The Enforcement Directorate has also taken interest in the case and sought related documents and FIR copies from the local police, they added.
Sushil Sheth, a Chicago area physician, was sentenced on Wednesday by US District Judge Rebecca Pallmeyer and ordered to begin serving the 60-month prison term in two months.
In an age where personal data is a valuable commodity, investing in cyber insurance is not just a prudent choice; it is becoming a necessity for individuals and families alike, says T A Ramalingam.
Why not stream all the data in real time to multiple recipients? It would make the investigation of aviation incidents much easier and far more transparent, recommends Devangshu Datta.
Fraudsters lure individuals with false promises of recovering bonuses or maturity proceeds from lapsed policies.
Before heading abroad, ensure your travel insurance policy offers all essential coverage and has an adequate sum insured.
Finance Minister Nirmala Sitharaman on Tuesday launched the foreign currency settlement system in GIFT IFSC, which will facilitate seamless transactions on real-time basis, enhance liquidity management, and ensure compliance.
Across all sectors, the future of work depends on adaptability.
The Indian insurance industry is set to focus on customer-centric technological adoption and expansion into rural areas to drive growth in 2025.
Section 45, which says no claim can be rejected after three years of a policy being in force, remains a bone of contention
'Reinvention is not a hugely difficult task. With technology as available today, you can reinvent yourself pretty quickly.'
'The kids are already used to this place. We go back and that's a different environment.' 'So, mentally, emotionally we are stressed.'
One of the most exploited provisions is Section 10(13A), which permits exemption on HRA.
Purchase health insurance at an early age, before you incur a disease, as this makes access to health insurance difficult and raises the premium significantly.
ICICI Lombard is utilising the latest technology and forensic methods to verify insurance claims.
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
'Self-declaration from the customer in case of no change in KYC information or change only in the address details may be obtained.'
The average ticket size of retail health insurance in India has increased by nearly 48 per cent over 6 years due to elevated medical inflation and increased demand for higher coverage policies among policyholders. According to data by online insurance broker PolicyBazaar, the average ticket size of retail health insurance in India has increased to Rs 26,533 so far in FY24, up 48.22 per cent from Rs 17,900 in FY19.
In 2023-2024, 95 scheduled commercial banks received over 10 million complaints from their customers. The process of KYC at many banks has become 'HYC' -- harass your customer, points out Tamal Bandyopadhyay.
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.
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.
NPCI calls bids to cover all e-payment transactions where consumer followed procedure; both state and private insurers show interest.
Policy owners need to avoid errors on their part to prevent claims from being denied.
A strong demand was made in the Lok Sabha to eliminate online betting and gambling applications. YSRCP member Maddila Gurumoorthy urged the government to set up a dedicated task force to take action against betting and gambling apps. He also asked the government to draft regulations for such applications and launch awareness campaigns about the dangers of online betting. Other issues raised included deposit insurance coverage for bank depositors, representation of Scheduled Castes in the Kerala government, challenges faced by nurses, and the need for paramilitary forces in Jharkhand during upcoming Hindu festivals.
'I don't know when I will be able to access those funds.'
'As our per capita income increases and various demographic segments emerge, the need for various kinds of protection and risk covers will become even more explicit.'
The Enforcement Directorate said on Monday that it had conducted search operations at four locations in Mumbai and Delhi as part of its money laundering investigation into an alleged Rs 4,500 crore (Rs 45 billion) fraud by Pancard Clubs Limited and others, in which more than 5 million investors have been duped.
The insurance sector seems to be the most vulnerable to frauds as companies are losing a whopping over Rs 15,000 crore (Rs 150 billion) every year due to exaggerated claims by customers or agents, a survey has found.
'If you want it to grow well and serve the true needs of the economy, it needs a lot of freedom and flexibility, which comes in terms of the reform objective set by the regulator.'
Religare Enterprises, a financial services firm, has disclosed that the Reserve Bank of India (RBI) turned down its application to appoint Rakesh Asthana as its whole-time director in May this year without citing any reasons. Asthana is a former top official of the Central Bureau of Investigation (CBI). In a notice to the stock exchanges, Religare said that while the company and Asthana were weighing the options of dealing with the letter of refusal by the RBI, it was also busy in preparing for the "herculean task" of making ready multiple applications to regulators.
An Indian-American physical therapist assistant has been sentenced to over four years in prison and ordered to pay USD 1.9 million in restitution for his role in a $14.9 million health insurance fraud scheme.
This case is the largest investigated by the Pandemic Response Accountability Committee Fraud Task Force to date, US Attorney for the Northern District of Texas Leigha Simonton said in a press release.
Capital market regulator Sebi on Tuesday rejected the competing open offer made by the US-based entity Danny Gaekwad Developments & Investments for acquisition of Religare Enterprises Ltd (REL) as it did not meet necessary regulations.
Will allowing business correspondents to hawk insurance products help in reviving 5-lakh strong field agents as a viable channel?
Consider a combination of a base policy and a super top-up policy.
The National Commission concluded that the claim had been rightly rejected on grounds of misrepresentation in the proposal form and breach of duty to maintain utmost good faith while applying for insurance coverage.
More people using the internet for financial and e-commerce transactions has led to job creation in a niche segment. Specialists who can help deal with rising technology (tech) frauds are in high demand amid the surge in electronic transactions during the pandemic. Demand for tech fraud experts has risen upwards of 35 per cent, reveals employment and human resource services company TeamLease Services.
President Droupadi Murmu addressed both Houses of Parliament, highlighting the government's achievements in various sectors, including economic growth, social welfare, and infrastructure development. She emphasized the government's efforts to lift the economy out of "policy paralysis" and create a more inclusive society. Murmu also acknowledged the challenges posed by digital fraud and cybercrime and stressed the need for a social infrastructure revolution. The President's speech is considered a policy statement, outlining the government's vision and roadmap for the future.
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.'
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.
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