A property near Heathrow Airport, London, worth Rs 7.5 crore has been attached by the Enforcement Directorate (ED) in connection with a bank loan fraud case involving Neo Corp International Ltd.
'It's not about individuals operating the mule accounts being more or less skilled. Instead, 'lower-level' refers to the role the individual account plays in the broader mule network.'
The Haryana government has authorised the CBI to investigate the alleged involvement of five IAS officers in a Rs 590-crore fraud case involving IDFC First Bank. The CBI can now summon the officers for questioning.
The Haryana government has authorised the CBI to investigate the alleged involvement of five IAS officers in a Rs 590-crore fraud case involving IDFC First Bank. The CBI can now summon the officers for questioning.
The Haryana government has suspended two IAS officers, Ram Kumar Singh and Pardeep Kumar, in connection with an ongoing investigation into a Rs 590-crore fraud case involving IDFC First Bank.
Police in Gonda, Uttar Pradesh, have registered a case against 69 former and serving officers and employees of an Indian Bank branch for allegedly embezzling nearly Rs 5 crore from a union account. The case was filed following a court order after the accused failed to return the embezzled funds despite an earlier undertaking.
Madhya Pradesh Congress MLA Rajendra Bharti has challenged his conviction and three-year jail sentence in a cheating case involving forged bank records. The Delhi High Court has issued a notice to the prosecution and scheduled a hearing for April 15.
The Enforcement Directorate has attached assets worth approximately Rs 112.90 crore, including a residential property in Texas, USA, in a money-laundering case. The case involves a Noida-based air-conditioner components manufacturer, LEEL Electricals Limited, and its promoters, accused of defrauding a consortium of banks led by SBI of Rs 376 crore through manipulated financial statements and siphoning off funds.
India's markets regulator, Sebi, has issued a warning to listed companies and regulated entities about an emerging cyber fraud known as the "Boss Scam." This scam involves fraudsters impersonating senior officials like CEOs or MDs to trick finance teams into transferring funds, often using advanced AI tools or malicious software. Sebi advises organisations to verify requests independently and report incidents to prevent financial losses.
The Supreme Court has directed the Reserve Bank of India to prepare a standard operating procedure (SOP) within four weeks to deal with bank accounts linked to cyber frauds, including mule accounts. This directive is part of a broader effort to strengthen responses to cyber-enabled financial frauds, with the court also urging states and UTs to adopt and operationalise grievance redressal and money restoration modules.
The Enforcement Directorate is investigating a large-scale cyber fraud operation involving 5,300 Indian SIM cards used from Cambodia by a Malaysian national-led gang, duping people of hundreds of crores. The probe follows raids in Rajasthan and Punjab, identifying 30 bank accounts linked to the fraud.
Fugitive diamond merchant Nirav Modi has been ordered by a UK High Court to pay Bank of India over USD 11.5 million, including accruing interest, for a personal loan guarantee related to his Dubai-incorporated firm, Firestar Diamond FZE.
Four individuals, including two bank managers, have been arrested in Telangana for allegedly siphoning off Rs 2.65 crore from a state-owned bank branch in Nalgonda district.
The average time lag between the date of occurrence of a fraud and its detection is 23 months; for large frauds (Rs 100 crore and above), it was 57 months.
Gujarat police have uncovered cyber frauds worth Rs 2,289 crore and arrested 638 individuals as part of 'Operation Mule Account 1.0', a state-wide crackdown on online criminals launched in 2025.
Delhi Police have dismantled an interstate cyber fraud syndicate with links to foreign operators in Cambodia, arresting eight individuals involved in an online investment scam. The accused, including those with advanced educational qualifications, allegedly defrauded a complainant of Rs 24 lakh through a fake online trading platform.
The Payments Council of India has confirmed that Unified Payments Interface (UPI) services will continue to be free for consumers and small merchants, despite a recent Lok Sabha Bill. This clarification addresses concerns about potential charges, emphasising that while a sustainable financial model for UPI infrastructure is being developed, transaction charges will not be passed on to users or small businesses.
A local court in Mumbai acquitted a 23-year-old Jharkhand resident in a cyber fraud case, citing a lack of evidence proving a criminal conspiracy. The court ruled that merely crediting a defrauded amount into a person's bank account does not constitute a criminal offence without proof of involvement in the conspiracy.
Gujarat police have dismantled a Rs 77 crore cyber fraud operation with links to 375 cases nationwide, arresting 16 individuals and uncovering international connections.
Hyderabad Police Commissioner V C Sajjanar convened a meeting with bankers to address the misuse of bank accounts in cyber frauds and implement preventative measures, following 'Operation Octopus' which dismantled cyber fraud networks and led to arrests of complicit bank officials.
Delhi Police dismantled a cyber fraud facilitation network involving mule bank accounts and shell companies, arresting two dummy directors after detecting a fund flow of over Rs 16 crore within eight days.
Three officials from leading private banks have been arrested for their alleged involvement in a Rs 2,500-crore cyber fraud racket in Gujarat's Rajkot district, bringing the total number of arrests in the case to 20.
Delhi Police have dismantled a cyber fraud racket based in Mewat, arresting four individuals for allegedly impersonating Indian Air Force officials and defrauding businessmen using forged documents.
Uttar Pradesh Police have uncovered an inter-state cyber fraud syndicate with suspected links to Nepal and Chinese handlers, arresting five people in Bareilly district.
Hyderabad Police have dismantled a pan-India cyber fraud network, arresting 52 individuals across nine states in 'Operation Octopus 2.0'. The operation targeted bank officials, mule account holders, and middlemen involved in facilitating cyber frauds.
Gujarat police have arrested eight individuals for their alleged involvement in a cyber fraud network that handled transactions worth over Rs 288 crore. The arrests were made as part of 'Operation Mule Hunt 2.0', targeting organised cyber crime.
Three officials from leading private banks have been arrested for their alleged involvement in a Rs 2,500-crore cyber fraud in Gujarat's Rajkot district, bringing the total number of arrests in the case to 20, according to police reports.
Delhi Police have dismantled a cyber fraud operation that swindled a railway employee out of approximately Rs 60,000 under the guise of an online lottery. The investigation led to multiple arrests and uncovered a network using fake identities to open bank accounts for illicit transactions.
Kapil Chugh, accused of masterminding a Rs 1,825 crore GST refund fraud, has been arrested by DGGI officers upon his return from Dubai. He is alleged to have evaded investigation and is wanted in other economic criminal cases.
The Indian government has clarified that consumers will not be charged for UPI transactions, and most merchant transactions will also remain free. This comes amidst speculation following an amendment to the Payment and Settlement Systems Act, 2007. Any future merchant discount rate (MDR) would be nominal, threshold-based, and aimed at ensuring UPI's long-term sustainability and infrastructure development.
Aditya Puri is one of the cleanest examples we have, in Indian corporate history, of a leader who understood early that the measure of his work was not what happened while he was in the chair. It was what would keep happening when he was no longer there, says Suresh M K.
Delhi Police have dismantled an interstate cyber fraud syndicate involved in an online investment scam, arresting four individuals. The accused allegedly defrauded victims by promising high returns on online trading platforms and coercing them into depositing more money.
Delhi Police have arrested two men for allegedly running a cyber fraud racket involving over Rs 3.60 crore. The accused used mule bank accounts and a social media application to defraud victims. The investigation revealed links to an international cyber fraud network and training in Cambodia.
Delhi Police have arrested three men for allegedly operating a mule account syndicate that routed over 1.5 crore of cyber fraud proceeds through layered transactions.
Police in Meerut, Uttar Pradesh, have dismantled an illegal telephone exchange allegedly used for revenue loss and an online fake loan racket, arresting three individuals and seizing a large quantity of equipment.
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
Indore police have busted a gang involved in investment fraud, arresting five individuals and uncovering links to a WhatsApp account operated from Cambodia.
A woman constable in Mumbai Police was allegedly defrauded of Rs 12.46 lakh after her mobile phone was hacked via an APK file, leading to a personal loan being fraudulently obtained in her name.
Delhi Police have arrested two individuals for allegedly defrauding a 25-year-old man of Rs 1.46 lakh through a fake online investment scheme. The accused lured the victim with promises of high returns for completing online tasks.
Two African nationals have been arrested in Delhi for their alleged involvement in an international cyber fraud racket that defrauded victims across multiple states of more than Rs 5 million.
