Benchmark lending rates unchanged with repo rate at 5.25%
The number of frauds in the banking sector increased over four times in the past five years to 36,075.
Public sector banks have written off loans worth Rs 6.15 lakh crore in the last five and a half years, Parliament was informed on Monday.
If RBI's recommendations are finalised, it will give more teeth to the existing fair practice code
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.
CBI officers who supervised investigations into the rape and murder of a doctor in Kolkata and the killing of rationalist Narendra Dabholkar are among those awarded police medals on Republic Day.
Frauds in the Indian banking system more than doubled in value during 2005, touching Rs 1,134.3 crore (11.34 billion) as against Rs 451 crore (Rs 4.51 billion) in the previous year, Lok Sabha was informed on Friday.
The Enforcement Directorate on Thursday conducted simultaneous raids as part of a money laundering investigation linked to an alleged bank loan fraud of Rs 3,000 crore against Anil Ambani group companies and Yes Bank, official sources said.
In the latest case, the fraudsters, posing as personnel of the Enforcement Directorate and the Central Bureau of Investigation, contacted the businessmen between August 19 to October 8 and claimed his name had cropped up in a case of money laundering.
Two men in Bengaluru have been arrested for allegedly defrauding people by offering electric vehicles at subsidised rates under a fake central government scheme.
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.
A 16-year-old Taekwondo player uncovered a fraudulent sports body, the 'Youth Khelo India Federation (YKIF),' which falsely claimed government affiliation and scammed athletes, prompting the Sports Ministry to file an FIR.
The Reliance Centre, a guesthouse and some residential assets in Mumbai, apart from 231 plots of land in Chennai, are among the fresh assets worth Rs 1,120 crore attached by the ED as part of its ongoing money-laundering probe against the companies of Reliance Group chairman Anil Ambani.
In a significant development, the Supreme Court on Tuesday sought responses from the Centre, CBI, ED, Anil Ambani and the Anil Dhirubhai Ambani Group (ADAG) on a PIL seeking a court-monitored probe into alleged massive banking and corporate fraud involving the ADAG and its group companies.
The attorney general told the apex court that the invasion of privacy was very minimal in Aadhaar and it may not even be considered as an invasion.
The brother of the chancellor of Al Falah University, linked to the Delhi blast probe, has been arrested by Madhya Pradesh police from Hyderabad in connection with nearly 25-year-old fraud cases.
The Supreme Court has directed the government to raise awareness, compensate, and protect vulnerable individuals who have lost money in cyber scams. The court's remarks came while granting bail to an accused in a cybercrime case, emphasizing the need for public education and cybersecurity awareness.
Cyber threats aren't always invisible -- sometimes they're right beside you.
The legislator was taken into custody under provisions of the Prevention of Money Laundering Act after he was detained by agency officials from a public meeting he was holding in Malerkotla, they said.
In FY24 alone, 1.34 million fraud cases were reported, amounting to losses of Rs 1,087 crore.
'In the past 20 days, I've received everything from kids' piggy banks to Rs 1 crore (Rs 10 million) through social media. I want to thank them for their sympathy. I also want to ask them to send their bank details. I just need time, but will pay them all back with respect.'
Payment apps PhonePe and Paytm have helped citizens avert potential financial frauds worth Rs 200 crore by using the fraud risk indicator platform developed by the Department of Telecom, a senior Walmart group official said on Wednesday.
We propose an expert group be set up to form a national strategy on digital fraud. This group would bring together skills in financial regulation, security economics, cyber defence, and public communications, and an understanding of the Indian financial and security systems. It should lay the foundations of a coordinated approach by the Indian State in fighting digital fraud, suggest Ajay Shah and Nandkumar Saravade.
The Central Bureau of Investigation (CBI) has arrested Ayush Varshney, co-founder of Darwin Labs, in connection with the 200 million Gain Bitcoin cryptocurrency scam. Varshney was apprehended while attempting to flee the country.
An 83-year-old Pune resident died of a heart attack after being defrauded of Rs 1.2 crore in a 'digital arrest' scam. Fraudsters posing as police and CBI personnel targeted the man and his wife, threatening them with arrest in a money laundering case.
Risk assessment platforms are increasingly using diverse data sources to help lenders identify groups attempting to access credit from regulated entities and to improve the process of evaluating new-to-credit (NTC) users.
Murders disguised as accidents. In one horrifying case, a man insured his father, mother, and wife -- then allegedly killed them all. He claimed Rs 54 crore in insurance.
As many as 6,801 cases of fraud were reported by scheduled commercial banks and select financial institutions involving an amount of Rs 71,542.93 crore in the last fiscal.
Security agencies have uncovered a vast network of 'mule accounts' in Jammu and Kashmir used to launder money for global scams, raising concerns about potential links to separatist activities.
Manjeet Bawa, 46, of New York and other co-defendants contracted to buy homes in Nassau and Suffolk Counties from innocent sellers at market prices.
Between April and August, it issued request seeking LoC against 147 individuals to prevent them from leaving the country, the bank said in response to a Right to Information query filed by Pune-based activist Vihar Durve.
Sebi cautions investors against fake notices demanding Securities Transaction Tax (STT) payments and warns about fraudsters posing as account handlers promising risk-free profits.
'Reinvention is not a hugely difficult task. With technology as available today, you can reinvent yourself pretty quickly.'
'A mule operates someone else's account to transfer illegal money.'
According to the Central Bureau of Investigation, Gutte is one of the directors of Gangakhed Sugar and Energy Limited.
If convicted, each defendant faces a maximum penalty of 30 years.
Nitin Bhatnagar, a Maltese citizen and a former relationship manager of the Bank of Singapore, was taken into custody under the provisions of the Prevention of Money Laundering Act on Tuesday.
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 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.
It adds that banks could be hiding some of the fraud cases, masking these as bad debt
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