Financial Frauds

Airtel MD Gopal Vittal has advised users to shift routine digital payments to Airtel Payments Bank, noting that keeping all transactions linked to one main account increases fraud vulnerability

Celebrity hairstylist Jawed Habib and his son Anos have been booked by Sambhal police in 23 cases for allegedly defrauding at least 38 investors of around ₹7 crore through a bitcoin scheme

Gameskraft's former CFO Ramesh Prabhu allegedly siphoned more than ₹250 crore into personal F&O trades, forcing the firm to write off losses exceeding ₹270 crore and file an FIR

Dealing with such entities is highly risky, as they can block trading and abscond with deposits

At least 15 more banks are set to implement the RBI-developed MuleHunter platform over the next two months to intensify efforts to tackle fraud by identifying accounts used for fraudulent transactions, a senior official said on Friday. Five lenders, including Canara Bank, Punjab National Bank, Bank of India, Bank of Baroda and AU Small Finance Bank, have already implemented the platform developed by the RBI Innovation Hub, a fully-owned subsidiary of the central bank, while Federal Bank is set to adopt it over the next few days, the official added. Mule accounts, or accounts created by fraudsters to receive, transfer or launder illicit funds collected from unsuspecting victims, have been a big challenge for the banking system because such accounts, which are generally opened using fraudulently obtained credentials, are used for transferring proceeds of financial frauds. Usually, there are multiple layers of such accounts from where funds are transferred within a short time to ensure

Scammers are getting smarter with fake RBI calls and SBI rewards offers. Learn how to spot these tricks and protect your info from falling into the wrong hands

Promoters of beleaguered Gensol Engineering, Anmol Singh Jaggi and Puneet Singh Jaggi, have resigned from the company following market regulator Sebi's interim order, according to an exchange filing. Anmol Singh Jaggi held the post of Managing Director while Puneet Singh Jaggi was a Whole-time Director. Earlier on April 15, the Securities and Exchange Board of India (Sebi) barred Gensol Engineering and promoters Anmol Singh Jaggi and Puneet Singh Jaggi from the securities markets till further orders in a fund diversion and governance lapses case. The regulator also debarred Anmol and Puneet Singh Jaggi from holding the position of a director or key managerial personnel in Gensol until further orders. The markets watchdog also directed Gensol Engineering Ltd to put on hold the stock split announced by it. Gensol Engineering in the exchange filing stated that Anmol Singh Jaggi, Managing Director, and Puneet Singh Jaggi, Whole-time Director, have tendered their resignation. They shall

IndusInd, India's 5th-largest private sector bank, disclosed in March that years of incorrect accounting of internal derivative trades had led to a $230 million hole in its $60.8 billion balance sheet

The deal, if completed, would value BluSmart at least 60 per cent below its last known valuation

67% increase witnessed from the Rs 2,537 crore recorded last year

Mumbai's Lilavati Hospital has been rocked by shocking allegations, with trustees facing fraud, occult ritual claims, and a massive financial misappropriation probe

A recent report from PwC found that Indian businesses report a much higher incident of financial crimes than their global peers

The Ernakulam District Consumer Disputes Redressal Commission has prohibited a finance company from repeatedly harassing a Kochi resident with unsolicited loan offers over the phone. Nithin Ramakrishnan, a resident of Panampilly Nagar in Kochi, filed a complaint with the panel after enduring continuous and intrusive calls from Bajaj Finserv that disrupted his peace of mind. According to the petitioner, despite numerous requests to stop, Bajaj Finserv and its subsidiaries continued making unsolicited calls, causing significant inconvenience. Even after the complaint was filed on March 14, 2023, the company persisted, calling him three to four times daily from different numbers, particularly during work hours. The complainant argued that such actions infringed on his right to privacy and a peaceful life. Despite assurances to include his number on their Do Not Disturb (DND) list, the company failed to address the issue and continued its intrusive behaviour. The Commission found that

Indian companies reported a higher exposure to fraud (59 per cent) than the global average (41 per cent), with procurement fraud emerging as the top concern and forced labour risks

Leading communications company Dentsu India Friday said the recent ED searches against it were related to a suspected fraud done by some "third parties" and this was "proactively" reported by it to the relevant authorities. The Enforcement Directorate had Thursday said in a press statement that it conducted raids on December 10 at multiple premises in Mumbai, Delhi and Gurugram as part of a probe in the "Suumaya-Dentsu case". The money laundering case stems from an FIR of the Mumbai police (Worli police station) against Dentsu Communications India Private Limited and Suumaya Industries Ltd, a textile group, and its promoters and some others. Dentsu India, in response to a PTI query, said they had, in 2021, identified "suspected fraudulent activity conducted by third parties and some of InDeed's former employees against whom criminal complaints have also been filed". "This activity was limited to the InDeed business only. Three years ago, we proactively reported the matter to the ..

The Reserve Bank Innovation Hub has launched MuleHunter.AI, an advanced AI tool designed to identify and flag mule accounts, aiming to combat financial fraud and money laundering

The Supreme Court on Wednesday granted bail to SRS Group chairperson Anil Jindal in an alleged fraud case involving Rs 770 crore being investigated by the serious fraud investigation office. A bench comprising Chief Justice Sanjiv Khanna and Justice Sanjay Kumar observed that Jindal had been in jail for the last six-and-half years and the trial in the case was yet to begin. The CJI said though the offence was grave, the fact that the accused had been in prison for so many years that too without any trial couldn't be overlooked. The bench remarked that Jindal may be granted a 10-year jail term, in case he was convicted. Imposing a slew of bail conditions, the bench directed Jindal, represented by senior advocate Maninder Singh, to surrender his passport with the trial court and provide his contact numbers to the SFIO so that his whereabouts could be ascertained by the investigating officers. The bench further asked the accused to provide details of immovable properties, bank accoun

Digital arrest refers to a deceptive tactic used by cybercriminals, who falsely claim to have the authority to arrest an individual through digital means, often over the phone or via online channels

This represents a more than 10 fold increase over the four year period, underscoring the growing sophistication of fraudsters and exposing vulnerabilities within the financial system

The workshop was attended by Vivek Joshi, secretary, DFS, senior officials of public sector banks, DFS, and the National Payments Corporation of India (NPCI)