The order grants permission to the UK High Court Enforcement Officer to enter the 62-year-old tycoon's properties in Hertfordshire, near London.
Banks operating in India reported fraud of Rs 4.92 trillion as on March 31, 2021, which represents nearly 4.5 per cent of the total bank credit, showed Reserve Bank of India (RBI) data, which was sought under the Right to Information (RTI) Act by Saurabh Pandhare. The data showed 90 banks and financial institutions reported a total of 45,613 cases of loan fraud till March 31, 2021. State Bank of India - the country's largest lender - reported the highest amount of loans as fraud - Rs 78,072 crore as on March 31, 2021.
Reserve Bank Governor Sanjay Malhotra on Wednesday exhorted the fledgling fintech ecosystem to focus on the underserved sections of the society to deepen financial inclusion. Speaking at the annual Global Fintech Fest in Mumbai, Malhotra accepted that serving the "privileged" will be a lucrative business, but urged the smaller companies to focus on the underserved.
'Other sectors that manage the savings pools of Indians are giving tough competition to life insurance companies.'
'Instead of the government and telecom operators solving the mess of their own creation, they're telling us we need to give access to our phones perpetually.'
Among the assets in question include the Force India and Indian Empress super-yacht - which was fitted with an Elton John piano around 2015, a fleet of high-value cars and some artwork from Mallya's Ladywalk property in the English village of Tewin in Hertfordshire.
Amid slowdown blues, the government has unveiled a raft of measures over the past few months aimed at improving liquidity in the system, moderating interest rates as well as credit growth apart from addressing stress in the NBFC sector.
We as customers have to be conscious and careful to sidestep numerous types of frauds made possible under a mindless shift to a digital ecosystem without customer-redress procedures, warns Debashis Basu.
'We are also conducting ongoing training and grooming at the branch level to pre-empt such cyberattacks.'
The Reserve Bank of India (RBI) brass, including its Governor Sanjay Malhotra, on Tuesday told a Parliamentary panel that it was "optimistic" about the impact of the US tariffs on the Indian economy and, in long-run, it could benefit the country due to dipping trade relations between the US and China.
A case has been registered against Maharashtra BJP minister Radhakrishna Vikhe Patil and 53 others, including directors of a sugar mill, for allegedly obtaining loans of nearly Rs 9 crore in the names of farmers using forged documents. The complaint was filed by a sugarcane cultivator and member of the cooperative sugar mill, alleging that the loan amounts were never credited to the farmers' accounts and were instead siphoned off by sugar mill officials and bank staff. The case was registered based on a court directive following a complaint alleging irregularities that occurred in 2004.
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 Reserve Bank on Thursday affirmed its commitment to continue with its supervisory measures aimed at early identification of risks and vulnerabilities. The central bank would also focus on enhancing cyber resilience and capabilities of Supervised Entities (SEs) by implementing the recommendations of the inter-regulatory Working Group, which has uniform baseline cybersecurity guidelines for financial entities, it said in its annual report.
Breaking his silence after nine years, Vijay Mallya said he may return to India if assured a fair trial.
An Enforcement Directorate team undertaking searches in a cyber fraud linked money laundering case was allegedly attacked in New Delhi on Thursday, officials said.
Finance Minister Nirmala Sitharaman on Tuesday asked fintech firms to focus on risk management at a time when criminals are using AI to mimic voices, clone identities and create lifelike videos to manipulate people.
To check digital frauds, the government has disconnected 70 lakh mobile numbers so far involved in cybercrime or financial frauds, Financial Services Secretary Vivek Joshi said on Tuesday. Emerging from a meeting to discuss issues related to financial cyber security and increasing digital payment fraud, Joshi, who chaired the meeting, said banks have been asked to strengthen the system and processes in this regard. More such meetings would take place, he said, adding the next meeting is scheduled in January.
The opposition party questioned why the government took five years after the liquidation proceedings of ABG Shipyard to lodge an FIR in connection with the alleged duping of 28 banks.
She was the managing director and the CEO of PNB since August 14, 2015 before being appointed in Allahabad Bank on May 6, 2017.
The Indian government has introduced a bill in the Lok Sabha to ban online games played with money, aiming to curb addiction, money laundering, and financial fraud. The bill also targets advertisements and financial transactions related to such games.
'Let them put their house in order first.' 'Let the RBI first rectify themselves.'
In a major blow to Nirav Modi, a bankruptcy court in the US has rejected a petition of the fugitive diamond merchant and two of his associates, seeking dismissal of fraud allegations against them by the trustee of three companies they previously owned indirectly.
In the past 10 years, over 500 PSB officers have died by suicide. When targets are overwhelming, senior management and customers are both impatient, and there is constant fear, not every banker has the resilience to survive and thrive, warns Tamal Bandyopadhyay.
Russian fertiliser group Uralkali said that by turning down its higher bid for the company, the administrators had denied the extra funds that would have accrued to the shareholder of Force India - Mallya's Orange India Holdings Sarl - which is subject to a freezing order issued by the UK's High Court in favour of his 13 creditor Indian banks, led by the State Bank of India.
Arms dealer Sanjay Bhandari has opposed the Enforcement Directorate's (ED) plea in a Delhi court seeking to declare him a "fugitive " in connection with a black money case. Bhandari claims his stay in the UK is legal as the London High Court denied his extradition to India. The court's decision was also cited by an English court in April to deny the Indian government's request to extradite another accused in a rice-buying scam. Bhandari's lawyer argued that the ED's application was "vague, misplaced and without jurisdiction " and that the value involved in the case was less than the required Rs 100 crore to declare someone a "fugitive. " The Delhi court has sought the ED's rebuttal to Bhandari's argument by May 3.
'Last year, Rs 20,000 crore was ripped off from the banking system.' 'The situation has deteriorated under the Modi government.'
SEBI alleges Jane Street placed bets on the stock market falling and then acted in a way to make the market actually fall so it could win its bet.
Finance Minister Nirmala Sitharaman on Wednesday asked fintech startups to come out with solutions to deal with the rising incidence of digital arrests, cheating by fly-by-night operators, and other kinds of cyber frauds. Speaking at the Digital Payments Awards 2025 ceremony here, the minister credited fintechs with helping speed up financial inclusion and taking the payment system to even the far-flung areas of the country.
Choksi is wanted in India by the CBI and the Enforcement Directorate, which are probing the PNB fraud, the biggest banking scam in the country. India continues to pursue Choksi's return with the government of Antigua through diplomatic and legal channels.
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.
ICAI intends to investigate the chartered accountants of PNB but the bank allegedly refuses to give the information sought.
The government has given sanction for prosecution against PNB executive director Sanjiv Sharan as part of the clean up exercise in the system.
'A credit line on UPI is going to make banks think about credit fundamentally as they digitise the credit process entirely.'
Red Square and VDNKh easily rank among the most striking places I've visited -- both for their historical significance and architectural splendour.
My admiration for Russian culture, vision and ambition grew with every step as I clocked the miles, Nitin Sathe tells us after a visit to Moscow and St Petersburg.
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.
The defendants would make up a false identity to get cards and then use them.
A Belgian court has declined the bail plea of Mehul Choksi, a key accused in the Rs 13,500 crore Punjab National Bank (PNB) loan fraud case.
UPI-related frauds have accounted for a cumulative loss of Rs 2,145 crore across 2.7 million reported incidents.
What is digital house arrest? It is a tactic cybercriminals use to confine victims to their homes and scam them, explains Tamal Bandyopadhyay.
