'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.'
By enabling real-time data sharing, the platform will help prevent scams and ensure secure transactions.
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.
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.
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.
The ED probed 30 cases between August 2024 and March 2025, during which it recovered 15,261 crore, mostly from cases related to bank frauds.
In a significant development, the Supreme Court on Tuesday sought responses from the Centre, CBI, ED, Anil Ambani and the Anil Dhirubhai Ambani Group (ADAG) on a PIL seeking a court-monitored probe into alleged massive banking and corporate fraud involving the ADAG and its group companies.
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.
The CBI has filed a charge sheet against former MD and CEO of ICICI Bank Chanda Kochhar, her husband Deepak Kochhar and Videocon Group founder Venugopal Dhoot in a Rs 3,250 crore loan fraud case, officials said on Saturday. The agency has filed the charge sheet under sections 120-B (criminal conspiracy) and 409 (criminal breach of trust) of the Indian Penal Code (IPC) and provisions of the Prevention of Corruption Act, among others, they said. The Central Bureau of Investigation (CBI) has named nine entities, including companies and individuals, according to the officials.
'Reinvention is not a hugely difficult task. With technology as available today, you can reinvent yourself pretty quickly.'
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).
Mint Road's proposals on banks' M&A funding are cautious even as entrants root for more elbow room, and weigh business models.
Markets regulator Sebi board on Wednesday approved a series of measures aimed at improving investor convenience, easing compliance norms, and deepening participation in the capital and debt markets.
Dubious and personal expenses of Rs 1,000 crore were made from bank-loan funds for Jet Airways founder Naresh Goyal and his family members even as the airline "diverted" money to some tax havens, the Enforcement Directorate (ED) alleged on Saturday, after arresting the businessman in a money-laundering case. Goyal (74) was taken into custody late on Friday night after the central probe agency took him to its Mumbai office from Delhi. A special court set up to deal with cases lodged under the Prevention of Money Laundering Act (PMLA) on Saturday sent him to the ED's custody for 10 days, till September 11.
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 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".
The overall number of frauds, including those related to loan accounts and digital payments, jumped by three times in FY25, primarily due to reclassification of 122 cases as per a Supreme Court order, the Reserve Bank said on Thursday. The fraud value jumped to Rs 36,014 crore in FY25, up from Rs 12,230 crore in the previous fiscal year, while the number of fraud cases went down to 23,953 in FY25 from 36,060 in FY24.
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.
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.
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.
A phone number and e-mail are often enough for a fraudster to trick a lender into pulling your report and disbursing a loan.
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.
Absconding diamond jeweller Mehul Choksi has been detained in Belgium following an extradition request by Indian probe agencies for his alleged involvement in the Rs 13,000 crore PNB bank loan 'fraud' case, official sources said Monday. The action against the diamantaire was taken on Saturday.
In today's rapidly evolving digital payment landscape, security concerns remain a top priority for stakeholders across sectors.
State-owned banks have received guidance from the government to close Jan Dhan accounts whose beneficiaries are unwilling to keep them active, amid rising instances of such accounts being misused by fraudsters as mule accounts to defraud people, people aware of the development said.
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.
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.
The reduction in goods & services tax (GST) on individual life and health insurance premiums has been called a "landmark step" for making insurance affordable and inclusive. In a panel discussion at the Business Standard BFSI Insight Summit 2025, Anup Bagchi, managing director (MD) & chief executive officer (CEO) of ICICI Prudential Life Insurance; Mahesh Balasubramanian, MD & CEO of Kotak Life Insurance; Tarun Chugh, MD & CEO of Bajaj Life Insurance; and Ratnakar Patnaik, MD of Life Insurance Corporation of India (LIC), listed what else the industry needs to reach more people.
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.
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.
'A mule operates someone else's account to transfer illegal money.'
As the total number of bank frauds increased from 6,800 in FY19 to more than 13,500 in FY23, the share of private banks in the occurrence went from 34 per cent to 66 per cent.
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 number of frauds in the banking sector increased over four times in the past five years to 36,075.
Arivandakshan's arrest is the first of a political person in the alleged scam in which several political functionaries of the CPM are under scanner, they said.
As many as 26 premises are being searched in these cities by the federal agency under the criminal sections of the Prevention of Money Laundering Act, they said.
'Raising the entire amount in one go may not be prudent, given the market dynamics.'
The action comes days after the CBI registered an FIR in the country's biggest alleged bank loan fraud case till date.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances