'When there is such an elaborate and a strong process, one would have expected anyone to either place the issues so that they can be addressed or go to the regulator and probably tell them rather than creating a kind of uncertainty for the stakeholders.
The Enforcement Directorate (ED) reports a decline in traditional financial crimes due to sustained investigative actions and government initiatives, while highlighting emerging challenges like cryptocurrency fraud and terror financing.
'But two things worked against them: People kept coming forward, and -- crucially -- these were not outsiders.'
The Allahabad High Court has rejected a petition to dismiss a case against a woman accused of defrauding an aspirant of over Rs 22 lakh with false promises of a PhD degree and a university job.
A 75-year-old doctor from Pune was defrauded of Rs 12.31 crore in an online share trading scam after being coerced into making multiple investments by fraudsters.
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 amounts were transferred from HDFC Bank to BoB.
The Economic Offences Wing of Crime Branch in Kashmir conducted searches at multiple locations in Srinagar and Budgam districts concerning the alleged siphoning of government funds during the COVID-19 pandemic.
Hampton Sky Realty Limited, formerly directed by Punjab minister Sanjeev Arora, has issued a statement asserting its innocence and cooperation with authorities following the arrest of Arora in connection with a money laundering probe.
The Uttar Pradesh Special Task Force (STF) has dismantled two significant fraud operations involving crores of rupees in fraudulent share market, cryptocurrency, and forex schemes, leading to multiple arrests and uncovering a vast network of deceit.
In similarly-worded notices of attachment dated October 17, Sebi asked 11 banks, including ICICI Bank, Bank of Baroda, HDFC Bank, IDBI Bank, Indian Overseas Bank and Standard Chartered Bank, to attach the accounts of the three individuals.
A Mumbai-based businessman was allegedly duped of Rs 3.25 crore by a nine-member inter-state gang promising high investment returns. The gang also allegedly assaulted and threatened the businessman. Police have registered a case and handed it over to the Mumbai Crime Branch for further investigation.
The Singapore high court has put a freeze on deposits of $ 6.122 million following Enforcement Directorate's request on the ground that the money was "proceeds of crime" illegally siphoned off by Nirav Modi from the Punjab National Bank.
Two-factor authentication for all digital transactions, including UPI, is now mandatory in India, as per RBI guidelines, to enhance security and curb fraud.
'You empower a man, you are not necessarily empowering a family, you are just empowering him.'
'A mule operates someone else's account to transfer illegal money.'
The CBI has registered an FIR to investigate the alleged embezzlement of 550 crore from Haryana government accounts held with IDFC First Bank, following a referral from the state government.
The money that was allegedly siphoned by fraudsters from Trinamool Congress MP Kalyan Banerjee's dormant account with a nationalised bank earlier this week has been credited back to him by the bank authorities, the politician said.
The Enforcement Directorate has reported a staggering 170 per cent surge in asset attachments, reaching 81,422 crore in the last financial year (FY26), underscoring its intensified efforts against financial crimes and its significant role in restituting funds to victims.
A man has been arrested in Rajasthan for his alleged involvement in an illegal Aadhaar enrolment racket, where fake Aadhaar cards were generated using manipulated biometric data.
It will enable real-time intel sharing among banks and other financial sector participants to strengthen customer protection against digital fraud.
Two young men in Mumbai were defrauded of 23.43 lakh after being promised jobs in the Brihanmumbai Municipal Corporation (BMC). The accused, posing as a BMC employee, assured them of supervisor positions in the water department in exchange for money, providing fake joining letters and identity cards.
The caller told the victim that a bank account linked to his mobile number had allegedly received Rs 7 crore through money laundering activities and warned that he would be arrested in the case.
The Supreme Court has urged the Kapur family, including Rani Kapur and Priya Kapur, to resolve their dispute over the family trust through mediation, appointing a former Chief Justice to oversee the process.
A 35-year-old man has been arrested for allegedly defrauding over 500 women across India of more than Rs 2 crore through fake social media and dating app profiles.
Cyberabad police apprehended nine individuals for allegedly operating an international fake call centre that defrauded Australian citizens of millions of rupees over two years.
Punjab Governor Gulab Chand Kataria emphasised the importance of Aadhaar in promoting good governance, transparency, and ease of living, highlighting its role in ensuring welfare benefits reach the intended recipients and strengthening the rural economy through Direct Benefit Transfer.
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.
A Kerala MLA, K Shantakumari, was targeted by cyber fraudsters claiming a connection to a bomb blast case and using her identity. The MLA reported the incident to the cyber cell after her son identified inconsistencies in the video call.
Delhi Police have arrested five individuals for allegedly abducting and robbing a man after luring him through a dating application in the Kalkaji area. The victim was assaulted, forced to transfer money, and later abandoned.
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.
Two individuals from Hyderabad have been arrested in connection with a 'digital arrest' scam in Belagavi, where an 81-year-old businessman was defrauded of over Rs 15 crore.
The Enforcement Directorate (ED) has arrested an agent based in Uttar Pradesh for allegedly defrauding investors through the 'QFX' Ponzi scheme. The agent, Navab Hassan, has been remanded to ED custody for nine days. This is the second arrest in the case, which involves multiple FIRs across several states.
The accounts were hacked during April and May, police said, adding that the Axis Bank had contacted Mumbai police and informed that they had set up a committee to probe the matter.
What is phishing and how does it threaten your online identity? Find out!
'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.'
A 40-year-old woman has been arrested in Delhi for allegedly defrauding a resident of Rs 20,000 under the guise of arranging a loan through social media. The accused, Satvinder Kaur, was apprehended after a technical investigation revealed her involvement in the scam.
Four persons were booked in Maharashtra's Beed district for collecting more than Rs 4 crore fraudulently claiming it was to support Palestine amid the war with Israel, a police official said on Thursday.
As the total number of bank frauds increased from 6,800 in FY19 to more than 13,500 in FY23, the share of private banks in the occurrence went from 34 per cent to 66 per cent.
The United States Trade Representative (USTR) has expressed concerns that India's Digital Personal Data Protection (DPDP) Act, particularly the lack of a deemed consent mechanism for credit information companies, and the Information Technology (IT) Rules of 2021, along with frequent internet shutdowns, could negatively impact the ability of US companies to operate and trade in India.
