Bank Fraud

CBI extradites fugitive Kamlesh Parekh from UAE in bank fraud case

Parekh is wanted in connection with a case involving large-scale banking and financial fraud resulting in a loss of hundreds of crores to a consortium of banks led by the State Bank of India

Haryana govt dismisses official in ₹590 crore IDFC bank fraud case

The Haryana government has dismissed an official of the Development and Panchayat Department from service in connection with the Rs 590 crore IDFC First Bank fraud case. "The government has taken strict action in major financial case by dismissing Naresh Bhuwani, Superintendent in the Development & Panchayats Department, from service. The action has been taken under the provisions of Article 311(2)(b) of the Constitution after a detailed investigation into a criminal conspiracy and the emergence of substantial evidence," an official statement quoting a government spokesperson said on Friday. This decision has been taken in line with the government's zero-tolerance policy towards corruption, it said. The spokesperson said that Chief Minister Nayab Singh Saini had issued strict directions that corruption at any level would not be tolerated and that strict action would be taken against anyone found guilty, regardless of their position. As per the statement, the government ...

India's banking system resilient, safe, strong: RBI Governor Malhotra

RBI Governor says banking system remains resilient despite recent fraud cases, with no systemic risks seen and strong regulatory oversight in place

Bank fraud case: ED attaches ₹7.5-cr asset near London's Heathrow Airport

An immovable asset worth Rs 7.5 crore and located near London's Heathrow Airport has been attached under the anti-money laundering law in connection with an alleged bank loan fraud case, the Enforcement Directorate (ED) said on Wednesday. The provisional attachment order was issued on Tuesday in the case involving Neo Corp International Ltd, and its directors and promoters, the federal agency said in a statement. The market value of the attached asset is about Rs 7.5 crore and it is situated near the Heathrow Airport in London, it said. The ED case filed under the Prevention of Money Laundering Act (PMLA) stems from two FIRs registered by the Central Bureau of Investigation (CBI). The first case involves a company named Poly Logic International Pvt Ltd, its director Utkarsh Trivedi and others who are accused of cheating the Punjab National Bank of Rs 57 crore. The second case is against Neo Corp International, its MD Sunil Kumar Trivedi and others who are alleged to have defrauded

Bank fraud: The blind spots of risk control and the culture behind failures

Sophisticated systems track risk, but culture - shaped by incentives and frontline pressures - remains the real control

IDFC First Bank pays additional ₹55 crore to settle Chandigarh fraud case

Additional payout raises total settlement to ₹645 crore after reconciliation of claims linked to a fraud involving a Haryana government account

IDFC First Bank pays ₹645 crore to settle fraud claims with Haryana govt

IDFC First Bank said it paid ₹645 crore to clients after claims linked to a suspected fraud at its Chandigarh branch, ₹55 crore higher than the initial estimate of ₹590 crore

Ex-branch manager among 4 arrested in IDFC First Bank fraud case

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 ...

IDFC First Bank flags ₹590 cr fraud in govt accounts: What we know so far

IDFC First Bank reported a suspected ₹590 crore fraud in Haryana government accounts, linked to staff at its Chandigarh branch; four employees suspended and KPMG to probe fraud

ED attaches ₹1,800 crore worth of fresh assets of Reliance Group firms

With the latest action, the total value of attachment by the federal probe agency in the case now stands at about Rs 12,000 crore.

Bank fraud: SC grants bail to Amtek Group ex-chairperson in ED case

The Supreme Court on Tuesday granted bail to former Amtek Group chairperson Arvind Dham in a money laundering case related to Rs 27,000 crore bank fraud. A bench of Justices Sanjay Kumar and Alok Aradhe set aside a Delhi High Court order which had denied bail to him. Justice Aradhe, who was sitting in a bench led by Justice PS Narasimha, pronounced the verdict, saying the court has allowed the appeal of Dham in the case. The Delhi High Court had denied bail to Dham on August 19 last year, saying premature release could risk undermining efforts to secure accountability. "With the advancement of technology and Artificial Intelligence, economic offences such as money laundering have emerged as a serious threat to the financial system of the country. These offences pose a significant challenge for investigating agencies, given the complex and intricate nature of the transactions and the involvement of multiple actors," the high court had said. The high court added that a meticulous an

ED's big catch: Textile Tycoon, offshore trusts, a ₹150-Cr London property

ED Attaches Buckingham Palace-Area Property in Massive Indian Bank Fraud

Bank fraud amount rises 30% to ₹21,515 crore in April-September H1FY26

Banking system fraud amount rose to ₹21,515 crore in April-September FY26, up 30 per cent year-on-year, even as the number of cases fell sharply to 5,092

ED raids Delhi, Hyderabad, Jaipur, and Mumbai in ₹70 cr bank fraud case

The raids are underway, and the premises covered in the search action belong to entities and individuals closely associated with a specific individual

Court takes cognisance against ABG Shipyard in ₹22,000 cr bank fraud case

It is alleged that ABG Shipyard Ltd transferred huge amounts of money to its related parties, and thereafter, adjustment entries were made

ED files supplementary prosecution complaint in Amtek Auto bank fraud case

ED files supplementary complaint naming 56 accused in Amtek Auto fraud involving loan diversion, stock manipulation, and asset concealment, with Rs 6,261 crore attached

RajivAnand to start with fresh and clean slate at IndusInd Bank: Chairman

Anand will be expected to scale the differentiated franchise of the bank, with a strong ethical foundation, Mehta added

Datanomics: Bank fraud accounts for 30% of cases investigated by ED

The number of fraud cases investigated by the ED has been steadily increasing, over a decade till 2024

SC cancels Dheeraj Wadhawan's bail in DHFL scam, asks surrender in 2 weeks

The Supreme Court cancels bail of ex-DHFL promoter Dheeraj Wadhawan in ₹34,000 crore bank loan scam case; rejects medical ground, directs him to surrender before jail in two weeks

Fugitive wanted in ₹4.55 cr bank fraud case deported from UAE: CBI

A fugitive wanted by Delhi Police in a Rs 4.55 crore bank fraud case was successfully deported from the UAE on Friday in an operation coordinated by the CBI with Interpol channels, officials said. Udit Khullar was brought to the Indira Gandhi International Airport on Friday, where he was taken into custody, they said. "The subject was earlier geo-located in the UAE through close follow-up by the CBI through Interpol with NCB-Abu Dhabi," a CBI spokesperson said in a statement. Khullar was wanted by the Special Cell of Delhi Police for alleged criminal conspiracy, cheating and forgery for securing three fraudulent home loans from nationalised and private banks in a "well-knit criminal conspiracy" with his associates, the agency said. He submitted forged documents of properties which he did not own to the banks to secure the loans, it said. "Khullar was arrested in the UAE and subsequently the CBI requested the UAE authorities to deport the subject to India," the spokesperson said.