The fraud is alleged to have caused a Rs 65 crore loss to the Brihanmumbai Municipal Corporation (BMC).
'In this age of competition, we will not survive long if we do not provide quality service to our consumers'
Fraudsters lure individuals with false promises of recovering bonuses or maturity proceeds from lapsed policies.
The Indian government has introduced a bill in the Lok Sabha to ban online games played with money, aiming to curb addiction, money laundering, and financial fraud. The bill also targets advertisements and financial transactions related to such games.
A case has been registered against Maharashtra BJP minister Radhakrishna Vikhe Patil and 53 others, including directors of a sugar mill, for allegedly obtaining loans of nearly Rs 9 crore in the names of farmers using forged documents. The complaint was filed by a sugarcane cultivator and member of the cooperative sugar mill, alleging that the loan amounts were never credited to the farmers' accounts and were instead siphoned off by sugar mill officials and bank staff. The case was registered based on a court directive following a complaint alleging irregularities that occurred in 2004.
The Enforcement Directorate (ED) on Tuesday arrested the former CFO and internal auditor of the Cox and Kings Group in connection with its money laundering probe in the Yes Bank alleged loan default case. The agency said ex-chief financial officer Anil Khandelwal and internal auditor Naresh Jain were arrested under the provision of the Prevention of Money Laundering Act
The raids were linked to a sophisticated organised investment fraud scheme targeting unsuspecting individuals through fake mobile apps and WhatsApp groups.
In the past 10 years, over 500 PSB officers have died by suicide. When targets are overwhelming, senior management and customers are both impatient, and there is constant fear, not every banker has the resilience to survive and thrive, warns Tamal Bandyopadhyay.
Viresh Joshi, a former chief trader and fund manager of Axis Mutual Fund, has been arrested under the anti-money laundering law in a case linked to alleged cheating of investors to the tune of Rs 200 crore by 'front-running' in trade activities, the Enforcement Directorate (ED) said on Sunday.
The victim, who had a keen interest in stock market investments, was lured by fraudsters with promises of hefty returns on investments in stocks.
This case is the largest investigated by the Pandemic Response Accountability Committee Fraud Task Force to date, US Attorney for the Northern District of Texas Leigha Simonton said in a press release.
'Self-declaration from the customer in case of no change in KYC information or change only in the address details may be obtained.'
Red Square and VDNKh easily rank among the most striking places I've visited -- both for their historical significance and architectural splendour.
My admiration for Russian culture, vision and ambition grew with every step as I clocked the miles, Nitin Sathe tells us after a visit to Moscow and St Petersburg.
To educate customers on the modus operandi of financial fraudsters and share inputs on safe banking habits, banks are now coming up with awareness campaigns aimed at preventing customers from falling into the trap of fraudsters.
According to RBI's circular, cases of frauds involving more than Rs 25 crore and up to Rs 50 crore should be given to the CBI's Banking Security and Fraud Cell
'Main chunauti deta hun ke ek naam bhi ghuspaithiya ka bataye jiska SIR mein samne aya ho ya delete hua ho (I challenge you to name even one infiltrator who was identified or deleted in the SIR).'
According to a complaint from Bank of Baroda, the conspirators allegedly cheated a consortium of bank loans of Rs 3,695 crore. The scam was earlier estimated at around Rs 800 crore.
'Vigilance' is a dreaded term for PSB employees and there are instances where this fear is misused by the higher authorities to tame their subordinate officials. This fear always deters PSB executives from making decisions -- the fewer the decisions, the less the chance of falling into trouble, points out Tamal Bandyopadhyay.
This marks a 67% increase from the Rs 2,537 crore lost in scams in 2022-2023.
RBI said a total of 8,707 frauds involving Rs 1 lakh and above were detected during 2019-20 involving an amount of Rs 185,644 crore.
A superficial drama that never rises above its boring sentimentality, notes Mayur Sanap.
Here are five things that fraudsters are likely to say or do that should set the alarm bells ringing in your head.
An Enforcement Directorate team undertaking searches in a cyber fraud linked money laundering case was allegedly attacked in New Delhi on Thursday, officials said.
Private sector banks in India are taking the lead in the adoption of Artificial Intelligence (AI) in areas like fraud detection, customer segmentation, and chat automation, according to a Reserve Bank of India (RBI) study. The asset size and capital adequacy ratio are influencing the rate of adoption.
SEBI alleges Jane Street placed bets on the stock market falling and then acted in a way to make the market actually fall so it could win its bet.
25,600 cases of banking fraud totalling Rs 1.79 billion were reported up to December 2017. 'There is an inherent legacy when it comes to insuring crime.' 'Generally, most banks are uncomfortable in sharing data about employee fraud.'
Cyber fraudsters posing as Delhi ATS and Jammu & Kashmir police personnel cheated an elderly woman from Mumbai of Rs 22 lakh after accusing her of spying for Pakistan, officials said on Wednesday.
The Reserve Bank on Thursday affirmed its commitment to continue with its supervisory measures aimed at early identification of risks and vulnerabilities. The central bank would also focus on enhancing cyber resilience and capabilities of Supervised Entities (SEs) by implementing the recommendations of the inter-regulatory Working Group, which has uniform baseline cybersecurity guidelines for financial entities, it said in its annual report.
One of the most exploited provisions is Section 10(13A), which permits exemption on HRA.
The Reserve Bank of India (RBI) brass, including its Governor Sanjay Malhotra, on Tuesday told a Parliamentary panel that it was "optimistic" about the impact of the US tariffs on the Indian economy and, in long-run, it could benefit the country due to dipping trade relations between the US and China.
According to police officers, Shinde was wanted in connection with multiple FIRs of fraud totalling around Rs 300 crore.
rediffGURU Dr Ganesh Natarajan tells you how to upskill and upgrade yourself in order to future-proof your career.
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
The CBI successfully managed to get Monika Kapoor extradited from the United States, ending her 25-year flight from justice. She is accused of economic offenses including forgery and fraud.
Finance Minister Nirmala Sitharaman on Wednesday asked fintech startups to come out with solutions to deal with the rising incidence of digital arrests, cheating by fly-by-night operators, and other kinds of cyber frauds. Speaking at the Digital Payments Awards 2025 ceremony here, the minister credited fintechs with helping speed up financial inclusion and taking the payment system to even the far-flung areas of the country.
We as customers have to be conscious and careful to sidestep numerous types of frauds made possible under a mindless shift to a digital ecosystem without customer-redress procedures, warns Debashis Basu.
Breaking his silence after nine years, Vijay Mallya said he may return to India if assured a fair trial.
Arms dealer Sanjay Bhandari has opposed the Enforcement Directorate's (ED) plea in a Delhi court seeking to declare him a "fugitive " in connection with a black money case. Bhandari claims his stay in the UK is legal as the London High Court denied his extradition to India. The court's decision was also cited by an English court in April to deny the Indian government's request to extradite another accused in a rice-buying scam. Bhandari's lawyer argued that the ED's application was "vague, misplaced and without jurisdiction " and that the value involved in the case was less than the required Rs 100 crore to declare someone a "fugitive. " The Delhi court has sought the ED's rebuttal to Bhandari's argument by May 3.
Jaswinder Singh Sekhon, 27, now a Finnish national, used 200 stolen credit card numbers to defraud Wells Fargo Bank of $ 500,000.
The Interpol has issued its first Silver notice, at India's request, to track the global assets of former French Embassy officer Shubham Shokeen, who is wanted in connection with a visa fraud. The Silver notice, introduced in January this year, aims to track illicit assets across the globe. India is among 51 countries participating in the pilot project for the Silver notice, which will continue until November. The Interpol has issued two Silver notices on the CBI's request - one against Shokeen for allegedly facilitating Schengen visas for illegal gratification and another against Amit Madanlal Lakhanpal, who is wanted by the Enforcement Directorate for allegedly creating a cryptocurrency without permission and defrauding investors.
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