According to SFIO, the modus operandi of the Reebok fraud involved filing fictitious invoices to show inflated sales, recording fictitious sales by raising prices of goods sold.
Banks will also have to seek borrower's status report from Central Economic Intelligence Bureau on the account turning NPA
Sena said many banking frauds have come to fore during the Modi regime.
JPMorgan Chase was "at the very centre" of Madoff Ponzi scheme
The Lucknow police have begun a probe into an alleged financial fraud in the elephants statues installed by the Bahujam Samaj Party government in Lucknow and Noida.
Developing countries lost nearly $1 trillion to fraud, corruption and shady business transactions in 2011, vastly outpacing the foreign aid they received and the pace of dirty money leaving emerging nations is accelerating, a new report found.
Gullible bank customers are getting fooled by callers who scare or lure them.
At the heart of Paytm's slide lies the abject failure of its Super App strategy, notes Indrajit Gupta.
Post your financial planning queries for rediffGURU and financial planning expert, Colonel Sanjeev Govila.
Sandeep Raut has been asked to depose before the central agency at its office in Mumbai next week, they said, adding his statement will be recorded under the Prevention of Money Laundering Act.
The economic offence investigation wing of the government SFIO would take at least a year to probe the financial fraud at Satyam Computer, a senior official said on Wednesday.
Insiders enable 61% of frauds financial services hit the worst.
Let's take a look at how fraud has grown in the country.
A forensic probe has been ordered into alleged irregularities by the department of financial services.
Adani group opened a $1.2 billion copper plant, bought a port in Odisha, raised stakes in a cement company and stitched an alliance with rival Mukesh Ambani's Reliance Industries, all in a matter of one week in signs that the apples-to-airport conglomerate has shrugged off the Hindenburg effect and is back to rapid expansion spree. In the last one week, Adani group has through regulatory filings and press statements announced expansions and investments in its mainstay ports business, diversification into metal refining, fund infusion into a two-year-old cement foray and continuing progress in the commissioning of its mega solar project.
Six months of investigation, mostly through telephone-tapping, 12 months of analysis of evidence and prosecution, 11 days of deliberation and, finally, a conviction.
Three-four big gem and jewellery firms are showing financial weaknesses and might find it tough to withstand shocks
The 61-year-old MLA from Islampur seat of Maharashtra has been asked to depose before the federal agency in Mumbai on Friday, they said. Patil, a former minister of home and finance, is also the Maharashtra president of the NCP and is a seven-term legislator.
A former top executive of Citigroup has been charged for allegedly siphoning off more than $19 million from the bank, the latest in a string of frauds that have come to light at the global banking giant.
'India's emergence as a top crypto market comes despite a regulatory and tax environment that can be challenging for the industry to navigate.'
Sri Lanka Cricket, currently fighting the menace of deep-rooted corruption, was dealt a blow after its Chief Financial Officer was arrested for alleged financial fraud, police said on Monday.
If convicted, each defendant faces a maximum penalty of 30 years.
Companies don't have to be in the field to nudge people to return money they owe lenders.
Dubai-based billionaire BR Shetty has sued Bank of Baroda (BoB) and audit firm Ernst & Young (EY) in a New York court, accusing them of ignoring fictitious and fraudulent transactions that resulted in NMC Healthcare going bankrupt. Shetty is seeking $8 billion in damages in the suit that also names the top management of NMC Healthcare, and Netherlands-based Credit Europe Bank. A top NMC Healthcare official confirmed the development to Business Standard and said despite several meetings, senior BoB officials in India did not take remedial steps for fear of getting involved in an international ponzi scheme perpetrated by then senior management officials.
A Chinese national apprehended while trying to cross the India-Bangladesh border illegally has told the investigators that he and his associates have smuggled as many as 1,300 Indian SIM cards into their country by hiding them in undergarments, the BSF said.
Organizations operating in multiple geographies, legal environments and cultures face a complex set of challenges and risks as they develop their business.
New York prosecutors are poised to file civil fraud charges against Ernst & Young.
According to court documents, Singh carried out an investment fraud through an entity known as the Perfect Financial Group.
US short seller Hindenburg Research has rejected Adani Group's charge that its report was an attack on India, saying a "fraud" cannot be obfuscated by nationalism or a bloated response that ignored response to key allegations. Commenting on the 413-page response Adani Group released late on Sunday evening in response to its report, Hindenburg said it believed India was a vibrant democracy and an emerging superpower with an exciting future and it was Adani Group which was holding it back through "systematic loot". Hindenburg stood by its last week's report that said its two-year investigation found Adani Group "engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades".
Raju, prime accused in the Satyam fraud, who is suffering from Hepatitis-C is currently undergoing treatment at the Nizam's Institute of Medical Sciences in Hyderabad, and has not been attending court proceedings since September last year citing health reasons initially the heart ailment and later the hepatic ailment.
Any assessment of Goldman Sachs' alleged "fraud" is likely to run into two problems. First, the armada of jargon that surrounds the financial derivatives market could mean that the essence of the case is lost in translation, leaving the non-specialist bewildered as to the exact nature of the Wall Street giant's alleged perfidy.
Former captain Bhaichung Bhutia demanded the resignation of All India Football Federation president Kalyan Chaubey.
Spanish prosecutors have won a series of cases against high profile footballers and coaches for tax fraud in recent years, including Lionel Messi, Cristiano Ronaldo and Jose Mourinho.
Google said safety, affordability and expanded use cases for the next wave of users will be the pillars to get the next 700 million users online.
Sebi on Tuesday restrained two Brightcom Group officials, M Suresh Kumar Reddy and Narayan Raju, from holding any managerial position in the company or its subsidiaries until further orders. Reddy is the promoter-cum-chairman and MD of Brightcom Group Ltd (BGL) while Raju is the chief financial officer. Besides, the regulator also banned Reddy from the securities market until further orders.
The big thing was inflating the revenue of the company through fake invoices.
Moreover, many feel that distorting the company's financial performance is 'justifiable' in the current economic turmoil. The latest European Fraud Survey by global consultancy firm Ernst & Young revealed that 'unethical business behaviour' is gaining more acceptability.
As the new Tax Collection at Source (TCS) on foreign remittances is set to become applicable from October 1, travel agents' body TAAI has made a last-minute plea to the government, urging them to abolish the decision or defer its implementation until the next fiscal year to allow discussions on overseas tour packages. The government has raised the TCS on foreign remittances under the Liberalised Remittance Scheme (LRS) from 5 per cent to 20 per cent. This will be applicable to international travel, sending money abroad and other remittances.
Lata Ramgobin, who is the daughter of noted rights activists Ela Gandhi and late Mewa Ramgobind, was also refused leave to appeal both the conviction and the sentence by the Durban Specialised Commercial Crime Court.
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