Embattled Adani Group on Monday said it has repaid loans aggregating $2.65 billion to complete a prepayment programme to cut overall leverage in an attempt to win back investor trust post a damning report of a US short seller. In a Credit Note released on Monday, Adani Group said it has made a full prepayment of $2.15 billion of loans that were taken by pledging shares in the conglomerate's listed firms and also another $700 million in loans taken for the acquisition of Ambuja Cement. "The prepayment was done along with interest payment of $203 million," it added.
The federal agency said it conducted raids against a director of Zanmai Lab Pvt Ltd, which owns WazirX, on August 3 in Hyderabad and alleged he was "non-cooperative". The agency's probe against the crypto exchange is linked to its ongoing investigation against a number of Chinese loan apps (mobile applications) working in India.
Don't reveal any information to strangers.
He was convicted on charges of stemming from special counsel Robert Mueller's investigation into Russian collusion in the 2016 presidential election.
About 300 fintech firms are under investigation by the ED for allegedly partnering 38 non-banking financial companies for predatory lending practices to charge borrowers high interest rates.
The broader Nifty declined by 73.90 points, or 0.71 per cent, to end at 10,378.40.
The CBI has registered 11 cases against cyber criminals involved in financial fraud using the internet and the agency conducted searches at 87 locations while 28 locations were raided by the state police forces, they said.
Shashank Rai, 30, allegedly sought millions of dollars in forgivable loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act from two different banks by claiming to have 250 employees earning wages when, in fact, no employee worked for his alleged business.
While PNB did not name the other lenders, Union Bank of India, Allahabad Bank and Axis Bank are said to have offered credit based on letters of undertaking (LOUs) issued by PNB. Foreign bank branches too are under investigation.
While it's not difficult to fall prey to card fraud, individuals can protect themselves against losses.
Use of blockchain technology will ensure that banks will not be blindsided like in the case of the Nirav Modi-Mehul Choksi blowout at PNB, says Raghu Mohan.
The size of corporate fraud in India almost doubled after 2009, and such cases also increased in number, said a report from Thought Arbitrage, a think tank in Delhi.
'The new ceiling will cover around 93 per cent of all deposit accounts, up from 90 per cent earlier,' notes Tamal Bandyopadhyay.
In its letter, finance ministry has pointed to sections 35, 35A and 36 of the Banking Regulation Act, 1949, to highlight the powers and functions of the RBI as regulator
Wipro, the information technology to soaps conglomerate, says it is unlikely, at least for now, to file a formal complaint against the employee who recently siphoned off around $4 million (around Rs 18 crore) from the company's bank account by accessing a colleague's password.
Fraudsters in Himachal Pradesh minted a series of a cryptocoins -- two of which were KRO and DGT -- to cheat thousands of investors of more than Rs 200 crore over a period of five years, beginning in 2018 -- the year the crypto reached fever pitch.
The Enforcement Directorate (ED) has attached assets worth over Rs 757 crore of one of the country's most known multi-level marketing (MLM) and direct-selling companies, Amway India, as part of a money-laundering investigation. The central agency issued a statement on Monday, alleging that the company was perpetrating a "scam" by running a pyramid "fraud" in the guise of direct-selling MLM network. "The entire focus of the company is about propagating how members can become rich by becoming members. There is no focus on the products. "Products are used to masquerade this MLM pyramid fraud as a direct-selling company," the ED alleged.
Despite the rating agency CARE withdrawing the ratings assigned to the bank facilities of FIPL "with immediate effect" following the receipt of a no-objection certificate (NOC) from the banks, Modi's company received uninterrupted letters of undertaking (LoUs) from PNB, which were honoured by other banks until a few weeks ago.
The 82-year-old former Jammu and Kashmir chief minister received the ED summons a day after the formation of the People's Alliance led by him was announced on October 15.
Don't share information over phone with anyone. Use only official apps. Keep Aadhaar locked unless needed.
A jury has convicted a former Enron Corp executive and four ex-Merrill Lynch & Co officials in the first criminal prosecution arising from the accounting fraud that led to the collapse of the energy trader.
Discrepancies between Form 26AS and Form 16 can lead to an inquiry by the I-T department.
The Reserve Bank of India (RBI) said directions have been issued in the wake of a rise in the number of cheque-related fraud cases.
The coming years could be exciting for Bandhan Bank, IDBI Bank, IDFC First Bank, Federal Bank, and CSB Bank.
The event will also hurt PNB's asset quality in the March 2018 quarter. While the finer details of the fraud have not been provided, making it difficult to gauge the exact impact, analysts say it will dent the bank's financials.
The war between hackers and banks over ATM security will be dynamically redefined, notes Atanu Biswas.
Proceeds of the crime had been siphoned off and laundered or concealed, or layered and integrated into the main financial system through the acquisition of properties. His wife Bindu Kapoor has been charged with being aware of the source of monies that were being routed through these companies.
K C Chakrabarty, former deputy governor, RBI, talks to Anup Roy on issues in the new bankruptcy law and rules.
In the excitement over the allocation of bank licences for the private sector, a new category of licence offered by the Reserve Bank of India (RBI) last year went almost unnoticed. That was when the RBI consolidated the rules for prepaid payment instruments (PPI), popularly understood as e-wallets or gift cards. In the process, the regulator has fast-forwarded a bottom-up card usage industry in India that is completely different from the world of bank-linked credit and debit cards.
Modi, 48, is currently living in a three-bedroom flat occupying half of a floor of the landmark Centre Point tower block, where rent is estimated to cost 17,000 (Rs 15 lakh) a month, The Telegraph reported.
SBI has suggested that banks be exempted from handing over the complete forensic audit report to the borrower as it would hamper future investigation and forewarn the borrower by way of disclosure of confidential information.
After a tumultuous past few days that almost halved value of the Adani group, embattled tycoon Gautam Adani-led conglomerate had some pressure eased on Friday as two global rating firms stuck with their calls on its credit profile and its French partner backed its investments in the group firms. Also for the first time since January 24, shares of the group's flagship firm Adani Enterprises ended in positive territory after erasing an intraday loss of 35 per cent. Adani Ports and SEZ also ended 8 per cent higher. This is after a over $100-billion rout in value of group stock since the US short seller Hindenburg Research accused Adani group of stock manipulation and accounting fraud.
Total scam in collusion with middlemen is estimated at over Rs 700 crore. Probe is on in 10 more cases.
Both groups warn of initiating strict actions, issue public notices.
The bank has one of the highest current account savings account share, stable credit quality, robust credit growth, adequate capital and low cost-to-income ratio, said PNB chief Sunil Mehta.
'Clients deemed higher-risk are required to update their KYC more frequently.'
In the past, there have been instances of people getting fake e-mails in the name of RBI.
Banks and brokerage firms have plans to test a small device that would help customers prove their identities while logging on to online banking, brokerage and bill-payment programmes, in an effort to fight Internet fraud.
The combined market capitalisation of the 21 listed PSU banks declined by about Rs 76,000 crore to Rs 425,800 crore during the month.
It further said that the loan application form should be suitably modified to incorporate passport details of borrowers.
