Frauds

The RBI's paper correctly identifies that the nature of fraud has changed. Most frauds today are authorised push payments, or APP frauds

RBI holds repo rate steady The Reserve Bank of India (RBI) kept the repo rate unchanged at 5.25%, maintaining a neutral stance.

RBI proposes a one-hour delay for digital payments above Rs 10,000, alongside safeguards like trusted authentication and account monitoring, as fraud cases surge sharply

Of these, seven such individuals from MP's Indore are accused of cheating the company of approximately ₹5.72 crore

Investigators in Nepal have exposed a fake helicopter rescue racket where trekkers were airlifted without real medical need and insurers were billed huge amounts through false claims

Regulator alleges price manipulation, misleading disclosures and financial irregularities; orders account freeze, forensic audit and probes preferential allotment and promoter share sales

Bank begins reconciliation of municipal deposits, says accounts followed due process; probe comes amid broader scrutiny of deposit irregularities in Haryana

Court finds no prima facie case against Sumit Gupta and Neeraj Khandelwal, who claim they were victims of impersonation in Rs 71.4 lakh fraud case

Around 5,000 Yes Bank forex card customers were hit by fraudulent transactions totalling $280,000, with the bank blocking several attempts and initiating chargebacks to prevent financial loss

Haryana's State Vigilance and Anti-Corruption Bureau has arrested four people, including the alleged masterminds behind the Rs 590-crore IDFC First Bank fraud, with a private firm owned by the wife of a former employee emerging at the centre of the financial irregularities. Two of the arrested are former employees of the IDFC First Bank, while the other two are private individuals who ran a partnership firm that allegedly received a substantial portion of the siphoned funds, officials said. The arrests were made on Tuesday evening as part of the ongoing investigation into the fraud that has rocked the Haryana government's financial dealings. Speaking to the media in Panchkula, State Vigilance and Anti-Corruption Bureau (SV&ACB) Director General A S Chawla identified the arrested individuals as Ribhav Rishi, Abhay Kumar, Swati Singla, and Abhishek Singla. Rishi, who served as head of the bank's Sector 32 branch in Chandigarh until about six months ago, and Abhay Kumar, a ...

Haryana Chief Minister Nayab Singh Saini on Tuesday informed the State Assembly that the state government had recovered nearly Rs 556 crore owed to it in the IDFC First Bank case. "Nearly Rs 556 crore, including nearly Rs 22 crore in interest, came back within 24 hours," Saini said in the House. On Sunday, the bank disclosed a Rs 590-crore fraud committed by its employees and others in accounts held by the Haryana government. "I want to clarify before the House that the money concerning Haryana government departments, (the) entire amount has been deposited back into our accounts...The recovery has been made within 24 hours," Saini said. He said the bank had apprised the government that the incident primarily involved a particular branch of the bank in Chandigarh, involving four to five bank employees of middle and lower rung who colluded in the whole thing. The government will ensure that anybody who is involved be it a bank employee, private individual or even a government emplo

Large banks to gain post Haryana de-empanelment of IDFC First, AU

A former senior director at Optum was convicted on multiple fraud charges for hiring an unqualified friend in a no-show job and receiving hundreds of thousands of dollars in kickbacks

The Economic Offences Wing (EOW) has arrested a couple and their associate, who allegedly swindled more than 11,000 investors, including police officials, from across Maharashtra of over Rs 500 crore, police said on Saturday. In a coordinated action, the Thane police's EOW tracked down the accused, Sameer Narvekar, his wife Neha, and their associate Amit Palaw, in neighbouring Gujarat on Thursday, an official said. According to police, the accused established an investment company, Trade with Jazz, with its headquarters in Pune in 2019, offering a scheme that allegedly drew in more than 11,000 people, including 1,500 police personnel, from across Maharashtra. The trio allegedly lured victims with promises of a 4 per cent monthly return on stock market trading and allied ventures, the official said, adding that the firm projected monthly earnings of nearly 10 per cent to build credibility. The company abruptly shut its offices and stopped responding to investors, prompting a flood o

The Supreme Court on Friday issued fresh notices to Anil Ambani and the Anil Dhirubhai Ambani Group (ADAG) on a PIL seeking a court-monitored probe into alleged massive banking and corporate fraud involving the firm and its group companies. The top court asked the CBI and the Enforcement Directorate, represented by Solicitor General Tushar Mehta, to file status reports in sealed cover in ten days on their ongoing probes into the alleged fraud. A bench comprising Chief Justice Surya Kant and Justice Joymalya Bagchi took note of the fact that Anil Ambani and the ADAG had already been served with the notices of the PIL filed by petitioner and former Union secretary E A S Sarma. On November 18, last year, the bench issued notices to the Centre, CBI, ED, Anil Ambani and ADAG on the PIL. The bench said it was granting the last opportunity to Anil Ambani and the ADAG to appear and file their responses in the case. The bench asked the Bombay High Court's Registrar General to ensure servic

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After relocating to Dubai in 2010, Soni started BlueChip Group in 2021, claiming it invested money in forex trading and commodities like gold, oil and metals

Vikram Bhatt and his wife, Shwetambari, were remanded to judicial custody in a Rs 30 crore fraud case in Udaipur. Police say a doctor was cheated via a Rs 47 crore film deal and forged bills

A 38-year-old Indian national has been sentenced to 90 months in federal prison for his role in an "imposter scam" that defrauded 11 victims, including elderly people in five US states, according to an official statement. Ligneshkumar H. Patel pleaded guilty to one count of conspiracy to commit wire fraud and financial institution fraud and two counts of wire fraud. The judge ordered him to pay more than USD 2 million in restitution, the Department of Justice said in a statement on Wednesday. "Imposter scams are international conspiracies often using US-based money mules to meet victims in person to take their money, said US Attorney Steven D. Weinhoeft. The US Attorney's Office prosecutes these fraudsters aggressively, and anyone who targets elderly victims will face certain justice." According to court documents, Patel drove to the residences of at least 11 elderly victims in five states to steal their assets totalling USD 2,231,216.99. Patel worked within a major conspiracy that

A new study says digital ad fraud has tripled in sophistication, with as much as 45% of seemingly valid programmatic traffic failing deeper checks