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.
The brother of the chancellor of Al Falah University, linked to the Delhi blast probe, has been arrested by Madhya Pradesh police from Hyderabad in connection with nearly 25-year-old fraud cases.
Gaming and cyber security experts suggest how kids and parents can stay aware to fight the growing threats and miscreants who act from behind the screen.
This marks a 67% increase from the Rs 2,537 crore lost in scams in 2022-2023.
The Supreme Court has restrained lower courts from releasing the accused in a digital arrest fraud case where a 72-year-old lawyer was duped of Rs 3.29 crore. The court expressed concern over the growing cybercrime and the targeting of elderly citizens.
The Supreme Court is considering entrusting the CBI with the investigation into digital arrest cases, citing the magnitude and pan-India spread of such crimes. The court has sought details of FIRs registered in different states and union territories and is monitoring the progress of the investigation.
A new cyber fraud known as 'pig butchering scam' or 'investment scam' has emerged, targeting unemployed youths, housewives, students, and needy people who are made to lose large sums of money daily, according to the latest annual report of the Union home ministry.
Former Delhi deputy chief minister Manish Sisodia was on Friday questioned for over three hours by the Anti-Corruption Branch (ACB) in an alleged graft case related to the construction of classrooms in government schools here, officials said.
Front-running is a fraudulent practice where traders exploit advance knowledge of large client orders for personal profit.
UPI-related frauds have accounted for a cumulative loss of Rs 2,145 crore across 2.7 million reported incidents.
'Big Week For #USIndia Law Enforcement Collaboration'
The summons come after an FIR was registered by the ACB on April 30 based on allegations of financial irregularities to the tune of Rs 2,000 crore in the construction of over 12,000 classrooms or semi-permanent structures in Delhi government schools.
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.
Prime Minister Narendra Modi on Wednesday asked the Congress to tell the nation who prevented India's military response after the 26/11 Mumbai terror attacks linked to Pakistan, and accused the party of weakening the fight against terrorism when in power.
Media reports claimed the CVC is probing a Rs 14-crore "scam" in ICHR and has advised the government to act against some members of the ABISY.
We propose an expert group be set up to form a national strategy on digital fraud. This group would bring together skills in financial regulation, security economics, cyber defence, and public communications, and an understanding of the Indian financial and security systems. It should lay the foundations of a coordinated approach by the Indian State in fighting digital fraud, suggest Ajay Shah and Nandkumar Saravade.
Speaking at the 'Samudra se Samruddhi' event, where he inaugurated and laid foundation stones of projects worth Rs 34,200 crore, Modi said all the problems of India have only one solution, and that is self-reliance.
Following detailed questioning, journalist Mahesh Langa was arrested by the Crime Branch on Tuesday morning, Deputy Commissioner of Police (Crime) Ajit Rajian said. "The central GST had found some suspicious transactions in bogus firms floated in the name of Mahesh Langa's wife and father using forged documents. Langa has been arrested for further investigation," he said.
Airtel has informed the government and regulator Trai that it has approached Reliance Jio and Vodafone Idea with a proposal for a joint initiative to unite the industry against rising telecom fraud and scams.
Bhutia and Chaubey have shared a history of verbal spats, with the former frequently questioning Chaubey's leadership, even calling the AIFF a "circus"
'Marathwada is the suicide capital of Maharashtra.' 'To stop such man-made disasters, the government should immediately come up with a rightful package, not this charitable approach to compensation.'
The National Financial Reporting Authority (NFRA) will invite public comments on the revised International Standard on Auditing 600 (ISA 600) proposed to be adopted by publicly listed companies and non-public-sector banks, sources close to the development told Business Standard. The decision to take this "graded approach" for the adoption of the ISA, which is meant to rein in auditors often found hiding behind the audit reports signed off by subsidiary companies, was taken at a meeting of various financial sector regulators at NFRA's board meeting on Monday (August 26). The idea behind upgrading the Standards of Audit 600 currently followed by Indian auditors to ISA 600 is to plug current gaps, which have led to major audit lapses in the recent past.
When shorts are based on perceived corporate mismanagement or malfeasance, as in cases like Enron and Satyam, they enable the financial system to work efficiently, points out Devangshu Datta.
Nehal Modi, the younger brother of fugitive diamantaire Nirav Modi, has been arrested in the US based on extradition requests from the Enforcement Directorate and the CBI.
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.
Fraudsters read your mind, weave convincing stories, earn your trust and then vanish with people's savings. Ramalingam Kalirajan reveals five simple tricks that cons use to steal money from you.
'Avoid rushing into any financial transactions or disclosing personal information.'
The International Cricket Council was the target of cybercrime involving a wire transfer of a sizeable sum of money, roughly US$ 2.5 million.
Targets should avoid panicking and hang up. 'Disconnecting stops the scammers from building psychological pressure.'
Scammers sometimes misuse personal information collected during tax preparation, leading to identity theft or unauthorised financial transactions.
The Securities and Exchange Board of India (Sebi) on Wednesday announced a slew of measures to ease the compliance burden in the stock markets ecosystem, encourage more companies to list on the bourses after reverse flipping to India, and facilitate greater foreign fund flows into government bonds.
There was no smooth surge in middle class prosperity for foreign businesses to tap into because of the Indian economy was mismanaged, argues Debashis Basu.
The story of the Bombay Stock Exchange and the people who shaped its growth: From wars and bomb blasts to speculators, reformers and wealth creators.
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.
'There is no scope for any doubt. This was a scheme designed to enrich the ruling party.'
Varun Tej's committed performance somehow rescues Matka from being a pointless venture with stylish flourishes and interesting ideas, observes Arjun Menon.
Shah pulled no punches in lambasting the RJD supremo for alleged nepotism, accusing him of making his wife the chief minister, getting his daughter elected to Parliament and "now both his sons want to become the CM".
The number of digital financial frauds rose more than four times in FY24 year-on-year to comprise 80 per cent of all financial frauds.
The Securities and Exchange Board of India (Sebi) on Thursday debarred Ketan Parekh, the stock market operator involved in the stock market scam of 2000, Singapore-based trader Rohit Salgaocar, and one other individual from the securities market for alleged front-running of trades of a United States (US)-based foreign portfolio investor (FPI). The FPI manages around $2.5 trillion worth of funds globally.
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