Do you think financial or corporate crimes are on the rise in India? What would you say is the cause for these scams: lack of monitoring, corruption in high places, pure greed.? Tell us what you think.
Majority of respondents say reading about media reports of such frauds bothers them more than their personal experience.
Adani Ports and Special Economic Zone will prepay $195 million of debt due in 2024 as the conglomerate helmed by Gautam Adani looks to boost investors' confidence post being targeted by a US short-seller. In a stock exchange filing, APSEZ said it will buy back $195 million of bonds due in 2024 using its cash reserves. Out of the $520 million principal outstanding, $325 million will be left after the buyback, it said.
According to the US Securities and Exchange Commission, Ramesh "Sunny" Balwani and the founder Elizabeth Holmes raised money by deceiving investors about the company's technology, business and financial performance, raising more than USD 700 million in years-long "massive fraud".
His prison term is set to end on March 2016.
Indian fintechs and associated entities are hoping that the Union Budget 2024 will provide a boost and empower firms to extend their reach beyond Tier-II regions, with an emphasis on supporting enterprises led by women. The fintech industry, which has witnessed regulatory reforms over the last year, expects the Budget, scheduled to be presented by Finance Minister Nirmala Sitharaman on February 1, will further encourage financial inclusion, empower micro-small-medium enterprises (MSMEs) with lending solutions, and push for upskilling initiatives for the country's young workforce.
While it's not difficult to fall prey to card fraud, individuals can protect themselves against losses.
'In restaurants, the waiter takes your card and then comes back with the machine. Don't allow that.' 'Let him come to you with the machine and then enter the card and the PIN yourself.'
In a bid to ensure security of card data, the Reserve Bank of India (RBI) has enhanced the scope of tokenisation and permitted card issuers to act as token service providers (TSP). Under tokenisation services, a unique alternate code is generated to facilitate transactions through cards. The RBI on Tuesday extended the device-based tokenisation to card-on-file tokenisation (CoFT) services, a move that will bar the merchants from storing actual card data. Card-on-file refers to card information stored by payment gateway and merchants to process future transactions.
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.
The petition claimed there were "mistakes and errors" in the judgment, and in light of certain new material that had been received by the counsel for the petitioner, there were sufficient reasons for a review of the verdict.
Protect yourself and minimise such frauds by following these simple rules
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.
Leading bourses BSE and NSE will put the securities of NDTV, an Adani Group company, under the short-term ASM framework from Tuesday. The parameters for shortlisting securities under ASM include high-low variation, client concentration, number of price band hits, close-to-close price variation and price-earning ratio. New Delhi Television Ltd (NDTV) is shortlisted in the short-term Additional Surveillance Measure (ASM) framework Stage-I effective from May 30, the National Stock Exchange (NSE) and BSE said in two separate circulars on Monday.
After a local court in Vijayawada on Tuesday rejected a house custody petition filed by Telugu Desam Party chief N Chandrababu Naidu, his legal team moved two pleas in the high court -- one seeking quashing of the case and another a bail petition.
Customers had complained of amounts getting withdrawn in euros overseas.
It compromises security by sending SMSes to unknown contacts.
Fraudsters duplicate SIM cards to hack into bank accounts.
'In plain simple English, these practices amount to a looting of our country's future by some in the business community, in cahoots with some lenders,' says RBI Governor Dr Urjit R Patel.
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.
Do not trust any incoming phone calls or mails that ask you to install any file or programme, warns Niranjan Upadhye, general manager-fraud risk management, Worldline India.
The Jharkhand unit of the Bharatiya Janata Party on Monday claimed that Chief Minister Hemant Soren has been 'absconding' since the last 18 hours, fearing action of the Enforcement Directorate.
Even as India's internet base continues to widen, with the country set to have over 900 internet users by 2025, a parallel rise in cyber threats has become a matter of huge concern. Experts say that the sudden surge in digital adoption left little time to develop a cybersecurity backbone for the country. This has put large amounts of data at risk.
Why are DIIs holding such a high stake in Zee, which is beset with alleged governance issues? Perhaps they think Zee is a deep-value stock, observes Debashis Basu.
Customers taking small and convenient steps and some degree of care and precaution while paying digitally will ensure safety and security from new threats that emerge every day, says Avinash Luthria
Jaisankar Marimuthu, who was extradited to the US for trial, pleaded guilty on Friday to one count of conspiracy to commit wire fraud, securities fraud, computer fraud and aggravated identity theft, and to one count of aggravated identity theft before US District Magistrate Judge FA Gossett III in Omaha, Nebraska.
Securities Exchange Commission, the American market regulator, on Friday charged investment banking major Goldman Sachs with fraud on subprime mortgages, saying that Goldman did not disclose key facts to investors.
Post your financial planning queries for rediffGURU and financial planning expert, Colonel Sanjeev Govila.
Dinesh Thakur is now planning to start a new venture to help the industry and the US regulator avoid another Ranbaxy-like episode.
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.
A probe into the fraud had revealed that the main accused, Shiv Raj Puri, then a Citibank relationship manager at its Gurgaon Branch, was offering to its clients fabricated investment schemes with guaranteed high returns and received signatures on blank fund transfer forms.
During the trip, check your bank account and credit card statements regularly for unauthorised transactions.
The big thing was inflating the revenue of the company through fake invoices.
At the heart of Paytm's slide lies the abject failure of its Super App strategy, notes Indrajit Gupta.
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 latest fraud is a failure of management supervision and accountability, as no bad debt was generated and no cash was involved
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 National Stock Exchange (NSE) has made a fresh attempt at settling a regulatory investigation into the misuse of Trading Access Point (TAP) software at the bourse. The Securities and Exchange Board of India (Sebi) rejected a similar application in 2022. "NSE and its employees have filed a consolidated settlement application dated May 4, 2023, with Sebi.
From the landing of Chandrayaan 3 to the bombardment of Palestine by Israel, a look at some events that shaped the world in the second half of 2023.
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