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.
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.
'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).
'If the RBI had done the right things, these mistakes would not have happened in banks, public or private,' says Ajay Shah.
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.
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.
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.
PricewaterhouseCoopers' Global Economic Crime Survey '09 highlighted that corporate fraud remained rampant among organisations of all sizes, in all countries and industries despite increased regulatory actions and anti-fraud controls to prevent it.
According to the Central Bureau of Investigation, Gutte is one of the directors of Gangakhed Sugar and Energy Limited.
Between April and August, it issued request seeking LoC against 147 individuals to prevent them from leaving the country, the bank said in response to a Right to Information query filed by Pune-based activist Vihar Durve.
The ED has filed a fresh chargesheet against absconding jeweller Mehul Choksi, his wife Priti and others under the anti-money laundering law in connection with the over Rs 13,000-crore PNB loan fraud case, officials said on Monday. This is the first prosecution complaint filed by the central agency against Choksi's wife Priti Pradyotkumar Kothari. She has been charged by the Enforcement Directorate (ED) with "helping her husband in layering of the proceeds of crime".
The action comes days after the CBI registered an FIR in the country's biggest alleged bank loan fraud case till date.
The challenge before the management is ensuring simultaneous disclosure of key information to stock exchanges and investigating agencies.
India recorded 50,035 cases of cyber crime in 2020, an 11.8 per cent surge in such offences over the previous year, according to the National Crime Records Bureau (NCRB) data. The Reserve Bank of India (RBI) last week once again cautioned bank customers of fraud, including those in Know-Your-Customer (KYC) cases. In fact, certain frauds have become more prevalent than others, and being aware of them is the first step towards protect yourself. Mayur Joshi, chief executive officer, Indiaforensic.com, a company engaged in the prevention, detection, and investigation of frauds says, "It is necessary to learn, to read about these scams."
'We are also conducting ongoing training and grooming at the branch level to pre-empt such cyberattacks.'
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.
With a view to protect prudent commercial decision of bankers, the government has taken a slew of decisions, including doing away with personal responsibilities of MD and CEO of PSBs for compliance in dealing with large value frauds committed by bank officials.
57% of the respondents indicated that their organisations did not conduct independent fraud risk assessment
Choksi, along with his nephew and millionaire designer jeweller Nirav Modi, is being investigated by the ED for allegedly defrauding PNB, the country's second largest lender.
The findings revealed the biggest threat to firms comes from within.
Over 6,900 corruption cases probed by the Central Bureau of Investigation were pending trials in different courts, 361 for more than 20 years, according to the latest annual report of the Central Vigilance Commission (CVC). Besides, as many as 658 corruption cases were pending CBI investigation, 48 for more than five years.
Keeping surplus money in a bank account has become perilous, alerts Harsh Roongta.
After the recent attack on debit cards exposed the gaps in their security systems, banks are getting serious about data privacy.
The ED is also probing alleged violations of foreign exchange rules by the company since 2006.
Stricter norms of corporate governance under the Companies Act 2013 as well as increasing application of technology for early detection of frauds through data analysis surveillance and usage of forensic tool are among the other steps taken by the government to prevent fraud by companies, Jaitley said.
Fraudsters duplicate SIM cards to hack into bank accounts.
The Commission has desired to incorporate Aadhaar-based fingerprint authentication (else digital fingerprint capturing) and facial recognition of candidates, scanning of QR Code of e-admit cards and monitoring through live AI-based CCTV video surveillance, it said.
Frauds can have immediate impact on the banks' financials and can also cause a systemic risk in extreme cases
Theft, bribery and corruption, and regulatory non-compliance are the top three frauds
The order came days after Goyal told the court that he had "lost every hope of life and it would be "better if he died in jail" than living in such a situation.
The Enforcement Directorate has attached assets worth over Rs 14 crore belonging to the Gitanjali Group and its promoter and jeweller Mehul Choksi, one of the prime accused in the alleged over Rs 13,000 crore PNB loan fraud case. The properties attached, under the anti-money laundering law, include a flat measuring 1,460 sq feet located at O2 Tower in Goregaon area of Mumbai, gold and platinum jewellery, diamond stones, necklaces made of silver and pearls, watches and a Mercedes Benz car, the ED said in a statement. A provisional order for attachment has been issued under the Prevention of Money Laundering Act (PMLA) for the assets worth a total Rs 14.45 crore that are in the name of Gitanjali Group of companies and its director Mehul Choksi, it said.
As the number of students seeking higher education abroad continues to rise, several countries are implementing new rules. Gaurav Batra, CEO and founder of Infinite Group highlights how these changes will impact Indians who are planning to study abroad.
25,600 cases of banking fraud totalling Rs 1.79 billion were reported up to December 2017. 'There is an inherent legacy when it comes to insuring crime.' 'Generally, most banks are uncomfortable in sharing data about employee fraud.'
The 12,000-page charge sheet further claimed that a similar fraud was detected in 2016 following which the RBI took up the issue and issued circulars to all banks.
As far as I'm concerned, we already have won it, Trump said.
The case is linked to an alleged fraud of over Rs 512 crore in a Panvel-based cooperative bank.
Jet Airways founder Naresh Goyal's cancer was at a preliminary stage and not life threatening, a special court said here on Thursday while refusing to grant him interim bail on medical grounds. The court, however, permitted Goyal, arrested in a money laundering case, to undergo cancer treatment at a hospital of his choice for two months. Goyal (74), who is lodged in Arthur Road jail in central Mumbai, had sought to be released on interim bail to undergo treatment for cancer.
The Reserve Bank could consider setting up of a Fraud Registry on the lines of Credit Information Bureau to check criminal activities in the financial sector.
