For online fraud, approach cyber cell and file a complaint.
Before resigning as an auditor of an Adani Group firm, Deloitte had sought an independent external examination of allegations made by a US short-seller but the company said the allegations had no effect on financial statements and the reasons cited for quitting were not convincing to warrant such a move. In a 163-page filing with stock exchanges relating to Deloitte Haskins & Sells LLP's resignation, Adani Ports and Special Economic Zone (APSEZ) said that in meetings with its leadership, Deloitte indicated concern over a lack of a wider audit role as auditors of other listed Adani companies. However, the firm conveyed to the auditor that it was not within its remit to recommend such appointments as other entities are "completely independent".
Adani group stocks have taken a beating on the bourses after Hindenburg Research made a litany of allegations, including fraudulent transactions and share price manipulation at the Gautam Adani-led group. The group has maintained it complies with all laws and disclosure requirements.
India Inc is staring at significantly higher compliance and governance costs, following the Securities and Exchange Board of India's (Sebi's) latest tightening of disclosure norms and regulations around the filling of key positions, the materiality of information, and third-party transfers. Recently, the securities market regulator amended the Listing Obligations and Disclosure Requirements (LODR) to introduce a raft of changes that will affect how listed companies go about transparency and disclosures. The new framework will further empower public shareholders and soon move towards a 'comply or be penalised regime or comply or explain' in the case of high-value debt-listed entities.
Auditor Deloitte flagged three transactions, including recoveries from a contractor identified in the Hindenburg report, as it issued a qualified opinion on the accounts of Adani Ports & Special Economic Zone.
Ghanshyam Sahu, a resident of Uparwara of Durg, sold two acres of land to invest the proceeds in a chit fund company, only to realise he had been duped. Like hundreds others, Sahu had given up hope of getting the money back. So when he received Rs 9 lakh from the state government last month, he couldn't believe his luck. "I did not expect the money to be recovered," he candidly told Chhattisgarh Chief Minister Bhupesh Baghel at an event in January.
The problem here is that internal auditors are good at accounts, but they are not trained to track foreign exchange transactions
Satyam may have been loaded with funds of over Rs 5,000 crore as on September 2008, but it could have been left with just Rs 200 crore of maturable fixed deposits by the time IT firm's founder Ramalinga Raju revealed financial fraud on January 7.
'In India, the GenAI startup ecosystem is unfolding with remarkable speed, signalling a new era of technological advancement and investment opportunities.'
Believe it or not, the regulator is even stretching its arm to identify stressed borrowers and gauge the 'distance to default' as a measure of a particular bank's fragility, reveals Tamal Bandyopadhyay.
Banks recovered Rs 18,933 crore (Rs 189.33 billion) worth of bad loans during the April-December period.
A 40-year-old freelance journalist has claimed a person 'hypnotised' him over the phone and duped him of Rs 40,000, but police and experts said this is one of the 'most normal kinds of cyber fraud' and not a case of hypnosis.
The agency is looking at alleged "diversion of funds and financial reporting frauds".
The measures needed for implementing this new system would start rolling in few weeks, the minister added.
The Satyam saga, which rattled India over five-and-a-half years ago as its biggest corporate fraud, has turned out to be a case of financial mis-statements to the tune of approximately Rs 12,320 crore, as per Sebi's probe.
Housing finance company (HFC) PNB Housing is planning to focus on reducing delinquencies in 2023-24.
Customers taking small and convenient steps and some degree of care and precaution while paying digitally will ensure safety and security from new threats that emerge every day, says Avinash Luthria
The RBI expects the assessment to show if the systemic failure was only in PNB or in the overall banking universe
In a boost to the embattled Adani Group, Mauritian Financial Services Minister Mahen Kumar Seeruttun has told the nation's Parliament that Hindenburg Research's allegations of the presence of 'shell' companies in the Island nation are 'false and baseless' and that Mauritius was in compliance with OECD-mandated tax rules. US short seller Hindenburg on January 24 alleged that billionaire Gautam Adani used shell companies based in Mauritius to manipulate stock prices of his Indian-listed companies.
"Today, we're learning about another scam: the so-called Trump University. The New York Attorney General is suing Donald Trump for fraud," she alleged.
What ex-IL&FS top brass got for loans? Foreign trips, private jets and chopper rides.
A new mobile banking 'Trojan' virus -- SOVA -- which can stealthily encrypt an Android phone for ransom and is hard to uninstall is targeting Indian customers, the country's federal cyber security agency said in its latest advisory.
'Malicious files can silently sit in your phone and relay data to hackers without your knowledge.'
So how does one protect themselves from misuse of their credit cards? Here are a few helpful suggestions.
Customs sleuths will be posted in London, Hong Kong, Dubai and Brussels in an effort to check trade-based money-laundering among others.
'Under Modi Ji's 'Jan Dhan Loot Yojana', another scam!' he tweeted.
Sebi said Thapar-promoted and -related entities owed Rs 1,723.19 crore as receivables to the company, while connected parties owed another Rs 462.74 crore.
Experts say, auditors must not allow themselves to be intimidated by the client management into conducting audits by conversation. It is important for auditors to conduct proper interviews and ask probing and searching questions.
Anu Peshawaria is in India to lobby for laws and awareness to counter the problem.
PM started 'Make in India' but every product in market is Make in China: Rahul
A banking Trojan malware has been detected in the Indian cyberspace that is lurking to attack bank customers using Android phones and has already targeted those from more than 27 public and private sector banks, the country's federal cyber security agency said in a latest advisory.
SBI has suggested that banks be exempted from handing over the complete forensic audit report to the borrower as it would hamper future investigation and forewarn the borrower by way of disclosure of confidential information.
Hitting out at Congress leaders for the party's performance in the Lok Sabha polls, Baig, a MLA from Shivajinagar, had recently held Siddaramaiah's "arrogance" and KPCC president Dinesh Gundu Rao's "immaturity" responsible for the "flop show."
'If something unfortunate happens to an earning member, the family loses the crucial income which would have gone towards paying off debts, meeting the cost of children's higher education, or towards the upkeep of elderly parents.'
The International Cricket Council was the target of cybercrime involving a wire transfer of a sizeable sum of money, roughly US$ 2.5 million.
To ensure faster recovery of dues for entities hit by the Rs 5,600-crore (Rs 56-billion) fraud at NSEL, the government last month ordered the merger of the bourse with its parent firm Financial Technologies (India) Ltd.
The former chief minister said she would concentrate of development and law and order.
A plea has been filed in the Supreme Court seeking investigation under the supervision of a sitting apex court judge against the Adani group of companies in light of the allegations made by the US-based Hindenburg Research.
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