Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
The Supreme Court on Tuesday dismissed the Punjab government's appeal against a high court verdict quashing its decision to expand the definition of 'NRI quota' for admissions in undergraduate medical and dental courses in the state. "This fraud must come to an end now," the apex court said.
'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.
The government is considering initiating a probe by the Serious Fraud Investigation Office (SFIO) against Gensol Engineering and its promoters, according to sources familiar with the matter. "It is under consideration at this stage. A final decision will be taken soon," a government official said.
In a pump and dump operation, fraudsters artificially inflate the price of a stock by spreading misleading or false information, creating a frenzy among unsuspecting retail investors.
Religare Enterprises, a financial services firm, has disclosed that the Reserve Bank of India (RBI) turned down its application to appoint Rakesh Asthana as its whole-time director in May this year without citing any reasons. Asthana is a former top official of the Central Bureau of Investigation (CBI). In a notice to the stock exchanges, Religare said that while the company and Asthana were weighing the options of dealing with the letter of refusal by the RBI, it was also busy in preparing for the "herculean task" of making ready multiple applications to regulators.
The Reserve Bank could consider setting up of a Fraud Registry on the lines of Credit Information Bureau to check criminal activities in the financial sector.
Breaking his silence after nine years, Vijay Mallya said he may return to India if assured a fair trial.
Online fraudsters are widely targeting Unified Payments Interface (UPI) transactions to dupe people and carry out unauthorised transactions, making it the most prevalent form of online financial fraud during 2020-2023, said a whitepaper on cybercrime trends.
The average time lag between the date of occurrence of a fraud and its detection is 23 months; for large frauds (Rs 100 crore and above), it was 57 months.
Six individuals, including a woman who accused Haryana BJP chief Mohan Lal Badoli and singer Rocky Mittal of rape, have been booked for extortion and criminal intimidation. The Himachal Pradesh police filed a cancellation report in a court, stating no evidence supported the rape allegations. Mittal claims the woman and her associate threatened to implicate him and Badoli in a 'honey trap' case, demanding Rs 50 lakh for a compromise. He further stated that the accused lodged a false rape case after failing to extort money.
The fraud is alleged to have caused a Rs 65 crore loss to the Brihanmumbai Municipal Corporation (BMC).
Since its launch in April, helpline 155260 has been able to prevent more than Rs 18.5 million of defrauded money from reaching the hands of fraudsters.
The prosecution has alleged that the victim, also an actor, was induced into a relationship by Khan.
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.
Targets should avoid panicking and hang up. 'Disconnecting stops the scammers from building psychological pressure.'
In 2025 alone, at least 50 suicides linked to online gambling losses have been reported across India. According to FIRs, the victims were addicted to betting, largely driven by cricket, rummy and poker.
The number of frauds in the banking sector during the first half of the current financial year has increased substantially to 14,483 cases, although the amount involved is only 14.9 per cent of the previous year's amount, according to a RBI report. The report on Trend and Progress of Banking in India 2022-23, underlined the need to protect the banking system and the payments system from the risks of fraud and data breaches emanating from cyber threats. As many as 14,483 frauds were reported involving an amount of Rs 2,642 crore in the first half of current financial year, as compared to 5,396 cases (Rs 17,685 crore) in the same period a year ago.
The telecom ministry will set up an intelligence unit and a consumer protection system as part of continuing efforts to tackle the menace of pesky calls as well as to take strict action against financial frauds perpetrated using telecom resources.
In an age where personal data is a valuable commodity, investing in cyber insurance is not just a prudent choice; it is becoming a necessity for individuals and families alike, says T A Ramalingam.
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.
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) on Wednesday released draft guidelines for streamlining the onboarding and monitoring of Aadhaar Enabled Payment System (AePS) operators to counter frauds perpetuated through the ecosystem. Banks and the National Payments Corporation of India (NPCI) are required to comply with these directions within three months from the date of issue of the guidelines.
Banks do extensive investigation before declaring an account fraud; they owe it to us as they deal with our money. Why would they try to fix an innocent borrower? asks Tamal Bandyopadhyay.
'In this age of competition, we will not survive long if we do not provide quality service to our consumers'
In 2023-2024, 95 scheduled commercial banks received over 10 million complaints from their customers. The process of KYC at many banks has become 'HYC' -- harass your customer, points out Tamal Bandyopadhyay.
The police took action after cyber patrolling revealed that 60 fake lottery apps, 25 fake Facebook profiles and 20 websites are connected to the scam, the SPMC release said.
Hindenburg Research, the forensic financial firm that challenged the Adani Group, took its name from the infamous airship that burst into flames upon arriving in New Jersey in 1937. And the counter to its damning report against the conglomerate was dubbed 'Operation Zeppelin,' named after the German dirigible airships used for reconnaissance and bombing during the First World War.
The Bombay High Court discharged Adani Group Chairman Gautam Adani and Managing Director Rajesh Adani from a case of alleged violations of market regulations involving nearly Rs 388 crore. The Serious Fraud Investigation Office (SFIO) had initiated the case in 2012 against Adani Enterprises Limited (AEL) and its promoters, accusing them of criminal conspiracy and cheating. The HC's single bench of Justice R N Laddha quashed the sessions court order and discharged the duo from the case.
Dr Pananjay Tiwari, founder and director of Impel Overseas Education, highlights what international students should keep in mind in order to be safe in a new country and avoid being deported.
UPI-related frauds have accounted for a cumulative loss of Rs 2,145 crore across 2.7 million reported incidents.
The Supreme Court of India has ruled that informing an accused of the grounds for their arrest is not a formality but a mandatory constitutional requirement. The court declared the arrest of Vihaan Kumar, who was accused of financial fraud, as unconstitutional and ordered his immediate release. The ruling emphasizes the importance of procedural safeguards in criminal law and highlights the fundamental rights of arrested individuals. The court also expressed disapproval of the police's treatment of Kumar, including handcuffing and chaining him while he was in the hospital.
French energy giant TotalEnergies SE on Monday said it will make no new financial contribution as part of its investments in Adani group companies till the Indian firm's founder is cleared of bribery charges. The energy giant said it was not aware of the investigation into the alleged corruption. TotalEnergies is one of the biggest foreign investors in billionaire Gautam Adani's business empire and had previously taken stakes in the group's renewable energy venture Adani Green Energy Ltd (AEGL) and city gas unit Adani Total Gas Ltd (ATGL).
'The central bank has highlighted that the slowdown in growth has been limited to a few sectors and overall growth is expected to pick up in the second half of the year.'
The Trump trade shock is a chance to push long-overdue reforms, rather than tinker with tariffs to appease the US, suggests M Govinda Rao.
Coming against the backdrop of rising incidence of financial frauds, the proposed prediction model would bolster SFIO's capabilities in detecting misdoings at the initial stage itself.
The senior IPS officer said that 45 percent of cyber financial frauds taking place in the country are originating from the South East Asia.
The Enforcement Directorate said on Monday that it had conducted search operations at four locations in Mumbai and Delhi as part of its money laundering investigation into an alleged Rs 4,500 crore (Rs 45 billion) fraud by Pancard Clubs Limited and others, in which more than 5 million investors have been duped.
With a view to protect prudent commercial decision of bankers, the government has taken a slew of decisions, including doing away with personal responsibilities of MD and CEO of PSBs for compliance in dealing with large value frauds committed by bank officials.
Delhi-based electric vehicle (EV) ride-hailing firm Evera Cabs, which grabbed headlines after acquiring 500 cars from the now-defunct cab service BluSmart, is stepping up its presence in the EV cab segment. The company is aiming for revenue of Rs 100 crore in the ongoing financial year (2025-26), up from Rs 18 crore in 2024-25.
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