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Market regulator Sebi on Thursday said it has reached out to leading social media and internet search platforms, urging them to implement stronger measures to curb the misuse of their networks for fraudulent investment-related activities. In a statement, the Securities and Exchange Board of India (Sebi) said it has intensified its efforts to combat online investment scams and "formally communicated" with major social media platforms and internet search engines regarding it. This initiative aligns with the global call to action by the International Organization of Securities Commissions (IOSCO). In its statement on May 21, 2025, IOSCO highlighted the critical role of platform providers in combating online harm and urged them to enhance efforts to reduce the risk of financial harm to investors. Sebi has expressed its support for the recommendations made by IOSCO and has urged major online platforms to act swiftly to address the growing challenges of investor fraud. The regulator has
The Supreme Court on Monday sought response from the CBI on a bail plea filed by former DHFL promoter Kapil Wadhawan in an alleged Rs 34,926 crore bank fraud case. A bench of Justices JK Maheshwari and Vijay Bishnoi issued notice to the agency and sought its response. The Delhi High Court on August 4 denied bail to Wadhawan, noting that his conduct during custody was "not beyond reproach". The high court denied the relief, saying such economic offences were not only crimes against specific victims but against the financial system at large. The CBI alleged Wadhawan, as promoter and CMD of DHFL, was the principal architect of a massive financial fraud involving diversion and misappropriation of approximately Rs 34,926 crore from a consortium of 17 banks. "It is noteworthy that the conduct of the applicant during custody has not been beyond reproach. The allegations regarding manipulation of valuable assets and transactions carried out during judicial custody are grave and suggest th
The Enforcement Directorate on Thursday conducted searches in Chennai and Hyderabad as part of a money laundering probe into an alleged Rs 200 crore bank fraud and benami assets probe against Sasikala, a close aide of late Tamil Nadu CM J Jayalalithaa, and some others, officials said. At least ten premises in the two cities linked to a person named GRK Reddy, related to the Marg group and an alleged benami of Sasikala, are being raided under the provisions of the Prevention of Money Laundering Act (PMLA, they said. The probe is related to a Rs 200 crore alleged bank fraud in which the CBI had filed an FIR, they said.
Transactions auditor BDO India has detected three potentially fraudulent or wrongful transactions worth Rs 63.34 crore under the erstwhile management of Hindusthan National Glass & Industries Ltd (HNG) during the three financial years 2019-20 to 2021-22. The three entities reportedly involved in the fraudulent or wrongful trading are Rafbrix International (Rs 15.10 crore), Maithan Ceramic Ltd (Rs 5.78 crore), and Durvish Vyapaar Pvt Ltd (Rs 42.46 crore), as per the report submitted to NCLT as part of the resolution process of the debt-ridden company. The auditor in its report said it is concluded that outstanding advances amounting to Rs 15.10 crores, Rafbrix International, is a potential diversion of funds and the same can be classified under section 66 of the Insolvency and Bankruptcy Code (IBC) as 'fraudulent or wrongful trading'. A similar observation was made in the case of HNG trading with Durvish Vyapaar Pvt Ltd (Rs 42.46 crore) after negative physical site visit, absence ..
The Enforcement Directorate on Monday arrested Sandeep Yadav and Arvind Walia, promoters of realty company Ramprastha Group, as part of a money laundering investigation linked to an alleged Rs 1,100 crore fraud with homebuyers, official sources said. The arrests came after the Gurugram zonal office of the federal probe agency raided their premises early morning apart from some others in the national capital region (NCR). The two are directors and majority shareholders in Ramprastha Promoters and Developers Pvt. Ltd. (RPDPL). They have bene taken into custody under the Prevention of Money Laundering Act (PMLA), they said. It is alleged that RPDPL collected about Rs 1,100 crore from more than 2,000 homebuyers for various housing schemes like Project Edge, Project Skyz, Project Rise and Ramprastha City (plotted colony project). The possession of the flats or plots is yet to be given even after 15-20 years, the sources said.
The GoM on GST revenue analysis under Goa Chief Minister Pramod Sawant met on Friday and discussed sector-specific tax leakages and corrective action to curb over Rs 2 lakh crore ITC frauds. The GoM also discussed comparative analysis of pre- and post-GST revenue trends, e-invoicing and IT system enhancements for better traceability. The GoM also discussed state-specific policy suggestions for boosting revenue, and coordination between central and state tax administrations for plugging GST evasion. "Chaired a meeting of the Group of Ministers (GoM) on GST Revenue Analysis to review state-wise revenue trends and identify actionable strategies for improved GST collection," Sawant said in post on X. The GoM identified Input Tax Credit (ITC) fraud as a major issue under goods and services tax (GST) and states suggested various measures to prevent it. Officials said the GoM flagged Rs 2 lakh crore of ITC fraud over the past years, with states like Gujarat, Telangana, and Rajasthan makin
The Enforcement Directorate on Friday said it has achieved finality in restoring assets worth a total Rs 7,000 crore, duped from investors through an alleged Ponzi scheme, to the Andhra Pradesh government for further restitution to the victims of the Agri Gold "fraud". The federal probe agency initiated this process in February as it restored properties worth Rs 3,339 crore (present market value of more than Rs 6,000 crore). The ED has now done the same and restituted assets worth Rs 611 c rore (current market value of over Rs 1,000 crore), it said. The case pertains to Agri Gold group of companies which is alleged to have collected deposits from around 19 lakh customers (32 lakh account holders) in the name of real estate investment with a promise of "high returns" or a residential plot, as per the agency. The Hyderabad-based zonal office of the ED had in May filed a restitution application under Section 8(8) of the Prevention of Money Laundering Act (PMLA), 2002 before a special .
Charlie Javice, the charismatic founder of a startup company that claimed to be revolutionizing the way college students apply for financial aid, was convicted on Friday of defrauding one of the largest US banks, JPMorgan Chase, out of USD 175 million by exaggerating her customer base by 10 times. A jury in New York City returned its verdict after a five-week trial. Javice, 32, faces the possibility of a lengthy prison term. Javice was in her mid-20s when she founded Frank, a company with software that promised to simplify the process of filling out the Free Application for Federal Student Aid, a complex government form used by students to apply for aid for college or graduate school. The company promoted itself as a way for financially needy students to obtain more aid faster, in return for a few hundred dollars in fees. Javice appeared regularly on cable news programs to boost Frank's profile, once appearing on Forbes' 30 Under 30 list before JPMorgan bought the startup in ...