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.
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.
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.
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.
Two men in Bengaluru have been arrested for allegedly defrauding people by offering electric vehicles at subsidised rates under a fake central government scheme.
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.
If convicted, each defendant faces a maximum penalty of 30 years.
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.
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 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.
According to the Central Bureau of Investigation, Gutte is one of the directors of Gangakhed Sugar and Energy Limited.
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.
Cyber threats aren't always invisible -- sometimes they're right beside you.
It adds that banks could be hiding some of the fraud cases, masking these as bad debt
'A mule operates someone else's account to transfer illegal money.'
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.
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.
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.
Justice Bharati Dangre granted them bail as the Enforcement Directorate failed to file its charge sheet in the case within the stipulated 60-day period.
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.
A common feature in India is the lag between the occurrence of frauds and the time they are actually reported.
Shiv Sena member of Parliament Sanjay Raut on Tuesday said the Bharatiya Janata Party was using central agencies to topple the Maharashtra government by targeting the ruling Maha Vikas Aghadi leaders and their family members.
'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.'
'Reinvention is not a hugely difficult task. With technology as available today, you can reinvent yourself pretty quickly.'
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.
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.
During the first half of the financial year 2021-22, the reported number of fraud cases in various banking operations increased to 4,071 as against 3,499 in the year-ago period, the RBI's Report on Trend and Progress of Banking in India 2020-21 showed. However, the amount involved in frauds in various banking operations based on the date of reporting declined to Rs 36,342 crore during April-September 2021 from Rs 64,261 crore in the corresponding period of the previous financial year, the report said on Tuesday. In H1 2021-22, banks saw 1,802 reported cases of frauds amounting to Rs 35,060 crore which were related to advances.
A court in Mumbai on Thursday remanded Jet Airways founder Naresh Goyal to 14-day judicial custody in a money laundering case linked to an alleged fraud of Rs 538 crore at the Canara Bank. The Enforcement Directorate (ED) arrested Goyal on September 1 under the Prevention of Money Laundering Act (PMLA) following a long session of questioning at the central agency's office in Mumbai.
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.
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.
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.
Sebi cautions investors against fake notices demanding Securities Transaction Tax (STT) payments and warns about fraudsters posing as account handlers promising risk-free profits.
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.
Mint Road's proposals on banks' M&A funding are cautious even as entrants root for more elbow room, and weigh business models.
'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.'
Thapar, 60, was arrested under the Prevention of Money Laundering Act (PMLA) on Tuesday night after the agency carried out raids against him and his linked businesses in Delhi and Mumbai, they said. He is expected to be produced before a court on Wednesday where the ED will seek his custody, they added. The ED has been probing an alleged transaction between his company Avantha Realty, Yes Bank co-founder Rana Kapoor and his wife, who are already being investigated under the PMLA by the agency.
The relation between a regulator and its regulated entities is collaborative and not adversarial with the common objective of maintaining the stability and credibility of the financial system. However, the action on regulated entities like penalties and business restrictions are the last resort, Reserve Bank of India (RBI)'s governor Sanjay Malhotra said on Friday.
The CBI has booked Kanpur-based Rotomac Global and its directors for Rs 750.54 crore for alleged fraud in Indian Overseas Bank, officials said. The company, which was in the business of writing instruments, has a total outstanding of Rs 2,919 crore against a consortium of seven banks led by Bank of India in which Indian Overseas Bank has an exposure of 23 per cent. The agency has booked the company and its Directors - Sadhna Kothari and Rahul Kothari - under IPC sections related to criminal conspiracy (120-B) and cheating (420), besides various provisions of the Prevention of Corruption Act.
Private-sector lender IndusInd Bank had said the Serious Fraud Investigation Office (SFIO) interacted with its officials this week and would send a written communication seeking specific details related to the accounting discrepancies identified at the bank.
'Women in crime can turn on and off emotions like a tap.' 'Something that comes in the way of their goals can be eliminated without a second thought.'
