'If the criminal or civil charges are deemed unworthy or defective, Trump's new justice department and SEC can withdraw the criminal and civil cases.'
'Avoid rushing into any financial transactions or disclosing personal information.'
In a major blow to Nirav Modi, a bankruptcy court in the US has rejected a petition of the fugitive diamond merchant and two of his associates, seeking dismissal of fraud allegations against them by the trustee of three companies they previously owned indirectly.
'Clients deemed higher-risk are required to update their KYC more frequently.'
US prosecutors' case against Gautam Adani and others may stumble on the extraterritorial application of American law.
The US unit of PwC will lay off about 1,800 workers, marking its first formal job cuts since 2009 as the company seeks to restructure its technology group. This comes amid a slowdown in demand for some of its advisory business, according to a Wall Street Journal report. Half of the anticipated layoffs will target offshore positions, impacting a wide range of employees from associates to managing directors.
'Last year, Rs 20,000 crore was ripped off from the banking system.' 'The situation has deteriorated under the Modi government.'
US short seller Hindenburg Research, which had rocked the Adani Group with allegations of stock market manipulation and accounting fraud, on Tuesday said it has received a show cause notice from Indian capital market regulator Sebi over alleged violations in placing bets on the conglomerate stocks. Hindenburg termed the show cause notice as "nonsense" and "concocted to serve a pre-ordained purpose: an attempt to silence and intimidate those who expose corruption and fraud perpetrated by the most powerful individuals in India."
Ratings agency Moody's said on Tuesday that it has cut the outlook on the ratings of seven Adani entities to 'negative' from 'stable', citing the US indictment of chairman Gautam Adani and others on alleged bribery charges, while Fitch Ratings put some bonds of the conglomerate on negative watch. Moody's affirmed the ratings on all seven entities -- Adani Ports and Special Economic Zone Ltd, two limited restricted groups of Adani Green Energy Ltd, Adani Transmission Step-One Ltd, Adani Transportation Restricted group 1 (AESL RG1), Adani Electricity Mumbai Ltd and Adani International Container Terminal Pvt Ltd.
It is high time the Indian government signalled discomfort with the UK providing refuge to those accused of financial crimes in India, states Jaimini Bhagwati.
The fundamental responsibility for preventing such crimes and for bringing the criminals to justice rests with the State, and it cannot abdicate that function.
Before heading abroad, ensure your travel insurance policy offers all essential coverage and has an adequate sum insured.
Though a settlement will provide respite from a long legal battle, legal experts say it may create a perception of guilt.
'We found certain banks having lakhs of such accounts with apparently no valid reason.'
About 1.2 trillion tax evasion cases have been detected and as many as 59,000 entities identified for verification in order to ascertain whether they are fake.
The Union finance ministry will meet CEOs of public sector banks to discuss issues related to cybersecurity in the wake of the Rs 820 crore (Rs 8.2 billion) fraud that hit Kolkata-based UCO Bank last month.
For Indian parents, sending a child abroad for a three-year degree could deplete 48% of their retirement savings, while a four-year degree may consume up to 64%.
Cloned journals have become more rampant in the post-pandemic world.
Mastercard recently launched an authentication product called Identity Check Express that enables customers to verify transactions on their own.
The CBI has registered 11 cases against cyber criminals involved in financial fraud using the internet and the agency conducted searches at 87 locations while 28 locations were raided by the state police forces, they said.
One of every four people in the 27-37-year age group, the most prolific in using digital banking apps, reported a fraud in the past year
Leader of Opposition Rahul Gandhi on Thursday demanded immediate arrest of industrialist Gautam Adani after the billionaire industrialist was charged in the United States for alleged bribery and fraud.
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.
The CBI has booked Kanpur-based Rotomac Global and its directors for Rs 750.54 crore for alleged fraud in Indian Overseas Bank, officials said. The company, which was in the business of writing instruments, has a total outstanding of Rs 2,919 crore against a consortium of seven banks led by Bank of India in which Indian Overseas Bank has an exposure of 23 per cent. The agency has booked the company and its Directors - Sadhna Kothari and Rahul Kothari - under IPC sections related to criminal conspiracy (120-B) and cheating (420), besides various provisions of the Prevention of Corruption Act.
'Many do not have robust business models, and their prospects of survival and long-term growth are poor.'
It adds that banks could be hiding some of the fraud cases, masking these as bad debt
Of the total 53,334 cases of frauds reported during 2008-09 and 2018-19 fiscal years, involving a whopping Rs 2.05 lakh crore, a highest of 6,811 cases were reported by the ICICI Bank.
Billionaire banker Uday Kotak founded bank as well as brokerage created and oversaw an offshore fund used by an unnamed investor to profit from a plunge in Adani shares that followed a damning Hindenburg report, the US short seller said on Tuesday. Hindenburg Research, which had in a January 2023 report alleged stock market manipulations and accounting fraud at the Adani group, said it has received a show cause notice from the Indian markets regulator Sebi over gains made from betting on the conglomerate's shares.
Advisors and agents known to you personally can also sell wrong policies.
According to the Central Bureau of Investigation, Gutte is one of the directors of Gangakhed Sugar and Energy Limited.
Serious Fraud Investigation Office will probe the airline for instances of fund diversions and large-scale irregularities.
This case revolves around the establishment of clusters of Centers of Excellence (CoEs) in the state of Andhra Pradesh, with a total estimated project value of Rs 3,300 crores.
When it comes to losing a job permanently, the youngest and the oldest segments in the workforce have reported an increase in setbacks in the second wave of the pandemic, a survey of by a Fortune500 company has said. The survey, conducted in April this year, covered 2,000 persons in India. Six per cent of those over 55 years of age reported having permanently lost their job, as against 4 per cent last year. In those aged under 24, the proportion reporting a permanent job loss has increased to 11 per cent from 10 per cent in the year-ago period, the survey done by financial technology company FIS said.
The action comes days after the CBI registered an FIR in the country's biggest alleged bank loan fraud case till date.
The onus is on you to reject financial products that don't suit your needs.
The CBI has registered an FIR against an officer of Punjab National Bank (PNB), now suspended, for allegedly cheating the state-run lender to the tune of Rs 168.59 crore through 34 fake bank guarantees, officials said Thursday. Nearly four years after LoU (letter of undertaking) scam allegedly perpetrated by uncle-nephew duo of Mehul Choksi and Nirav Modi bled the PNB to the tune of about Rs 13,000 crore, bank official Priya Ranjan Kumar followed similar modus operandi to issue 34 fake bank guarantees without making any entries in its core banking system Finacle, according to the CBI FIR. "As per the interim investigation report dated November 27, 2022, it emerges that the fraud has been perpetrated by the bank staff in collusion with some unknown persons through illegal and unauthorized usage of the bank's systems.
Bernard Madoff's accountant for nearly two decades was on Wednesday charged with securities fraud as US prosecutors widened their investigation into one of the biggest investment frauds in history.
No government in the past initiated the process of policy making for its next tenure even before going in for elections. Once the Model Code of Conduct is enforced by the Election Commission, should the government of the day refrain from taking an active interest in policy making for the next five years and let that be the function of the new government?, asks A K Bhattacharya.
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.
ICICI Lombard is utilising the latest technology and forensic methods to verify insurance claims.
