'We found certain banks having lakhs of such accounts with apparently no valid reason.'
'Illegal gambling operators are systematically exploiting India's advertising and payment infrastructure, siphoning off crores of rupees from outside the country.'
The number of digital financial frauds rose more than four times in FY24 year-on-year to comprise 80 per cent of all financial frauds.
In 2025 alone, at least 50 suicides linked to online gambling losses have been reported across India. According to FIRs, the victims were addicted to betting, largely driven by cricket, rummy and poker.
CBI had filed two FIRs in May 2022 against seven people in two cases related to alleged fixing of matches in IPL 2019.
A trends study conducted by India's Financial Intelligence Unit (FIU) has expressed suspicion that cryptocurrency is being used across the country in serious criminal acts like terrorist financing, fuelling secessionist activities, cybercrime, narcotics trafficking, illegal betting and gambling. The report, which was based on suspicious transaction reports and operational analysis, shared these trends and credible intelligence with law enforcement agencies.
An Enforcement Directorate team undertaking searches in a cyber fraud linked money laundering case was allegedly attacked in New Delhi on Thursday, officials said.
Third parties can be used to launder the proceeds of fraud schemes by criminals who gain illegal access to deposit accounts by recruiting them as 'money mules'
Front-running is a fraudulent practice where traders exploit advance knowledge of large client orders for personal profit.
The senior IPS officer said that 45 percent of cyber financial frauds taking place in the country are originating from the South East Asia.
The Reserve Bank of India on Wednesday decided to keep the policy rate unchanged for the tenth time in a row but changed its stance to 'neutral' that may lead to a cut in the forthcoming policies. RBI maintained status quo despite the US Federal Reserve lowering the benchmark rates by 50 basis points last month.
Fraudulent emails exhorting people to deposit cash for reward are on the rise.
The CBI has booked seven suspected punters in connection with two separate cases related to alleged fixing of matches in IPL 2019 "based on inputs" from Pakistan, officials said on Saturday.
One97 Communications Ltd (OCL), the parent firm of fintech major Paytm, has denied reports about any investigation by the Enforcement Directorate (ED) into the company, its associates, and its founder and chief executive officer (CEO), Vijay Shekhar Sharma. The company, in an exchange filing on Sunday, said it had cooperated with the authorities when users or merchants on its platform were subject to enquiries in the past. "We would like to set the record straight and deny any involvement in anti-money laundering activities.
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.
Has Vijay Shekhar Sharma given up on the bank? For now, he seems to be on a save-OCL mission. The bank will face its logical end, observes Tamal Bandopadhyay.
Going by the RBI directive and the overall narrative, Paytm may have lost the rigour of stress tests, audits and compliance.
Peasants from Maharashtra's drought-affected Beed district feel the government machinery and politicians are indifferent to their plight.
Relaxation in KYC guidelines has helped meet the target but this could lead to money laundering and financial malfeasance, it is feared.
With big data analyses, your investments, spends and big purchases are being tracked more closely now by the income tax department.
Gullible bank customers are getting fooled by callers who scare or lure them.
'A bit of foresight would have helped.' 'Isn't it common sense that this is sowing and wedding season?' 'The plan is indeed unquestionably revolutionary, but better preparedness could have avoided such teething troubles.'
Gold demand in India is expected to be robust in 2014, likely leading to a further jump in smuggling if curbs on bullion imports remain, the World Gold Council (WGC) said.
'Our biggest problem has been keeping this country together.' 'Nation building is never easy. It is a very difficult task.' 'Even 70 years is not too long a time.'
