In its report, 'Asset Recovery Guidance and Best Practices', the global money laundering and terrorist financing watchdog, shared multiple examples from cases investigated by the ED, citing them as models of effective asset recovery practice and inter-agency coordination.
The missive has, however, polarised stakeholders, with mobile operators under COAI coming out in its support, while digital platforms under the aegis of Broadband India Forum expressing "serious concerns" around overreach and calling for a pause in implementation of timelines.
After the State Bank of India, Bank of India has classified the loan account of insolvent Reliance Communications as fraudulent and named its former director, tycoon Anil Ambani, citing alleged fund diversion in 2016, according to a regulatory filing. State-owned Bank of India granted a Rs 700 crore loan in August 2016 to Reliance Communications for its ongoing capital and operational expenditure and repayment of existing liabilities.
Reliance Group Chairman Anil Ambani on Tuesday appeared before the Enforcement Directorate here for questioning in a money laundering case linked to alleged multiple bank loan fraud cases worth crores of rupees against his group companies, official sources said.
Chartered accountants' apex body ICAI will be preparing a research paper to help markets watchdog Sebi in dealing with financial frauds. ICAI president Charanjot Singh Nanda on Saturday said the institute will set up a working group and hold discussions with Sebi to finalise the various aspects that will be looked into with respect to tackling financial fraud.
The raids were linked to a sophisticated organised investment fraud scheme targeting unsuspecting individuals through fake mobile apps and WhatsApp groups.
White House Press Secretary Karoline Leavitt clarifies President Trump's stance on H-1B visas, emphasizing his priority for American workers while acknowledging the need for skilled foreign workers to train them in specialized industries.
SSL said in a January 12 statement that it had become aware of fraudulent activity by a former employee and has referred the matter to law enforcement, adding that it had taken steps to secure assets and strengthen protocols.
The Supreme Court has directed the CBI to conduct a pan-India investigation into digital arrest scams and questioned the RBI about its lack of AI usage in detecting and freezing accounts used by cybercriminals.
The Enforcement Directorate on Thursday conducted simultaneous raids as part of a money laundering investigation linked to an alleged bank loan fraud of Rs 3,000 crore against Anil Ambani group companies and Yes Bank, official sources said.
As the year draws to a close, Rediff's Senior Contributor Roshmila Bhattacharya takes a look at the hits and misses, the highs and lows, the newsmakers and the dealbreakers in alphabetical order.
Avoid donating without checking the receipt proforma showing the political party's ECI registration number and PAN.
Lawful possession means having both actual control over a property and a valid legal right to keep it, usually based on a registered sale deed, lease agreement, or lawful allotment.
The US President said that companies have to bring people to "get those plants opened, we want you to do that, and we want those people to teach our people how to make computer chips and how to make other things."
The reduction in goods & services tax (GST) on individual life and health insurance premiums has been called a "landmark step" for making insurance affordable and inclusive. In a panel discussion at the Business Standard BFSI Insight Summit 2025, Anup Bagchi, managing director (MD) & chief executive officer (CEO) of ICICI Prudential Life Insurance; Mahesh Balasubramanian, MD & CEO of Kotak Life Insurance; Tarun Chugh, MD & CEO of Bajaj Life Insurance; and Ratnakar Patnaik, MD of Life Insurance Corporation of India (LIC), listed what else the industry needs to reach more people.
'Reinvention is not a hugely difficult task. With technology as available today, you can reinvent yourself pretty quickly.'
A phone number and e-mail are often enough for a fraudster to trick a lender into pulling your report and disbursing a loan.
The complaint, filed by businessman Deepak Kothari, director of Lotus Capital Financial Services Ltd, claims the incident took place between 2015 and 2023. Kothari alleged that the couple took the money under the pretext of expanding their business but used it for personal expenses instead.
The Securities and Exchange Board of India (Sebi), in a circular dated April 11, 2025, warned investors about rising fraud and manipulation linked to the securities market on social media platforms.
The Enforcement Directorate (ED) has earmarked assets worth about Rs 15,000 crore that will be restored to victims of real estate, Ponzi and other frauds across India during the current financial year. The agency has been "aggressively" initiating this provision for restitution since last year to ensure rightful claimants duped by financial crime get their dues. The ED has already restored Rs 31,951 crore worth of assets under this provision, including Rs 15,201.65 crore from 2019-21 in cases related to Vijay Mallya, Nirav Modi and the National Spot Exchange Limited (NSEL). The ED Director has issued directions to all regions to actively work on cases marked for restitution of assets worth Rs 15,000 crore during the financial year 2025-26.
Across all sectors, the future of work depends on adaptability.
Shilpa Shetty, involved in a Rs 60-crore cheating case with Raj Kundra, withdrew her application to travel abroad as plans did not materialize. The court accepted the withdrawal and scheduled a hearing for their plea seeking suspension of the Look Out Circular on November 17.
Mint Road's proposals on banks' M&A funding are cautious even as entrants root for more elbow room, and weigh business models.
The new UPI IDs will follow formats such as abc.bkr@validhdfc or xyz.mf@validhdfc. For easier recognition, they will also carry a white 'thumbs up' icon inside a green triangle.
The couple last month filed a petition in HC seeking suspension of the Look Out Circular (LOC) issued against them by police in the case, so that they can travel for their professional commitments and leisure trips abroad.
A retired banker in Delhi lost his entire life savings, amounting to Rs 23 crore, to cyber fraudsters who posed as ED and CBI officers. The victim was kept under 'digital arrest' for over a month and forced to transfer funds under duress.
Investors will be able to authenticate if the entity receiving the payment is a valid entity under the ambit of Sebi.
AI means 'All Inclusive' for India, asserted Prime Minister Narendra Modi on Thursday while stressing that India Stack is a beacon of hope for the world, especially for countries in the Global South.
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.
'Other sectors that manage the savings pools of Indians are giving tough competition to life insurance companies.'
In today's rapidly evolving digital payment landscape, security concerns remain a top priority for stakeholders across sectors.
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.
Link your UPI app to a separate bank account or wallet that has only a limited sum.
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.
Fraudsters lure individuals with false promises of recovering bonuses or maturity proceeds from lapsed policies.
The Securities and Exchange Board of India (Sebi) has identified around Rs 77,800 crore as "difficult-to-recover" or DTR dues in its annual report for 2024-25 (FY26), marking a nearly 2 per cent increase from the previous year. These dues remain unrecovered despite exhaustive recovery efforts.
Knowledge workers and mid-career professionals in India are hopeful that artificial intelligence will positively impact their roles, even as concerns about job displacement persist, especially among younger professionals, a top official of a human capital management solutions provider has said. At a time when AI has become a critical part of an organisation's functioning, many professionals see the positive possibilities of AI.
The Supreme Court on Friday upheld JSW Steel's Rs 19,700-crore resolution plan for debt-ridden Bhushan Power and Steel Limited (BPSL), bringing down curtains to a prolonged legal battle that spanned nearly eight years.
The Enforcement Directorate has summoned Reliance Group Chairman Anil Ambani for questioning in a money laundering case linked to alleged bank loan fraud.
The victim, who had a keen interest in stock market investments, was lured by fraudsters with promises of hefty returns on investments in stocks.
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