Roopam Asthana, CEO and whole-time director, Liberty General Insurance Ltd, answers your queries on HEALTH and AUTO insurance.
About 1.2 trillion tax evasion cases have been detected and as many as 59,000 entities identified for verification in order to ascertain whether they are fake.
This will help expand the distribution channels, said Subhash Chandra Khuntia, chairman of the insurance regulatory and development authority of India.
Only investors with knowledge of cryptocurrencies, long-term conviction, and a long horizon should invest in this asset class.
...benefiting 350,000 persons. Also, Trai detected and blocked seven million mobile phone connections involved in cyber fraud and suspicious activities.
He is accused of multi-year visa fraud, involving forged and fraudulent documents to get visas such as H1B for over 200 foreign workers.
Thanks to its indemnity cover, Citibank may not have to provide for the alleged multi-crore fraud by Shivraj Puri, the relationship manager at its Gurgaon branch.
While it's not difficult to fall prey to card fraud, individuals can protect themselves against losses.
The alleged fraud includes the use of fake bills.
For Indian parents, sending a child abroad for a three-year degree could deplete 48% of their retirement savings, while a four-year degree may consume up to 64%.
The Commission concluded that the bank officials had evidently been negligent in failing to compare the signature prior to making payment, notes Jehangir B Gai.
Section 45 in the new Bill says no claim can be repudiated after three years of the policy being in force, even if a fraud is detected, has sent life insurers into a tizzy.
Customers using mobile wallets, prepaid payments cards, and paper vouchers such as Sodexo have been absolved of liability for fraud if it is reported within three days.
Amritsar-born entrepreneur John Nath Kapoor was arrested by the FBI for bribing doctors to over-prescribe a powerful opioid to patients.
From , May 15 (PTI) Four Indian Americans, including a physician and three co-owners of a health clinic from Chicago, have been charged with healthcare fraud estimated to be running into millions of dollars. Federal law enforcement officials said three Indian Americans Ankur Ro ...
The loss to policyholders due to massive mis-selling of insurance policies by trusted private sector and public sector banks will be well in excess of Rs 2 trillion, warns Harsh Roongta.
The onus is on you to reject financial products that don't suit your needs.
The GST intelligence unit detected tax evasion of more than Rs 1.98 lakh crore last year and arrested 140 masterminds who were involved in defrauding the exchequer, the finance ministry said on Thursday. In 2023, the Directorate General of GST Intelligence (DGGI) detected significant GST evasion in diverse sectors like online gaming, casinos, insurance and secondment (import of manpower services). "DGGI has achieved an increase in detection of cases of evasion and voluntary payments. In 2023, DGGI detected 6,323 cases involving evasion of duty of Rs 1,98,324 crore with a voluntary payment of Rs 28,362 crore.
It will allow more transparency in policies and flexibility in premium payment, besides improving processing of claims.
A senior life insurance official point out there have also been cases involving former insurance agents.
Suresh Chand, 46, had pleaded guilty on September 2, 2009, to one count of conspiracy to commit health care fraud and one count of conspiracy to launder money in Medicare Fraud Scheme.
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.
Government officials have lodged FIRs and slapped fines to the tune of Rs 1 crore on hospitals involved in frauds.
The indictment returned by a federal grand jury in Detroit charged 26 individuals, including doctors and psychologists, United States Attorney Barbara McQuade announced on Wednesday.
Christopher Wood, global head of equity strategy at Jefferies has rejigged his equity portfolios. In his Asia ex-Japan long-only portfolio, he has added Axis Bank (5 per cent weightage) and increased holding in Larsen & Toubro (L&T) by one percentage point. This, Wood said, will be paid for by removing the investment in ICICI Lombard General Insurance and reducing the investments in HDFC Bank and Reliance Industries (RIL) by one percentage point each.
'If something unfortunate happens to an earning member, the family loses the crucial income which would have gone towards paying off debts, meeting the cost of children's higher education, or towards the upkeep of elderly parents.'
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.
The Burman family, which runs Dabur Group, has denied any involvement or role in an illegal cricket-betting app as alleged by the Mumbai police in a complaint filed last week. The family said vested interests were behind the police complaint and they wanted to scuttle their (Dabur's) move to acquire Religare Enterprises, a financial services company. "We have not received any formal communication on any such FIR
'This year's detection of frauds and probable recovery will be mainly driven by several compliance measures put in place, and amendments made to the GST regime to plug revenue leakages particularly in new-edge sectors.'
Insiders enable 61% of frauds financial services hit the worst.
To avoid a claim rejection for chronic diseases, ensure proper medical records, experts tell Tinesh Bhasin
Shares of Adani group firms have faced heavy drubbing since Tuesday's close last week, after US-based short seller Hindenburg Research made damaging allegations against the conglomerate. Most of the group firms fell for the third day running on Monday. Since Tuesday's close last week, shares of Adani Transmission have tumbled 41.66 per cent, Adani Total Gas tanked 39.57 per cent, Adani Green Energy declined 37.55 per cent and Adani Ports fell 23.75 per cent on the BSE.
There are instances where the insurance company will not pay out claims... Beware!
Confirming a meeting with the top management of the Adani Group, Life Insurance Corporation Chairman M R Kumar said on Sunday that the interaction had gone well. "There's nothing I can state as of now on the outcome of that meeting. "But yeah, we've had the meeting....we are quite happy about this meeting," Kumar said on the sidelines of the 22nd Global Conference of Actuaries in New Delhi.
An Indian-American physician was on Saturday jailed for nearly six years and ordered to pay over $2.2 million in fine for defrauding federal medical insurance programmes by inflating and overcharging for healthcare services.
In case the third party fraud is reported after a delay of four to seven working days, the customer will face liability of up to Rs 25,000.
More than 1,000 independent directors have quit since January 2017; more could be on their way out
Irdai will maintain a centralised list of the details of all agents appointed by insurers.
Meera Sachdeva, 50, of Mississippi was sentenced to 20 years in federal prison followed by three years of supervised release on charges that she defrauded federal insurance programme Medicare by submitting false claims for chemotherapy services, US Attorney Gregory Davis said in a statement.
'Clients deemed higher-risk are required to update their KYC more frequently.'
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