A Pune-based businessman has accused self-styled godman Ashok Kharat of defrauding him of Rs 6 crore (600,000) under the guise of helping him establish a logistics business abroad. This is the eighth case registered against Kharat, who is already in police custody on separate charges.
Police in Kanpur have arrested a suspected mastermind behind a network of fake firms, forged documents, and suspected hawala transactions worth over Rs 3,200 crore.
The Enforcement Directorate has summoned Reliance Group Chairman Anil Ambani for questioning in a money laundering case linked to alleged bank loan fraud.
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.
Tina Ambani, wife of Anil Ambani, skipped the Enforcement Directorate (ED) summons for the second time in connection with a money laundering case. Anil Ambani has been asked to appear before the agency as well.
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.
The Supreme Court on Monday sought response from the CBI on a bail plea filed by former DHFL promoter Kapil Wadhawan in an alleged Rs 34,926 crore bank fraud case. A bench of Justices JK Maheshwari and Vijay Bishnoi issued notice to the agency and sought its response.
Bilaspur police have registered a criminal case against a businessman accused of selling a stolen vehicle and defrauding a buyer of approximately Rs 14 lakh.
It will enable real-time intel sharing among banks and other financial sector participants to strengthen customer protection against digital fraud.
The CBI has arrested Ubaid Ullah, a key conspirator in a cyber crime network, from Guwahati. He is accused of illegally procuring over 10,000 SIM cards for use in cyber crimes.
By enabling real-time data sharing, the platform will help prevent scams and ensure secure transactions.
A couple has been arrested in Greater Noida for allegedly defrauding multiple people by selling the same flat multiple times after mortgaging it to a bank.
The CBI has filed a chargesheet against 17 people, including four Chinese nationals, and 58 companies for their alleged roles in a transnational cyber fraud network that siphoned off over Rs 1,000 crore.
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.
Over the past three years, the appointments of 20 candidates selected through the Institute of Banking Personnel Selection were cancelled or offers were withdrawn due to poor credit history.
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).
Two men in Bengaluru have been arrested for allegedly defrauding people by offering electric vehicles at subsidised rates under a fake central government scheme.
Delhi Police arrested a 30-year-old cyber fraudster from Jharkhand for allegedly duping a Delhi resident of Rs 6 lakh under the guise of KYC verification. The accused, Bimal Rabidas, confessed to the crime and was found to be involved in similar cases across multiple states.
The sister of NCP leader Rupali Chakankar was questioned by police regarding her alleged connection to the financial dealings of arrested self-styled godman Ashok Kharat.
Benchmark lending rates unchanged with repo rate at 5.25%
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 UK High Court has concluded the hearing for Nirav Modi's application to reopen his extradition appeal, focusing on claims of potential torture during interrogations in India. The court has reserved its judgement.
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.
Self-styled godman Ashok Kharat, already facing rape charges, is now under investigation for suspicious financial activities involving numerous accounts and large transactions.
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.
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.
'Reinvention is not a hugely difficult task. With technology as available today, you can reinvent yourself pretty quickly.'
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.
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.
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.
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.
In today's rapidly evolving digital payment landscape, security concerns remain a top priority for stakeholders across sectors.
'Flush with funds, lending became a cash management exercise.' 'Road projects, power generation plants, airports etc were financed left and right with apparently no regard for the projects' ability to repay,' explains S Muralidharan, former managing director, BNP Paribas.
The action comes days after the CBI registered an FIR in the country's biggest alleged bank loan fraud case till date.
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".
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.
Mint Road's proposals on banks' M&A funding are cautious even as entrants root for more elbow room, and weigh business models.
'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.'
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.
