corruption Bureau had previously investigated the case, arresting several individuals, including ex-IDFC First Bank employees. The alleged fraud involved the diversion of Haryana government funds intended for fixed deposits.
A Delhi court has convicted Congress MLA Rajendra Bharti and a former bank employee in a case involving cheating and forgery of bank records to illegally obtain interest payments.
Seven customers of Bharat Petroleum Corporation Limited (BPCL) in Indore have been booked for allegedly misappropriating over Rs 5.7 crore that was wrongly deposited into their digital wallets. Police are investigating how Rs 129.55 crore was incorrectly credited to around 1,000 BPCL 'Smart Fleet' customers.
Yield-generating instruments like Infrastructure Investment Trusts (Invits), Real Estate Investment Trusts (Reits), and Non-Convertible Debentures (NCDs) are witnessing a surge in investor interest, contrasting with a notable slowdown in the equity primary market, which saw only one IPO in April.
An accountant in Uttarakhand's Almora district was arrested by the Vigilance Department for accepting a bribe to release funds for a toilet construction project.
A fraudulent website impersonating the Mangaluru city police was used to deceive individuals into online gambling schemes, prompting a police investigation and public warnings.
Madhya Pradesh Congress MLA Rajendra Bharti has been disqualified from the state legislative assembly after being convicted in a bank fraud case involving the tampering of bank records to secure illegal interest payments.
The Delhi High Court has intervened in a fee dispute between Delhi Public School, Dwarka, and parents, ordering the reinstatement of 25 expelled students and directing parents to pay 50% of outstanding fees.
A Delhi court sentenced Madhya Pradesh Congress MLA Rajendra Bharti and a former bank employee to three years' imprisonment each in a cheating case involving the forging of bank records to obtain illegal interest payments between 1998 and 2011.
As deposit growth lags credit expansion, Indian banks face shrinking low-cost Casa inflows, rising funding costs, and structural shifts driven by UPI, e-Kuber, and digital savings trends, points out Tamal Bandyopadhyay.
Gujarat police have arrested eight individuals for their alleged involvement in a cyber fraud network that handled transactions worth over Rs 288 crore. The arrests were made as part of 'Operation Mule Hunt 2.0', targeting organised cyber crime.
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