Banks would soon be able to determine whether a property is already mortgaged when a borrower approaches them for a loan against it and this would help in checking the increasing instances of housing loan frauds.
With an aim to safeguard the investors from possible frauds involving collective investment schemes, the government has proposed a high-level committee of members from Reserve Bank, Sebi, Corporate Affairs Ministry and Economic Office Wing of state police departments.
The ED has charged the accused under various sections of the Indian Penal Code and the Prevention of Money Laundering Act (PMLA) in the over Rs 13,000 crore PNB scam case.
Advisors and agents known to you personally can also sell wrong policies.
The Burman family, which runs Dabur Group, has denied any involvement or role in an illegal cricket-betting app as alleged by the Mumbai police in a complaint filed last week. The family said vested interests were behind the police complaint and they wanted to scuttle their (Dabur's) move to acquire Religare Enterprises, a financial services company. "We have not received any formal communication on any such FIR
In similarly-worded notices of attachment dated October 17, Sebi asked 11 banks, including ICICI Bank, Bank of Baroda, HDFC Bank, IDBI Bank, Indian Overseas Bank and Standard Chartered Bank, to attach the accounts of the three individuals.
An American man -- who produced the anti-Islamic film that had outraged the Muslim world -- has been sentenced to a year in prison for violating his probation stemming from a 2010 bank fraud conviction by lying about his identity. United States District Court Judge sentenced Mark Basseley Youssef after he admitted to four of the eight alleged violations, including obtaining a fraudulent California driver's license.
The SEBI and the RBI will look into it. Let their reports come in, BJP MP Mahesh Jethmalani said.
Rajan posed the question while speaking at the annual leadership conference in Mumbai National Association of Software and Services Companies.
the three investors that have submitted their final bids are not commercial banks. Among the three, one is a non-banking financial company. Another distinctive feature of the revival is that PMC may lose its cooperative bank characteristic after its reconstruction.
'It seems PM Modi is running a bank fraudsters settlement company for the likes of Nirav Modi'
The assets have been attached as part of five separate orders issued by the central probe agency under the Prevention of Money Laundering Act, it said.
Axis Bank recently informed the Reserve Bank of India that it had experienced a cyber attack, while the State Bank of India said it was re-issuing over 600,000 debit cards because of a potential security breach.
Cox & Kings is currently going through the corporate insolvency resolution process. Around 2,500 operational creditors have submitted claims of over Rs 631 crore, 2,440 employees and workman have claimed dues of over Rs 94 crore and other creditors have submitted claims of over Rs 3 crore.
He claims that his offer to pay back the debt owed by his now-defunct airline had been rebuffed by the banks and the Indian government.
As a multi-disciplinary organisation, SFIO probes cases of financial frauds that are referred to it by Corporate Affairs Ministry
The Kochhars were arrested by the Central Bureau of Investigation (CBI) last Friday. Dhoot was arrested on Monday. The three were produced before special judge S H Gwalani at the end of their earlier remand on Thursday.
The Enforcement Directorate Friday said it has attached gems, jewellery and bank deposits worth Rs 253.62 crore of some Hong Kong-based companies of fugitive diamond merchant Nirav Modi as part of a money laundering probe. Some assets of Nirav Modi group of companies in Hong Kong were identified in the form of gems and jewelleries lying in private vaults and bank balances in accounts maintained there and these have been provisionally attached under sections of the Prevention of Money Laundering Act (PMLA), the federal probe agency said in a statement. The amount kept in banks amounts to $30.98 million and Hong Kong dollars 5.75 million, which is equivalent to Rs 253.62 crore (as on July 22, 2022), it said.
A fresh PIL was filed on Thursday in the Supreme Court seeking a probe by multiple central government agencies under the supervision of a panel or a former apex court judge against the Adani Group of companies following allegations of fraud and share price manipulation made by the US-based Hindenburg Research.
A special Central Bureau of Investigation court here on Wednesday extended till December 29 the CBI custody of former ICICI Bank CEO and MD Chanda Kochhar, her husband Deepak Kochhar and Videocon group founder Venugopal Dhoot in connection with a loan fraud case. The probe agency arrested Kochhars last Friday after questioning them briefly. Dhoot was arrested on Monday.
Securities Exchange Commission, the American market regulator, on Friday charged investment banking major Goldman Sachs with fraud on subprime mortgages, saying that Goldman did not disclose key facts to investors.
The payments industry is at a crossroads with the banking regulator on two pressing issues, neither of which seems headed towards an amicable solution. Depending upon which side accommodates the other, customers in India will have to choose between convenience and ironclad safety. In the end, the Reserve Bank of India (RBI), which regulates both banks and all payments services providers, will prevail. But the question is: will it do so by bending a little or by sticking to its firm stand? The two issues - one concerning payment facilitators storing customers' card details and the other about auto-renewal of payments - appear similar but aren't.
Insiders enable 61% of frauds financial services hit the worst.
Modi's defence team doubled the bail security to 2 million pounds and offered he would stay on 24-hour curfew at his London flat.
'There is a law that prevents the government from diluting its equity in the PSBs below 50 per cent.' 'That law has to be amended and given the parliamentary arithmetic of the political parties, it is not as simple to do that.'
This generated thousands of fraudulent and otherwise defective residential mortgage loans sold to Fannie Mae and Freddie Mac that later defaulted, causing over $1 billion in losses and countless foreclosures.
Proceeds of the crime had been siphoned off and laundered or concealed, or layered and integrated into the main financial system through the acquisition of properties. His wife Bindu Kapoor has been charged with being aware of the source of monies that were being routed through these companies.
The alleged filmmaker of the controversial video that sparked protests across the Muslim world has been arrested in Los Angeles, reported BBC.
One must be extremely cautious while shopping with a credit card.
So how does one protect themselves from misuse of their credit cards? Here are a few helpful suggestions.
A plea has been filed in the Supreme Court seeking investigation under the supervision of a sitting apex court judge against the Adani group of companies in light of the allegations made by the US-based Hindenburg Research.
In yet another case of international bank cards fraud, customers at a petrol pump in the city of Leicester last week found that their card details were used to withdraw money from various places across the world, including India.
The Supreme Court on Friday stayed the Bombay high court order directing sale of bankrupt Housing Development and Infrastructure Ltd (HDIL) to ensure the repayment of dues of crisis-hit Punjab and Maharashtra Cooperative Bank. A bench comprising Chief Justice S A Bobe and justices B R Gavai and Surya Kant took note of the appeal of the Reserve Bank of India against the Bombay high court order.
Fraud-hit Punjab and Maharashtra Cooperative (PMC) Bank on Tuesday invited expression of interest (EoI) from potential investors for investment or equity participation in the bank for its reconstruction. Subsequent to commencement of the normal day-to-day operations, it will be open for the investors to convert the bank into a small finance bank by making an application to the RBI, the lender said.
India looking at bringing back Choksi under Antiguan law applicable to Commonwealth countries
'No commercial bank will be allowed to fail. There is nothing to worry about.'
Mallya is separately fighting extradition to India on fraud and money laundering charges worth an estimated Rs 9,000 crore
The measures needed for implementing this new system would start rolling in few weeks, the minister added.
Adani Ports and Special Economic Zone (APSEZ) on Monday started the first debt buyback programme since billionaire Gautam Adani's conglomerate was targeted by a US short-seller in January. APSEZ floated a tender to buy back as much as $130 million of its July 2024 bonds and similar amounts in each of the next four quarters, it said in an exchange filing, as it looks to regain investor confidence by showing that its liquidity position is comfortable. Shares of Adani group companies pummelled after Hindenburg Research in a January 24 report accused it of accounting fraud and improper use of offshore tax havens for stock manipulation.
Move can also bring a huge change in the way business is done in India, where firms use multiple current accounts, often for even individual projects, making them difficult to monitor.
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