Corporate Affairs Secretary Naved Masood said SFIO is finalising the report on Reebok.
While PNB did not name the other lenders, Union Bank of India, Allahabad Bank and Axis Bank are said to have offered credit based on letters of undertaking (LOUs) issued by PNB. Foreign bank branches too are under investigation.
She was the managing director and the CEO of PNB since August 14, 2015 before being appointed in Allahabad Bank on May 6, 2017.
Sena said many banking frauds have come to fore during the Modi regime.
38 auditors resigned in 2022-23, compared with 46 the previous year.
Majority of respondents say reading about media reports of such frauds bothers them more than their personal experience.
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.
Auditors seem to have developed a heightened sense of risk and are not content to tick the boxes and sign the papers.
With the management of most State-owned banks hardly having time to concentrate on big-ticket business, growing the business of loan disbursals has been pushed down the priority order.
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.
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.
Naveen Munjal of Hero Exports alone had given around Rs 50 crore.
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.
Consider a combination of a base policy and a super top-up policy.
JPMorgan Chase was "at the very centre" of Madoff Ponzi scheme
According to the US Securities and Exchange Commission, Ramesh "Sunny" Balwani and the founder Elizabeth Holmes raised money by deceiving investors about the company's technology, business and financial performance, raising more than USD 700 million in years-long "massive fraud".
When there are two wills produced before the court, which one will be executed?
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.
Banks will also have to seek borrower's status report from Central Economic Intelligence Bureau on the account turning NPA
Six months of investigation, mostly through telephone-tapping, 12 months of analysis of evidence and prosecution, 11 days of deliberation and, finally, a conviction.
The Opposition on Tuesday termed the Union Budget as a 'kursi bachao budget' driven by political compulsions and claimed that it ignored opposition-ruled states in a bid to 'appease' Bharatiya Janata Party's allies.
Insiders enable 61% of frauds financial services hit the worst.
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.
Let's take a look at how fraud has grown in the country.
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.
A forensic probe has been ordered into alleged irregularities by the department of financial services.
Spear-phishing e-mails typically try to steal sensitive information, such as login credentials or financial information, which is then used to commit fraud, identity theft, and other crimes.
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.
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.
The Confederation of Indian Industry (CII) on Sunday urged Indian startups to keep their valuation "realistic" and distinguish between the goals of the organisation and its founder. "Startups may strive for long-term value creation rather than short-term valuations. "The valuations of businesses should be kept as realistic as possible," CII said in its Corporate Governance Charter for Startups.
If convicted, each defendant faces a maximum penalty of 30 years.
Three-four big gem and jewellery firms are showing financial weaknesses and might find it tough to withstand shocks
Organizations operating in multiple geographies, legal environments and cultures face a complex set of challenges and risks as they develop their business.
For the startup ecosystem in India, the scorecard so far has been a mixed bag, observes Akhil Gupta.
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.
The Supreme Court's decision to allow borrowers a chance to be heard before their accounts are flagged as fraudulent by lenders is expected to result in several cases being reopened where the borrower is aggrieved because of such classification, bankers said. Still, the reopening of cases would not be automatic. A borrower who is aggrieved by the 'fraud' classification will have to approach the bank and consequently, the bank will take the necessary steps so that the apex court's order is followed in letter and spirit, they said.
