A new PwC report, '2010 Internal Audit State of the Productivity of the Profession Survey', said about 48 per cent of Indian companies lack skill and knowledge of data tools used in internal audit softwares, while 18 per cent have no access to these tools.
Self-employed Ramgobin is alleged to have defrauded two local businessmen of more than 11 million South African Rand (Rs 5.38 crore) by claiming that she had secured a tender to import bedding from India for the private hospital group Netcare.
Move aimed to reduce scope of frauds as electronic payment systems are becoming vulnerable to misuse.
With auditing under the scanner and two of the Big Four firms stopping non-audit services for audit clients, auditors will now be subjected to a more stringent standard of reporting.
Gullible bank customers are getting fooled by callers who scare or lure them.
Dubai-based billionaire BR Shetty has sued Bank of Baroda (BoB) and audit firm Ernst & Young (EY) in a New York court, accusing them of ignoring fictitious and fraudulent transactions that resulted in NMC Healthcare going bankrupt. Shetty is seeking $8 billion in damages in the suit that also names the top management of NMC Healthcare, and Netherlands-based Credit Europe Bank. A top NMC Healthcare official confirmed the development to Business Standard and said despite several meetings, senior BoB officials in India did not take remedial steps for fear of getting involved in an international ponzi scheme perpetrated by then senior management officials.
No government in the past initiated the process of policy making for its next tenure even before going in for elections. Once the Model Code of Conduct is enforced by the Election Commission, should the government of the day refrain from taking an active interest in policy making for the next five years and let that be the function of the new government?, asks A K Bhattacharya.
The victims were duped of of their retirement savings ranging between $ 1,180 and $ 174,300, the Department of Justice said on Monday.
Protect yourself and minimise such frauds by following these simple rules
Hero Corporate Service on Wednesday said it has identified two more employees who could have colluded with its former Associate Vice-President Sanjay Gupta and Citibank employees in the Rs 300-crore fraud.
The mystery surrounding the alleged fund diversion from Zee Entertainment Enterprises (Zee) by founders Subhash Chandra and Punit Goenka has thickened with speculations of an amount multiple times higher than that cited by the ex-parte interim order passed by the Securities and Exchange Board of India (Sebi) dated June 12, 2023. While Zee shares witnessed a fresh selloff on Wednesday, news reports of accounting fraud left investors guessing about the hole in the media broadcaster's books. An order by the Securities Appellate Tribunal (SAT) in October 2023 had clearly hinted that Sebi's investigation had found a deeper rout.
'India's emergence as a top crypto market comes despite a regulatory and tax environment that can be challenging for the industry to navigate.'
Theoretically, Modi, who understood corporate finance, committed no crime by raising debt to fund a growing business. In fact, he did a tidy job of it, but his operation started to see the ground underneath it give way in January 2018. A fascinating excerpt from Pavan C Lall's Flawed: The Rise And Fall Of India's Diamond Mogul Nirav Modi.
The Enforcement Directorate (ED) on Tuesday arrested the former CFO and internal auditor of the Cox and Kings Group in connection with its money laundering probe in the Yes Bank alleged loan default case. The agency said ex-chief financial officer Anil Khandelwal and internal auditor Naresh Jain were arrested under the provision of the Prevention of Money Laundering Act
Sumathipala is the longest serving ICC executive board member who has been handling the most important affairs in the international arena for Sri Lanka Cricket.
Facing opposition fire for exit polls allegedly being used for stock market manipulation, Axis My India's chief Pradeep Gupta has said he is open to facing all kinds of investigations and it would help do business in a much better way if the government frames specific regulations for pollsters.
The Corporate Affairs Minister Salman Khurshid said on Friday investigations into the multi-crore accounting fraud in Satyam Computers is almost complete and a final report from the Enforcement Directorate and the Internal Revenue Services is awaited.
'Under Modi Ji's 'Jan Dhan Loot Yojana', another scam!' he tweeted.
Texas billionaire Allen Stanford and three of his companies were charged with "massive" fraud on Tuesday as federal agents swooped down on his US headquarters. In a civil complaint filed in federal court in Dallas, the US Securities and Exchange Commission accused Stanford, who sponsored international cricket matches, and two other executives of fraudulently selling $8 billion in high-yield certificates of deposit in a scheme..
'Clients deemed higher-risk are required to update their KYC more frequently.'
Sebi said Thapar-promoted and -related entities owed Rs 1,723.19 crore as receivables to the company, while connected parties owed another Rs 462.74 crore.
More cases of international credit card fraud with links to India have come to light in Britain, even as authorities refused to rate the problem from Indian cities as very high.In a latest incident, a British journalist discovered that money was withdrawn from his bank account in Chennai this week, while nearly 500 others in Bournemouth suffered the same fate.
The onus is on companies to put in place a vigil mechanism to detect and deter fraud.
For the startup ecosystem in India, the scorecard so far has been a mixed bag, observes Akhil Gupta.
As the new Tax Collection at Source (TCS) on foreign remittances is set to become applicable from October 1, travel agents' body TAAI has made a last-minute plea to the government, urging them to abolish the decision or defer its implementation until the next fiscal year to allow discussions on overseas tour packages. The government has raised the TCS on foreign remittances under the Liberalised Remittance Scheme (LRS) from 5 per cent to 20 per cent. This will be applicable to international travel, sending money abroad and other remittances.
Cases of marriage fraud involving Indo-Canadians have been on the rise, here's one, writes Ajit Jain from Toronto
...Even if it means less democracy, so that their everyday problems get solved? argues R Jagannathan.
India orders Greenpeace to shut down over fraud
In yet another case of international bank cards fraud, customers at a petrol pump in the city of Leicester last week found that their card details were used to withdraw money from various places across the world, including India.
The RBI expects the assessment to show if the systemic failure was only in PNB or in the overall banking universe
The Association of Payment Clearing Services said that the 25 per cent initial rise in fraudulent use of British credit and debit cards in three years was mainly due to stolen and counterfeit cards used abroad. Card fraud overseas rose by 77 per cent last year to 208 million, 39 per cent of the total. There have been several instances of British consumers reporting money withdrawn from their accounts in India, The Philippines, Australia and Canada.
The PwC survey found more than 50 per cent respondents reporting lack of adequate skill sets
Loan against gold as a product is catching on fast. Let's keep the momentum going, but aim for sustainable growth. A few bad apples should not ruin the brunch, argues Tamal Bandyopadhyay.
The Telecommunications Bill, 2023, which was passed by a voice vote after a short debate, also allows the Centre to take possession of a telecom network in case of any public emergency or in the interest of public safety.
The probe agency found irregularities in loans amounting Rs 3,642 crore sanctioned by Yes Bank to the travel firm.
Once the Canadian investigation runs its course, Ottawa may put on the public domain further accusations passing for "evidence" -- and that could happen at some point closer to our general election. All in all, the big question is, what is it that the US is really up to, asks Ambassador M K Bhadrakumar.
The Delhi high court (HC) division Bench on Thursday sought a response from Reliance Industries (RIL) and others regarding the government's appeal against the Mukesh Ambani-owned conglomerate and others for fraudulently and unjustly enriching themselves by draining gas from their deposits, amounting to over $1.5 billion. The Centre had appealed against the single-judge Bench order of the Delhi HC on May 9, which had dismissed its petition. Justice Anup Jairam Bhambhani had upheld the international arbitration award of July 24, 2018, in favour of the RIL-led consortium. The consortium includes UK-based BP Plc and Niko Resources of Canada.
The agency had received Rs 946.51 crore to manage its affairs in the Budget Estimates for 2023-24, which was later increased to Rs 968.86 crore in the Revised Estimates.
Barcelona defender Javier Mascherano accepted a one-year prison sentence for tax evasion on Thursday as part of a plea bargain, Spanish media reported, although he is unlikely to serve time in jail. The 31-year-old Argentina international, who joined Barca in August 2010, pleaded guilty last year to defrauding the Spanish tax authorities of more than 1.5 million euros by concealing earnings from his image rights by using companies set up in the United States and Portugal.
Frozen mutual funds and shares worth Rs 86.72 crore belong to Choksi and his group, and the rest are owned by the Modi group.
