To educate customers on the modus operandi of financial fraudsters and share inputs on safe banking habits, banks are now coming up with awareness campaigns aimed at preventing customers from falling into the trap of fraudsters.
The Enforcement Directorate on Wednesday said it has attached fresh assets worth Rs 29.75 crore of fugitive diamond trader Nirav Modi under the anti-money laundering law. A provisional order has been issued under the Prevention of Money Laundering Act (PMLA) to attach these assets that are in the form of bank deposits, land, and buildings, it said in a statement.
Use of blockchain technology will ensure that banks will not be blindsided like in the case of the Nirav Modi-Mehul Choksi blowout at PNB, says Raghu Mohan.
Among bank groups, PSBs, which constitute the largest market share in bank lending, have accounted for the bulk of frauds reported in 2018-19.
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.
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
Since its launch in April, helpline 155260 has been able to prevent more than Rs 18.5 million of defrauded money from reaching the hands of fraudsters.
The fundamental responsibility for preventing such crimes and for bringing the criminals to justice rests with the State, and it cannot abdicate that function.
Sources said that Langa and an unidentified employee of the Gujarat Maritime Board (GMB) have been booked on the charges of theft and under relevant sections of the Prevention of Corruption Act.
Cardholders must ensure their debit cards are used in their presence.
Regularly monitor your account for any suspicious activity. Keep your devices updated with the latest security patches to prevent vulnerabilities. Ensure the physical wallet you use is stored securely to avoid loss or theft.
'The first and most basic responsibility of any government is to protect its people from external threats and internal harm.' 'Budget 2025-2026 has to focus on meeting this responsibility,' asserts R Jagannathan.
'The central bank has highlighted that the slowdown in growth has been limited to a few sectors and overall growth is expected to pick up in the second half of the year.'
'Let them put their house in order first.' 'Let the RBI first rectify themselves.'
In addition to educating Delhiites and holding a joint awareness campaign against cyber frauds, Truecaller will also display official numbers of the Delhi police representatives on the app's government directory services.
The total amount of fraud reported by banks showed a drop in 2020-21 - for the first time in eight years - though there is an emerging trend of private sector banks reporting a larger number of frauds related to card and internet banking. According to the latest data released by the Reserve Bank of India, commercial banks reported Rs 1.38 trillion of frauds in 2020-21, as compared to Rs 1.85 trillion in the previous year. The first half of the current fiscal year saw banks reporting frauds worth Rs 36,342 crore.
The ED had conducted searches against the legislator, Sai Aaina Farms Pvt Ltd (now Mahira Infratech Pvt Ltd), other companies of the Mahira Group and some others in July last year.
If you have questions related to online insurance frauds, then Piyush Ranjan, chief technology officer, Coverfox Insurance, will answer your queries.
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
The legislator was taken into custody under provisions of the Prevention of Money Laundering Act after he was detained by agency officials from a public meeting he was holding in Malerkotla, they said.
AI-driven and deepfake-enabled cyberattacks are anticipated to become increasingly prevalent in 2025 with sectors like healthcare and finance most prone targets, according to a recent report. The India Cyber Threat Report 2025 by the Data Security Council of India (DSCI) and Seqrite, spotlighted the evolving tactics of cybercriminals and the rise of AI-driven attacks as a major concern. "Artificial Intelligence (AI) will be used to develop highly sophisticated phishing campaigns utilising deepfake technology and personalised attack vectors, making them harder to detect.
A special court here on Thursday rejected Videocon founder Venugopal Dhoot's plea which claimed that his arrest by the Central Bureau of Investigation in the alleged loan fraud involving former ICICI Bank CEO and MD Chanda Kochhar was illegal. The CBI court also rejected applications of Chanda Kochhar and her husband Deepak Kochhar for home food, beds, mattresses and chairs. The court directed jail authorities to provide them diet food in consultation with the medical officer.
India's e-commerce market alone is projected to reach $200 billion by 2026, making it a prime industry for ambitious entrepreneurs, explains rediffGURU Harsh Bharwani.
The CBI has filed a charge sheet against former MD and CEO of ICICI Bank Chanda Kochhar, her husband Deepak Kochhar and Videocon Group founder Venugopal Dhoot in a Rs 3,250 crore loan fraud case, officials said on Saturday. The agency has filed the charge sheet under sections 120-B (criminal conspiracy) and 409 (criminal breach of trust) of the Indian Penal Code (IPC) and provisions of the Prevention of Corruption Act, among others, they said. The Central Bureau of Investigation (CBI) has named nine entities, including companies and individuals, according to the officials.
While the results of the bypolls will not directly impact the composition of the 403-member state Assembly, the contest is being seen as a prestige fight between the BJP and opposition parties.
Muktesh Kumar Pardeshi, joint secretary Passport Seva Project and Chief Passport Officer said around 25-30 per centof the applicants who get an appointment do not turn up at the respective offices.
As the RBI moves ahead for the launch of the central bank digital currency (CBDC), Governor Shaktikanta Das on Wednesday marked out cyber security and digital frauds as the main challenges in the new system. Deputy Governor T Rabi Sankar said there are two types of CBDCs - wholesale and retail - and a lot of work has happened in the former while the latter was termed as a "complicated" aspect which will take time. The RBI had earlier this year announced that it has started work on the CBDC, in line with other major central banks of the world which are looking at a fiat digital currency.
Nitin Bhatnagar, a Maltese citizen and a former relationship manager of the Bank of Singapore, was taken into custody under the provisions of the Prevention of Money Laundering Act on Tuesday.
Credit card frauds are on an upswing these days. How can you make sure your credit card is not misused?
'Our politicians solely depend on bureaucrats who are unaccountable and follow their own agenda.' 'Our politicians would dare not dream of establishing a DOGE,' argues Lieutenant General Prakash Katoch (retd).
RBI said a total of 8,707 frauds involving Rs 1 lakh and above were detected during 2019-20 involving an amount of Rs 185,644 crore.
The CBI on Monday arrested Videocon group founder Venugopal Dhoot in connection with the ICICI Bank loan fraud case, officials said. The 71-year-old Dhoot was arrested from Mumbai, nearly three days after former CEO and MD of the ICICI Bank Chanda Kochhar and her husband Deepak Kochhar were taken into custody by the CBI, they said.
There will be a seven-day waiting period after the SIM swap or replacement for a mobile number to become eligible for porting, telecom regulator Trai said on Friday. The step has been taken to curb fraud taking place by using mobile phone numbers. "The Telecom Regulatory Authority of India (Trai), on 14th March 2024, issued the Telecommunication Mobile Number Portability (Ninth Amendment) Regulations, 2024, which will come into force on July 1, 2024," the regulator said.
He acknowledged that police had been caught off-guard by local delinquents who turned up to cause trouble at the match. But defending the security protocols in place, the minister said France had only had three months to prepare after the venue was moved from Russia.
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.
An Indian national from Gurgaon has been sentenced to three years in federal imprisonment on charges of call centre fraud that intended to cheat Americans of millions of dollars, a US attorney said.
The Bombay high court granted interim bail to Videocon Group founder Venugopal Dhoot on Friday, nearly a month after he was arrested by the Central Bureau of Investigation (CBI) in the ICICI Bank-Videocon loan fraud case. A division bench of Justices Revati Mohite Dere and P K Chavan granted bail to Dhoot on a surety of Rs one lakh. The court permitted him to furnish cash bail and then deposit the surety amount two weeks thereafter.
According to the Central Bureau of Investigation, Gutte is one of the directors of Gangakhed Sugar and Energy Limited.
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.
Thapar, 60, was arrested under the Prevention of Money Laundering Act (PMLA) on Tuesday night after the agency carried out raids against him and his linked businesses in Delhi and Mumbai, they said. He is expected to be produced before a court on Wednesday where the ED will seek his custody, they added. The ED has been probing an alleged transaction between his company Avantha Realty, Yes Bank co-founder Rana Kapoor and his wife, who are already being investigated under the PMLA by the agency.
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