A Mumbai court has granted the CBI permission to arrest Amitabh Jhunjhunwala, a former senior executive at Reliance Group, in connection with a case involving the alleged misuse of bank loans. Jhunjhunwala was already in judicial custody in Delhi for a related money laundering case.
Former Reliance Communications Group managing director Amitabh Jhunjhunwala has been lodged in Mumbai's Arthur Road Jail after being arrested by the CBI in connection with a multi-crore bank loan fraud case.
Police in Pilibhit, Uttar Pradesh, have uncovered a GST fraud involving the misuse of a GST ID to misappropriate approximately Rs 7 crore. The investigation revealed 13 fake firms allegedly used to generate bogus bills.
Two individuals have been booked for allegedly defrauding a young man of Rs 20 lakhs under the guise of arranging a student visa for overseas education, according to police reports.
Kanpur police have uncovered a GST fraud racket where suspects used unsuspecting individuals' documents to create fake firms and route transactions worth nearly Rs 250 crore.
Abusive language, threats, harassment, excessive or anonymous calls, public humiliation, and misleading representations are explicitly prohibited.
A Delhi court has requested clarification from the Ministry of External Affairs regarding the extradition status of a former managing director of Bush Foods Overseas Pvt Ltd and his wife, who are residing in London, in connection with a money laundering case linked to an alleged Rs 750-crore bank loan fraud.
Delhi Police have dismantled an organised interstate auto-lifting syndicate involved in stealing high-end vehicles, tampering with chassis numbers, and fraudulently re-registering them using forged documents. Ten key members of the racket have been arrested, and 31 stolen luxury vehicles have been recovered.
The Supreme Court has ordered a 'fair, dispassionate, transparent, and time-bound' investigation by the CBI and ED into the Anil Dhirubhai Ambani Group, addressing concerns over alleged large-scale banking fraud and demanding accountability.
From the financial year 2025-2026, the government has introduced a new column in the tax return form for presumptive taxpayers, requiring them to disclose their year-end investments. This requirement was not present last year.
What will be its impact on the banks's balance sheets? Since banks need to provide for 10 per cent of the loans restructured, they would need Rs 50,000 crores to Rs 80,000 crore for this purpose, notes Tamal Bandyopadhyay.
India had vehemently opposed Asian Development Bank's decision to grant $800 million loan to Pakistan saying the fund could be misused for increasing expenditure on its military, government sources said.
India will oppose the World Bank funding to Pakistan next month, arguing that Islamabad has used such funds in the past to procure arms and ammunitions. India previously lobbied against the IMF extending a USD 2.3 billion assistance to Pakistan earlier this month, presenting evidence of Pakistan's misuse of funds for military purposes. India feels that Pakistan has failed to act on terror emanating from its territory and has been diverting funds from multilateral agencies to buy arms and ammunition.
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.
'Foreign capital will continue to come directly into India, but companies have realised that GIFT City is a more cost-efficient way of channelling funds.'
Before signing up for a BNPL plan, read the fine print carefully and watch for red flags like unclear repayment terms, vague information on interest or late fees, and marketing that downplays the cost of default.
HDFC Bank on Sunday said that it will "pursue all lawful remedies" to recover public funds and address the retaliatory actions taken by the Mehta family of the Lilavati Kirtilal Mehta Medical (LKMM) Trust, which has filed a complaint against the bank's managing director (MD) & chief executive officer (CEO) Sashidhar Jagdishan alleging financial fraud.
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.
It is time for India to raise its voice not just through military prowess, but through professionalism, principled voting and partnerships, asserts Deepak Mishra.
In addition to interest rates, review the fine print for penalties and repayment terms, and select a reputable lender to avoid harsh recovery practices.
Fugitive businessman Vijay Mallya has said that he will pursue relief for the Enforcement Directorate and banks taking more than two times the debt he owed. His remarks came following a statement by Finance Minister Nirmala Sitharaman in Parliament about recovery of over Rs 14,130 crore from his attached assets.
'Vigilance' is a dreaded term for PSB employees and there are instances where this fear is misused by the higher authorities to tame their subordinate officials. This fear always deters PSB executives from making decisions -- the fewer the decisions, the less the chance of falling into trouble, points out Tamal Bandyopadhyay.
One of the most exploited provisions is Section 10(13A), which permits exemption on HRA.
The Congress party in India has accused the government of "impropriety" in the sudden termination of KV Subramanian's position as India's executive director at the IMF, alleging it was linked to the Union Bank of India's purchase of two lakh copies of his book. The party also questioned the government's stance on Pakistan's request for a loan from the IMF.
The home loan top-up, a kind of secured multipurpose personal loan, is on the regulator's radar, points out Tamal Bandyopadhyay.
India has decided to submit a dossier at the upcoming Financial Action Task Force (FATF) meeting, calling for Pakistan to be placed back on the grey list of the global money laundering and terrorist financing watchdog.
'Save the entire chain of e-mail exchanges so that you have documented evidence to show you informed the bank about the issue.'
Do not sound as if you intend to permanently settle overseas, warns Ritika Gupta, CEO and counsellor at AAera Consultants.
The Commission observed vulnerability of junior untrained staff on probation and their misuse by senior officials.
Borrowing from a fraudulent loan app subjects the borrower to a variety of risks.
Anmol Singh Jaggi and Puneet Singh Jaggi, once hailed as rising stars in India's clean energy sector, are now facing serious regulatory action.
Believe it or not, the regulator is even stretching its arm to identify stressed borrowers and gauge the 'distance to default' as a measure of a particular bank's fragility, reveals Tamal Bandyopadhyay.
The CBI has shared its findings with the Enforcement Directorate.
Under the watchful eyes of five wise men, who know the industry well, banks will not find it easy to hoodwink the system, says Tamal Bandyopadhyay.
'We found certain banks having lakhs of such accounts with apparently no valid reason.'
What is digital house arrest? It is a tactic cybercriminals use to confine victims to their homes and scam them, explains Tamal Bandyopadhyay.
The total default is said to be in excess of Rs 3,000 crore - making this the largest default by a broker.
he feels they are prone to misuse by borrowers, including farmers, and suggested a rate ceiling for loans by micro finance lenders.
Other than Kapoor, the complaint, running into more than 10,000 pages, named his wife, Bindu; three daughters Rakhee, Roshini, and Radha; and three firms, Morgan Credits, RAB Enterprises, and Doit Urban Ventures, allegedly controlled by them.
At the heart of Paytm's slide lies the abject failure of its Super App strategy, notes Indrajit Gupta.
