In today's rapidly evolving digital payment landscape, security concerns remain a top priority for stakeholders across sectors.
The agency also ran a parallel investigation into cyber-slavery and the organised digital exploitation networks in Southeast Asia, with slave compounds in Myanmar and neighbouring areas, that are emerging as incubators for the execution of such frauds.
The publicly exposed data includes 48 million accounts on Gmail, 4 million on Yahoo, 17 million on Facebook, 6.5 million on Instagram, 3.4 million on Netflix, 1.5 million on Outlook, etc.
The co-operative banking sector is well regulated, and a few cases of restrictions being imposed by the Reserve Bank of India (RBI) should not paint a negative picture of the entire sector, said Department of Economic Affairs (DEA) secretary Ajay Seth on Monday. "Co-operative banks in the country are generally quite robust, and the RBI takes regulatory action whenever issues arise.
Senior citizens are particularly vulnerable due to their high savings, trust in authorities, and limited familiarity with online frauds.
A court in Mumbai has issued a non-bailable warrant against diamantaire Mehul Choksi in the Canara Bank-led consortium loan fraud case involving about Rs 55 crore. Choksi, a prime accused in the multi-million dollar Punjab National Bank (PNB) 'fraud', was arrested in Belgium on April 12 following an extradition request by Indian probe agencies.
A court in Antwerp on Friday cleared the extradition of fugitive diamantaire Mehul Choksi, noting that his arrest by the Belgian authorities on India's request was valid, officials in the know of the development said.
The bail plea of fugitive diamonds trader Mehul Choksi, wanted in India in connection with over Rs 6300-crore fraud in the Punjab National Bank (PNB), has again been turned down by a court of appeal in Belgium, just ahead of his extradition hearing before a court in that country, officials said. The court rejected the appeal on strong reasons conveyed by the CBI to the Belgian prosecution that Choksi had escaped from many jurisdictions earlier as well to evade legal proceedings and may flee to another country if let out on bail, they said.
Banks do extensive investigation before declaring an account fraud; they owe it to us as they deal with our money. Why would they try to fix an innocent borrower? asks Tamal Bandyopadhyay.
Trai has ordered BFSI firms to move service and transaction calls to the 1600 series from 2026 to reduce spam, financial fraud, and rising digital arrest scams.
Well-known inmates of the notorious Metropolitan Detention Center, Brooklyn, New York.
The CBI has filed an FIR against Amrapali Leisure Valley Developers Pvt Ltd, its director Anil Sharma and others for allegedly cheating Bank of Maharashtra and Andhra Bank of over Rs 230 crore, officials said on Friday. The banks had sanctioned credit facilities to develop a housing building at the Tech Zone IV in Uttar Pradesh's Greater Noida on a plot measuring 1.06 lakh square metre, the FIR alleged. The company failed to maintain financial discipline following which the account was declared a non-performing asset on March 31, 2017, the complaint from Bank of Maharashtra, now part of the FIR, has alleged, adding that "it has resulted in the loss of over Rs 230.97 crore". Following the FIR, the CBI Thursday conducted searches at four locations in Delhi, Noida and Ghaziabad, they said.
HDFC Bank's managing director and chief executive officer Sashidhar Jagdishan has approached the Bombay high court, seeking quashing of the FIR registered against him based on the financial fraud allegations made by the Lilavati Trust, which oversees the Mumbai-based Lilavati Hospital.
Lalit Modi posted a social media video from Vijay Mallya's 70th birthday party in London, referring to the pair as the 'two biggest fugitives' of India.
A district-level investigation has named several individuals, including relatives of India cricketer Mohammed Shami.
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.
The Enforcement Directorate (ED) has earmarked assets worth about Rs 15,000 crore that will be restored to victims of real estate, Ponzi and other frauds across India during the current financial year. The agency has been "aggressively" initiating this provision for restitution since last year to ensure rightful claimants duped by financial crime get their dues. The ED has already restored Rs 31,951 crore worth of assets under this provision, including Rs 15,201.65 crore from 2019-21 in cases related to Vijay Mallya, Nirav Modi and the National Spot Exchange Limited (NSEL). The ED Director has issued directions to all regions to actively work on cases marked for restitution of assets worth Rs 15,000 crore during the financial year 2025-26.
Google Pay, PhonePe, and Paytm may deliberately delay transactions, issue fraud alerts, and require an extra layer of user confirmation before processing any transactions that are likely to be classified as fraudulent.
Cyberabad police apprehended nine individuals for allegedly operating an international fake call centre that defrauded Australian citizens of millions of rupees over two years.
The number of digital financial frauds rose more than four times in FY24 year-on-year to comprise 80 per cent of all financial frauds.
The Bombay high court has upheld a decision by the State Bank of India (SBI) to classify accounts of industrialist Anil Ambani and his company, Reliance Communications (RCom), as "fraudulent" noting that there was no legal flaw in it.
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
'Large firms and their interests can dominate the narrative, even as smaller stakeholders and retail investors struggle to be heard.' 'Regulators therefore require deep subject-matter expertise to assess representations, recognise underlying incentives, incorporate the perspectives of less-visible stakeholders, and guard against bias or capture,' notes Ananth Narayan.
Former IPS officer Amar Singh Chahal allegedly shot himself after claiming he was duped of Rs 8.10 crore by cyber thugs. He was one of the accused in the 2015 police firing cases related to anti-sacrilege protests in Faridkot.
An accused is discharged at the stage of charge-framing when the judiciary is persuaded that the prosecution's claims do not contain adequate prima facie evidence to suggest criminal conduct.
The HC posed the question to the 70-year-old liquor baron, wanted in India to face trial on fraud and money laundering charges, on his return home while hearing his twin pleas.
The government on Wednesday withdrew the order mandating pre-installation of cyber security app Sanchar Saathi on smartphones by manufacturers.
Investors and startup executives are calling for extending the period for an entity to be recognised as a startup from 10 to 15 years for deep-tech companies.
The Supreme Court has directed the CBI to conduct a pan-India investigation into digital arrest scams and questioned the RBI about its lack of AI usage in detecting and freezing accounts used by cybercriminals.
Nehal Modi, the younger brother of fugitive diamantaire Nirav Modi, has been arrested in the US based on extradition requests from the Enforcement Directorate and the CBI.
The Securities and Exchange Board of India (Sebi), in a circular dated April 11, 2025, warned investors about rising fraud and manipulation linked to the securities market on social media platforms.
HDFC Bank has denied Lilavati Trust's allegation that the bank's MD and CEO Sashidhar Jagdishan was involved in a series of financial frauds. The allegation levelled by Lilavati Kirtilal Mehta Medical Trust (LKMM Trust), its trustees and officials against the bank's MD and CEO are baseless and malicious, an HDFC Bank's spokesperson said.
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
UPI has catapulted India into the forefront on the global digital payments landscape. Working hand in hand, the AePS payments system is making life easy for rural folks, notes Tamal Bandyopadhyay.
Investors will be able to authenticate if the entity receiving the payment is a valid entity under the ambit of Sebi.
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.
Markets regulator Sebi on Wednesday barred former CEO of IndusInd Bank, Sumant Kathpalia, and four other senior officials from accessing the securities markets in connection with an alleged insider trading in the bank's shares. In addition to the market ban, Sebi has impounded Rs 19.78 crore collectively from the five individuals, according to an interim order passed by the regulator.
The case pertains to a bank guarantee of Rs 68.2 crore submitted to the Solar Energy Corporation of India Limited (SECI) on behalf of Reliance NU BESS Limited, a subsidiary of Reliance Power, a listed company, which was found to be "fake".
Gujarat police arrest a woman allegedly involved in trafficking job aspirants to Myanmar and Thailand for cyber slavery. The accused lured people with promises of high-paying jobs and forced them to work for international cyber crime syndicates.
Link your UPI app to a separate bank account or wallet that has only a limited sum.
