Police in Belagavi, Karnataka, have arrested the operator of Shivam Associates, accused of running a multi-crore Ponzi scheme that promised high returns to depositors. The case has been registered under the BUDS Act and KPID Act, and will be transferred to the CID for further investigation.
Police in Karnataka have arrested an individual running a firm accused of operating a multi-crore deposit scam, attracting investments with promises of high returns. The case involves Shivaanand S Neelanavar and his firm Shivam Associates, also known as Acumen, who allegedly failed to return money to depositors after promising a 36 per cent annual return.
The Reserve Bank of India (RBI) has introduced its 'Payments Vision 2028' document, outlining initiatives to enhance digital payment security, introduce electronic cheques, and expand regulatory oversight to include e-commerce entities.
Delhi Police arrested over 600 people and rounded up over 8,300 suspects during Operation CyHawk 4.0, a large-scale crackdown on cybercrime.
The State Consumer Disputes Redressal Commission has directed Bank of India to compensate a senior citizen for losses incurred due to unauthorized ATM transactions, citing deficiency in service and failure to adhere to security protocols.
Five individuals, including an electronic repair shop owner and a DJ operator, have been arrested for allegedly defrauding a 78-year-old Delhi resident of over Rs 2.19 crore through a sophisticated cyber fraud involving impersonation of law enforcement officials and a 'digital arrest'.
A special CBI court in Mumbai has convicted a retired bank manager and nine others in connection with a 2004 loan fraud case, sentencing them to prison terms ranging from one to five years.
Delhi Police arrested a 22-year-old woman for allegedly providing mule bank accounts to an interstate cybercrime network, recovering numerous ATM cards, cheque books, and electronic devices.
Delhi Police have arrested six individuals linked to interstate cybercrime syndicates involved in digital arrest, fake IPO, and trading scams, recovering millions of rupees.
Two individuals from Hyderabad have been arrested in connection with a 'digital arrest' scam in Belagavi, where an 81-year-old businessman was defrauded of over Rs 15 crore.
Two young men in Mumbai were defrauded of 23.43 lakh after being promised jobs in the Brihanmumbai Municipal Corporation (BMC). The accused, posing as a BMC employee, assured them of supervisor positions in the water department in exchange for money, providing fake joining letters and identity cards.
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.
'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.'
Avoid donating without checking the receipt proforma showing the political party's ECI registration number and PAN.
Clearing the confusion over honouring cheques with corrections, the Reserve Bank of India said this will be applicable only for cheques cleared under the image-based cheque truncation system (CTS).
In today's rapidly evolving digital payment landscape, security concerns remain a top priority for stakeholders across sectors.
The victim, who had a keen interest in stock market investments, was lured by fraudsters with promises of hefty returns on investments in stocks.
Investors will be able to authenticate if the entity receiving the payment is a valid entity under the ambit of Sebi.
An Enforcement Directorate team undertaking searches in a cyber fraud linked money laundering case was allegedly attacked in New Delhi on Thursday, officials said.
Keep sufficient funds in your bank account until the cheque is cleared.
One of the most exploited provisions is Section 10(13A), which permits exemption on HRA.
Actor Mahesh Babu has been summoned by the Enforcement Directorate (ED) in a money laundering case related to realty group Surana group and Sai Surya Developers. The actor is accused of receiving over Rs 5.5 crore for appearing in advertisements for the Surana Group. The ED earlier found illegal transactions worth Rs 100 crore and seized Rs 74.5 lakh in cash during searches at Surana group's affiliated companies. Surana Group is accused of fraud under the guise of real estate ventures and is alleged to have caused financial losses to numerous investors.
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.
The government may drop its plan to decriminalise cheque bounce offences after there were requests to continue the existing system, which can potentially make people honour their financial commitments due to fear of prosecution. It would seek directions from a Supreme Court panel formed to expedite the pendency of cheque bounce cases before taking a final call. Last year the Department of Financial Services (DFS) had proposed decriminalising minor offences, which included cheque bouncing, for improving business sentiment and unclogging court processes.
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 Reserve Bank of India (RBI) said directions have been issued in the wake of a rise in the number of cheque-related fraud cases.
'I don't know when I will be able to access those funds.'
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.
Cheque payments will be safer; the limit for contactless card transactions hiked.
It has been brought to its notice by the government that some persons were taking undue advantage of the six month validity of cheques, drafts, pay orders.
Former US Olympic sprinter Tim Montgomery was sentenced to 46 months in prison for his role in a cheque fraud scheme.
Maharashtra and West Bengal lead the way in bank fraud.
As many as 6,801 cases of fraud were reported by scheduled commercial banks and select financial institutions involving an amount of Rs 71,542.93 crore in the last fiscal.
Goa Cricket Association president Chetan Dessai, secretary Vinod Phadke and treasurer Akbar Mulla were today arrested by police for alleged misappropriation of over Rs three crore belonging to the organisation.
Former Pakistan Test batsman Ijaz Ahmed has been released on bail after spending nearly seven weeks in detention on fraud charges, his lawyer said on Tuesday. Kashif Javed told Reuters the Lahore high court had allowed Ijaz to be released on bail due to health problems. He had been denied bail three times by lower courts but spent most of the time while detained in hospital complaining of severe asthma.
We as customers have to be conscious and careful to sidestep numerous types of frauds made possible under a mindless shift to a digital ecosystem without customer-redress procedures, warns Debashis Basu.
He also decamped with valuables, including silver bottle holders and a mother of pearl tray, police said.
Advisors and agents known to you personally can also sell wrong policies.
