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Fraudsters
The Economic Offences Wing (EOW) of the Mumbai police has booked four persons, including a former director and an ex-employee of Provogue India Ltd, for cheating the company of Rs 90 crore, officials have said. Provogue India Ltd, based in Mumbai, manufactures and sells a wide range of products, including men's and women's apparel, accessories and luggage. The accused persons were identified as former director of the company Rakesh Rawat, its former employee Sameer Khandelwal, resolution professional Amit Gupta, new purchaser Arpit Khandelwal, Plutus Investments and Holding Ltd and others, an official said on Wednesday. The accused conspired and allegedly undervalued the company's assets and deliberately delayed the auction process by two years to bring down its market value so that Khandelwal could purchase the company, an official said. The accused did not collect the receivable amounts from clients (debtors) for personal gain, he said. A complaint in this connection was lodged
The brother of Al Falah University Chairman Javed Siddiqui, who is under investigation in the Delhi blast, has been arrested by the Madhya Pradesh police from Hyderabad in connection with a financial fraud in Mhow, officials said on Monday. Hamood Ahmed Siddiqui, accused of orchestrating a large-scale financial fraud in MP's Mhow 25 years ago, was arrested from Hyderabad on Sunday, an official said. "Hamood vanished from Mhow in 2000 after allegedly establishing a bogus private bank and luring hundreds of residents with promises of doubling their deposits. He had fled with his family soon after the scam surfaced, leaving authorities searching for him for decades. He was arrested in Hyderabad yesterday," Mhow Sub Divisional Officer of Police Lalit Singh Sikarwar told PTI. The arrest was made after the Mhow police began re-examining the background of Javed Siddiqui and his local roots came to light, the official said. A detailed review of family records indicated that Hamood had been
The Mangaluru City Police have filed a formal petition before the jurisdictional court seeking custody of the prime accused in a multi-crore investment fraud case, officials said on Tuesday. Roshan Saldanha, a resident of Bajal in Mangaluru, is currently in judicial custody, they said. He is accused of duping investors of several crores of rupees through fraudulent investment schemes that promised high returns, police said, adding that multiple complaints have been lodged against him by victims from various parts of Dakshina Kannada and beyond, alleging that they were misled by Saldanha's schemes and guarantees. According to Police Commissioner Sudhir Kumar Reddy, in one case, Rs 10 crore has been fleeced from an investor. The case involves the use of forged documents, shell companies, and sophisticated methods of financial manipulation, sources said. The police now seek custodial interrogation to uncover the full extent of the fraud, track the flow of funds, identify accomplices,
Two Indian nationals studying in the United States have been sentenced to federal prison in separate but similar fraud cases involving elaborate scams that targeted elderly Americans and resulted in millions of dollars in losses. Kishan Rajeshkumar Patel, 20, who entered the US on a student visa, was sentenced this week to 63 months (over five years) in prison after pleading guilty to conspiracy to commit money laundering. According to the US Department of Justice (DOJ), Patel participated in an online phishing conspiracy that impersonated US government officials and used fear tactics to extract money and gold from senior citizens. The conspiracy used various online phishing methods and impersonated US government officials, while Patel fraudulently received the cash and gold from victims, conveying a portion to co-conspirators and keeping a percentage for his own benefit, the DOJ said. An investigation determined the scheme defrauded at least 25 elderly victims, with an intended los
The Enforcement Directorate Saturday said it has restituted assets worth more than Rs 30 crore to a bank as part of a money laundering investigation against a Telangana-based refinery company accused of committing a loan fraud of about Rs 190 crore. The case pertains to the company named Sheetal Refineries Limited and some other linked entities. "Directorate of Enforcement, Hyderabad zonal office has successfully accomplished the process of restitution of properties worth Rs 30.71 crore to the State Bank of India in connection with a money laundering case against Sheetal Refineries Limited (SRL) and others," the ED said in a statement. The company availed credit facilities from a consortium of banks, including SBI and Punjab National Bank, which later turned into non-performing asset (NPA), it said. The firm availed 21 "fraudulent" Letters of Credit from these banks, based on fake and forged invoices, without any actual supply of material or legitimate business transactions, it ...
The Directorate General of GST Intelligence (DGGI), Pune Zonal Unit, has uncovered a GST fraud amounting to Rs 1,196 crore and has arrested one individual in connection with the case. The investigation, involving searches at multiple locations in Pune, Delhi, Noida, and Muzaffarnagar, has revealed a sophisticated network of bogus companies engaged in fraudulent Input Tax Credit (ITC) transactions, FinMin said in a statement on Wednesday. The accused had set up shell entities with no legitimate business operations, generating fake invoices and e-way bills to create a facade of genuine trade, it said. However, it said, these e-way bills had no RFID movements associated with them, confirming the absence of actual supply of goods. The fraudulent network facilitated the availing and passing of fake ITC worth Rs 1,196 crore. The arrested individual, the director of a private limited firm in Muzaffarnagar, is identified as the mastermind behind the operation, it said. The investigation .
The National Stock Exchange of India Ltd (NSE) on Thursday issued a public warning about an individual named "Anaisha Patil" who is fraudulently claiming to be the general manager of the NSE. The person has been using the email ID "national.financial.awareness@gmail.com" to deceive the public by falsely associating themselves with the NSE's "National Financial Awareness Academy." The impersonator was attempting to conduct an investor awareness programme, in collaboration with the Government ITI, Dhoraji, District Rajkot, under the guise of being an official NSE event. The session was scheduled to take place on January 30 from 11 am to 12 pm. However, the NSE has clarified that it is in no way associated with this event, nor has it promoted or endorsed it. In a statement, NSE has cautioned the public to stay away from such fraudulent sessions, emphasising that participation in these events will be entirely at the individual's own risk. The exchange also clarified that it would not
The Directorate General of GST Intelligence (DGGI) in Bengaluru has uncovered a massive GST fraud amounting to Rs 3,200 crore and arrested two people in connection with the case. A third suspect remains at large, Sucheta Sreejesh, Additional Director General of DGGI Bengaluru zone, said in a statement. The DGGI's Bengaluru zonal unit conducted searches at more than 30 locations across Bengaluru and Mumbai, uncovering a complex scam. The accused created bogus companies with no legitimate business operations, engaged in circular trading to inflate turnover, listed these companies on stock exchanges, and facilitated the fraudulent availing and passing of fake Input Tax Credit totaling Rs 665 crore. The total value of fake invoices involved in the scam amounts to over Rs 3,200 crore, she said. The investigation uncovered 15 dubious companies with no actual business activity. These firms reported receiving FMCG goods worth hundreds of crores, but only issued invoices for services like
A group of six unidentified individuals, posing as officials from the Enforcement Directorate (ED), allegedly raided a house in Bantwal town, Dakshina Kannada district, and fled with nearly Rs 30 lakh in cash, along with five mobile phones, police said on Saturday. The incident took place on the night of January 3. According to the complaint lodged by Mohammad Iqbal (27), a resident of Kolnadu and an agriculturist, the accused arrived at his residence at around 8.10 pm in a vehicle with a Tamil Nadu registration. Introducing themselves as ED officials, they claimed to have orders to search the house. After entering the premises, they confiscated five mobile phones from the family members before searching. "During the inspection, the accused allegedly took away Rs 25-30 lakh in cash that had been kept in a cupboard for business purposes. They reportedly told the family that keeping such a large sum of money at home was not permitted and threatened to arrest Iqbal," a senior police .