Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
Banks operating in India reported fraud of Rs 4.92 trillion as on March 31, 2021, which represents nearly 4.5 per cent of the total bank credit, showed Reserve Bank of India (RBI) data, which was sought under the Right to Information (RTI) Act by Saurabh Pandhare. The data showed 90 banks and financial institutions reported a total of 45,613 cases of loan fraud till March 31, 2021. State Bank of India - the country's largest lender - reported the highest amount of loans as fraud - Rs 78,072 crore as on March 31, 2021.
The RBI expects the assessment to show if the systemic failure was only in PNB or in the overall banking universe
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.
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.
Breaking his silence after nine years, Vijay Mallya said he may return to India if assured a fair trial.
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.
The number of cyberfraud cases has skyrocketed from 2,677 in 1999-2000 to 29,082 in FY24 -- more than a 10-fold increase. The RBI pegs digital payment frauds at Rs 1,457 crore in FY24, up more than five times in a year. It's not just the number of frauds. What's alarming is the growing sophistication of the fraudsters, exposing the vulnerabilities within the financial system, observes Tamal Bandyopadhyay.
The Commission concluded that the bank officials had evidently been negligent in failing to compare the signature prior to making payment, notes Jehangir B Gai.
With the management of most State-owned banks hardly having time to concentrate on big-ticket business, growing the business of loan disbursals has been pushed down the priority order.
The Union finance ministry will meet CEOs of public sector banks to discuss issues related to cybersecurity in the wake of the Rs 820 crore (Rs 8.2 billion) fraud that hit Kolkata-based UCO Bank last month.
The opposition party questioned why the government took five years after the liquidation proceedings of ABG Shipyard to lodge an FIR in connection with the alleged duping of 28 banks.
Banks will also have to seek borrower's status report from Central Economic Intelligence Bureau on the account turning NPA
In a major blow to Nirav Modi, a bankruptcy court in the US has rejected a petition of the fugitive diamond merchant and two of his associates, seeking dismissal of fraud allegations against them by the trustee of three companies they previously owned indirectly.
The CBI on Monday arrested Videocon group founder Venugopal Dhoot in connection with the ICICI Bank loan fraud case, officials said. The 71-year-old Dhoot was arrested from Mumbai, nearly three days after former CEO and MD of the ICICI Bank Chanda Kochhar and her husband Deepak Kochhar were taken into custody by the CBI, they said.
Keeping surplus money in a bank account has become perilous, alerts Harsh Roongta.
The CBI has significantly increased the rate of fugitive repatriation, bringing back 134 individuals in the last five years, doubling the number from the previous decade. This success is attributed to enhanced diplomatic efforts, technological advancements, and improved coordination with Interpol.
Targets should avoid panicking and hang up. 'Disconnecting stops the scammers from building psychological pressure.'
'We are also conducting ongoing training and grooming at the branch level to pre-empt such cyberattacks.'
A strong demand was made in the Lok Sabha to eliminate online betting and gambling applications. YSRCP member Maddila Gurumoorthy urged the government to set up a dedicated task force to take action against betting and gambling apps. He also asked the government to draft regulations for such applications and launch awareness campaigns about the dangers of online betting. Other issues raised included deposit insurance coverage for bank depositors, representation of Scheduled Castes in the Kerala government, challenges faced by nurses, and the need for paramilitary forces in Jharkhand during upcoming Hindu festivals.
'Let them put their house in order first.' 'Let the RBI first rectify themselves.'
A Belgian court has declined the bail plea of Mehul Choksi, a key accused in the Rs 13,500 crore Punjab National Bank (PNB) loan fraud case.
Seventeen persons, including four hailing from Taiwan, were arrested by Ahmedabad Cyber Crime Branch for allegedly operating a nationwide 'digital arrest' racket, a Gujarat police official said on Monday.
'Last year, Rs 20,000 crore was ripped off from the banking system.' 'The situation has deteriorated under the Modi government.'
In 2025 alone, at least 50 suicides linked to online gambling losses have been reported across India. According to FIRs, the victims were addicted to betting, largely driven by cricket, rummy and poker.
UPI-related frauds have accounted for a cumulative loss of Rs 2,145 crore across 2.7 million reported incidents.
With a view to protect prudent commercial decision of bankers, the government has taken a slew of decisions, including doing away with personal responsibilities of MD and CEO of PSBs for compliance in dealing with large value frauds committed by bank officials.
The CBI has registered an FIR against an officer of Punjab National Bank (PNB), now suspended, for allegedly cheating the state-run lender to the tune of Rs 168.59 crore through 34 fake bank guarantees, officials said Thursday. Nearly four years after LoU (letter of undertaking) scam allegedly perpetrated by uncle-nephew duo of Mehul Choksi and Nirav Modi bled the PNB to the tune of about Rs 13,000 crore, bank official Priya Ranjan Kumar followed similar modus operandi to issue 34 fake bank guarantees without making any entries in its core banking system Finacle, according to the CBI FIR. "As per the interim investigation report dated November 27, 2022, it emerges that the fraud has been perpetrated by the bank staff in collusion with some unknown persons through illegal and unauthorized usage of the bank's systems.
In an age where personal data is a valuable commodity, investing in cyber insurance is not just a prudent choice; it is becoming a necessity for individuals and families alike, says T A Ramalingam.
Congress president Mallikarjun Kharge has accused the BJP of rigging the Maharashtra assembly elections and called for a return to ballot paper voting. He also criticized the Modi government for selling off public assets, undermining democratic institutions, and promoting communal polarization. Kharge's remarks come as the Congress prepares for its AICC session in Ahmedabad, where it will present its political and economic views.
This innovation has made mainframes the fastest-growing segment within IBM's Infrastructure business, demonstrating that even legacy technologies can continue to deliver value.
Private sector banks reported the maximum number of frauds in 2022-2023.
'I don't think it is going to be easy for India to get him back.'
'I don't know when I will be able to access those funds.'
'A credit line on UPI is going to make banks think about credit fundamentally as they digitise the credit process entirely.'
The Delhi government's Women and Child Development and Health departments issued public notices on Wednesday distancing themselves from the ruling Aam Aadmi Party's promised schemes of providing Rs 2,100 to women and free treatment for the elderly, triggering a fresh row ahead of assembly polls.
A former top executive of Citigroup has been charged for allegedly siphoning off more than $19 million from the bank, the latest in a string of frauds that have come to light at the global banking giant.
The alleged fraud includes the use of fake bills.
Dr Pananjay Tiwari, founder and director of Impel Overseas Education, highlights what international students should keep in mind in order to be safe in a new country and avoid being deported.
She was the managing director and the CEO of PNB since August 14, 2015 before being appointed in Allahabad Bank on May 6, 2017.
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