Fraudsters duplicate SIM cards to hack into bank accounts.
'Apparently the entire biometric database's demographic data is available, which means that every Aadhaar signup is wide open to identity theft.' 'The commoditisation of the method -- selling the log-in for Rs 500 -- indicates that scammers have already harvested whatever they wanted,' points out Devangshu Datta.
Despite the rating agency CARE withdrawing the ratings assigned to the bank facilities of FIPL "with immediate effect" following the receipt of a no-objection certificate (NOC) from the banks, Modi's company received uninterrupted letters of undertaking (LoUs) from PNB, which were honoured by other banks until a few weeks ago.
The central probe agency had filed a money laundering case to probe the deal and is carrying out the action to collect evidence under the Prevention of Money Laundering Act (PMLA), officials said.
"The downgrade of the bank's BCA and ratings reflects the negative impact of the discovery of a number of fraudulent transactions on the bank's standalone profile, particularly its capital position," the rating agency said in a report.
ICAI intends to investigate the chartered accountants of PNB but the bank allegedly refuses to give the information sought.
Companies owned by fugitive diamantaire Mehul Choksi have allegedly siphoned off over Rs 6,344.96 crore from the Punjab National Bank (PNB) using fraudulent letters of undertaking and foreign letters of credit, a CBI investigation into the scam has detected. The findings were submitted by the CBI in a supplementary chargesheet filed before a special court in Mumbai last week, where the agency said the PNB was conned by its employees who were allegedly hand in gloves with Choksi and his company executives and who facilitated the scam as part of a criminal conspiracy. The PNB officials at the bank's Brady House branch in Mumbai issued 165 letters of undertaking (LoUs) and 58 foreign letters of credit (FLCs) during March-April 2017, against which 311 bills were discounted.
It is high time the Indian government signalled discomfort with the UK providing refuge to those accused of financial crimes in India, states Jaimini Bhagwati.
The NSE Nifty settled the day 38.85 points or 0.37 per cent lower at 10,500.90 after shuttling between 10,590.55 and 10,456.65, intra-day.
The agency on Friday also carried out searches on the premises of the Gitanjali Group at 20 places in Mumbai, Pune, Surat, Jaipur, Hyderabad and Coimbatore.
Apart from SBI, UPI 2.0 partner banks are HDFC Bank, Axis Bank, ICICI Bank, IDBI Bank, RBL Bank, YES Bank, Kotak Mahindra Bank, IndusInd Bank, Federal Bank and HSBC.
Govt tells PSBs to integrate banking systems, rotate staff as a policy
India's five leading wilful defaulters are Winsome Diamonds & Jewellery Ltd and associate Forever Precious Jewellery & Diamonds, Zoom Developers, Kingfisher Airlines, Beta Naphthol and Raza Textiles
Stockbroker Blue Chip Corporation Pvt Ltd (BCCPL), Nitin Rajaram Narke, Pravin B Darawade, Bhavana Chadha, Milestone Investment, Nitin Narke Investment, Blue Cheap Investment and Blue Chip Investment have been prohibited.
The survey was based on the survey of 44 banks.
Without naming either the alleged kingpin of the fraud, billionaire jeweller Nirav Modi, or Punjab National Bank, Jaitley questioned the ethics of some businesses in the country and asked as to why the bank's internal and external auditors could not detect the fraud which had been going on for 7 long years.
The country's largest lender State Bank of India will get the largest sum of Rs 8,800 crore as government's capital infusion.
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.
Property buyers fund the project cost and the entire debt and entire equity servicing, and yet, have no locus standi in the IBC process, points out Debashis Basu.
Shashank Rai, 30, allegedly sought millions of dollars in forgivable loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act from two different banks by claiming to have 250 employees earning wages when, in fact, no employee worked for his alleged business.
Under the Companies Act, all the rights of at least 300,000 disqualified directors cease to have any validity.
The suspected security breach happened through a malware in the systems of Hitachi Payments Services, which serves ATM network of Yes Bank
Cyber criminals are using apps and young women to trap people through mobile phone calls and video chats.
The fraud was operated from call centres in India to defraud hundreds of elderly and vulnerable people in the US, CBI officials said.
'I was shocked by the kidnapping episode. I could have lost my life.'
The government has given sanction for prosecution against PNB executive director Sanjiv Sharan as part of the clean up exercise in the system.
Swadeshi economist, columnist and chartered accountant S Gurumurthy speaks to Shobha Warrier about one year of Modi Sarkar.
After every corporate announcement, check your demat and bank accounts for necessary credits.
With the entire fraud amount becoming a non-performing asset, around 25 per cent of the bank's estimated net worth of Rs 40,000 crore could be affected.
Officials said it had informed the RBI about these alleged malpractices earlier and is regularly updating it about such modus operandi being deployed
Leicester-based Ajay Gaindher, 26, took the money.
Some of the celebrities whose names and details were used by the fraudsters are Abhishek Bachchan, Shilpa Shetty, Madhuri Dixit, Emraan Hashmi and Mahendra Singh Dhoni, Deputy Commissioner of Police (DCP) of Shahadra Rohit Meena said.
Shivakumar, arrested on September 3 by the ED in money laundering case, was produced before the court Tuesday on the expiry of his custodial interrogation.
Banks will also have to seek borrower's status report from Central Economic Intelligence Bureau on the account turning NPA
Gokulnath Shetty, then deputy manager (now retired), Manoj Kharat, a single window operator of PNB, and Hemant Bhat were taken into custody by the agency
The scam has offered Lalu Prasad an opportunity to point fingers at Nitish Kumar and Sushil Kumar Modi.
The company, however, has not identified any of its officials despite mentioning that its employees facilitating refunds have been assigned specific login id and passwords, making it easier to identify those who processed which refunds
"Our preliminary estimates show we may have to provide for around Rs 60 billion in the balance sheet for the quarter ending on March. The due date for LoUs amounting to Rs 60 billion is falling in the present quarter. This will be a contingent liability for the bank," said a senior executive, on condition of anonymity.
'Last year, Rs 20,000 crore was ripped off from the banking system.' 'The situation has deteriorated under the Modi government.'
While the scam highlights the need for an overhaul of the oversight mechanism of banks and of their internal controls, questions are being raised on why multiple audits failed to raise an alarm
