Debtor alleges evidence from OCI Ltd shows funds were "round-tripped" to Byju Raveendran despite his earlier sworn statements -- claims Byju's founders strongly reject.
A grocery store owner in Bulandshahr alleges his PAN card was misused to set up six companies in Delhi after receiving an Income Tax notice for sales exceeding Rs 141 crore.
The complaint, filed by businessman Deepak Kothari, director of Lotus Capital Financial Services Ltd, claims the incident took place between 2015 and 2023. Kothari alleged that the couple took the money under the pretext of expanding their business but used it for personal expenses instead.
This is the fourth such death reported in the state since the exercise began on November 4, sparking a political blame game.
'Instead of the government and telecom operators solving the mess of their own creation, they're telling us we need to give access to our phones perpetually.'
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.
In 2023-2024, 95 scheduled commercial banks received over 10 million complaints from their customers. The process of KYC at many banks has become 'HYC' -- harass your customer, points out Tamal Bandyopadhyay.
A retired banker in Delhi lost his entire life savings, amounting to Rs 23 crore, to cyber fraudsters who posed as ED and CBI officers. The victim was kept under 'digital arrest' for over a month and forced to transfer funds under duress.
Reserve Bank Governor Sanjay Malhotra on Wednesday exhorted the fledgling fintech ecosystem to focus on the underserved sections of the society to deepen financial inclusion. Speaking at the annual Global Fintech Fest in Mumbai, Malhotra accepted that serving the "privileged" will be a lucrative business, but urged the smaller companies to focus on the underserved.
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.
Here are five things that fraudsters are likely to say or do that should set the alarm bells ringing in your head.
'Other sectors that manage the savings pools of Indians are giving tough competition to life insurance companies.'
Meta has announced new anti-scam features and awareness initiatives, including safety tools and tips to protect users, particularly senior citizens from cyber fraud and online scams, as the social media giant stepped up efforts to help people stay safe online.
The Supreme Court has said that selling land or property is not a service under the Finance Act, 1994, so such sales cannot be charged with service tax.
India is working closely with Belgium to extradite fugitive diamantaire Mehul Choksi, who was arrested in Antwerp on Saturday based on a formal request from the Indian government. Choksi is wanted by Indian probe agencies in connection with a Rs 13,500-crore bank loan fraud case involving the Punjab National Bank (PNB). His nephew, Nirav Modi, is also facing extradition proceedings in the UK.
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.'
What looked like a delivery update quickly turned into a WhatsApp hijack, Rishika Shah discovered to her horror.
The Enforcement Directorate has summoned Reliance Group Chairman Anil Ambani for questioning in a money laundering case linked to alleged bank loan fraud.
The Indian government has provided assurances to Belgian authorities regarding the prison conditions awaiting Mehul Choksi if he is extradited. The details focus on meeting European standards for humane treatment and addressing concerns about overcrowding and solitary confinement.
'In this age of competition, we will not survive long if we do not provide quality service to our consumers'
The victim, who had a keen interest in stock market investments, was lured by fraudsters with promises of hefty returns on investments in stocks.
The fraud is alleged to have caused a Rs 65 crore loss to the Brihanmumbai Municipal Corporation (BMC).
A special court here has allowed the release of properties worth Rs 66.33 crore, owned by fugitive diamantaire Nirav Modi and his sister Purvi Modi and attached by the Enforcement Directorate (ED) in connection with the multi-crore PNB fraud case.
Jaswinder Singh Sekhon, 27, now a Finnish national, used 200 stolen credit card numbers to defraud Wells Fargo Bank of $ 500,000.
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 Supreme Court is considering entrusting the CBI with the investigation into digital arrest cases, citing the magnitude and pan-India spread of such crimes. The court has sought details of FIRs registered in different states and union territories and is monitoring the progress of the investigation.
'Big Week For #USIndia Law Enforcement Collaboration'
The survey was based on the survey of 44 banks.
The case pertains to the Andaman Nicobar State Cooperative Bank (ANSCB) and its former vice chairman Kuldeep Rai Sharma. Sharma, a 57-year-old Congress leader, is a former MP of the UT (2019-24).
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.
Finance Minister Nirmala Sitharaman on Tuesday asked fintech firms to focus on risk management at a time when criminals are using AI to mimic voices, clone identities and create lifelike videos to manipulate people.
Over 25,600 cases of banking fraud reported up to December 21, 2017, says Minister RS Prasad.
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.
Fraudsters lure individuals with false promises of recovering bonuses or maturity proceeds from lapsed policies.
A superficial drama that never rises above its boring sentimentality, notes Mayur Sanap.
The total amount of fraud reported by banks showed a drop in 2020-21 - for the first time in eight years - though there is an emerging trend of private sector banks reporting a larger number of frauds related to card and internet banking. According to the latest data released by the Reserve Bank of India, commercial banks reported Rs 1.38 trillion of frauds in 2020-21, as compared to Rs 1.85 trillion in the previous year. The first half of the current fiscal year saw banks reporting frauds worth Rs 36,342 crore.
The raids were linked to a sophisticated organised investment fraud scheme targeting unsuspecting individuals through fake mobile apps and WhatsApp groups.
An Enforcement Directorate team undertaking searches in a cyber fraud linked money laundering case was allegedly attacked in New Delhi on Thursday, officials said.
This marks a 67% increase from the Rs 2,537 crore lost in scams in 2022-2023.
'Self-declaration from the customer in case of no change in KYC information or change only in the address details may be obtained.'
