Bank Fraud

Sebi orders Mehul Choksi to pay ₹2.1 crore for insider trading breach

Sebi has issued a ₹2.1 crore notice to Mehul Choksi for insider trading in Gitanjali Gems and warned of asset seizure; he also faces a court warrant in a ₹55 crore fraud case

ED arrests former Uco Bank chairman Subodh Kumar Goel in fraud case

ED arrests ex-Uco Bank CMD Subodh Goel in ₹6,210 crore fraud case; agency alleges he received illegal gratification via shell firms during credit sanctions to CSPL

Will Mehul Choksi be extradited? What the India-Belgium Treaty says

With diamond businessman Mehul Choksi's arrest, all eyes turn to Belgium as India awaits greenlight on extradition

ED attaches properties worth Rs 110 crore in Lakhani Group bank fraud case

ED investigation revealed that M/s Lakhani India Limited and group companies had jointly defrauded Indian Overseas Bank, Punjab National Bank and Allahabad Bank by misappropriation

Preity Zinta's loan not in probe: Mumbai Police debunks write-off claim

Mumbai Police has confirmed that Preity Zinta's loan is not under probe and has dismissed loan write-off claims amid an online row with Kerala Congress over fake news allegations

Was Preity Zinta's Rs 18-crore loan written off? Actress reacts to reports

Social media was abuzz with the reports of Bollywood actress Preity Zinta having taken a loan of Rs 18 crore loan, which was later allegedly written-off by New India Cooperative Bank

New India Coop Bank: Ex-GM phoned staffers to take cash out from safes

New India Coop Bank's ex-general manager, Hitesh Mehta, used to call two staffers, instructing them to hand over Rs 50 lakh at a time from the bank's safes to persons he sent, police officials have said. Mehta and real estate developer Dharmesh Paun have been in custody since Sunday in connection with the alleged embezzlement of Rs 122 crore from the bank that was uncovered following an inspection by the Reserve Bank of India. The Economic Offences Wing of the Mumbai police is probing the case. Mehta had access to the bank's safes as he was the custodian. The statements of two bank staffers have been recorded. They have said how they used to give cash to those sent by Mehta. These bank staffers, who are witnesses in the case, have said they handed Rs 50 lakh cash more than once to several persons, the official said on Thursday. The probe so far has found that a former employee of the lender wrote to RBI about the prevailing situation, he said, adding this information is being verif

Govt may raise deposit insurance beyond Rs 5 lakh amid bank scam concerns

After the New India Co-op Bank scam exposed a Rs ₹122 crore fraud, the govt is mulling over raising deposit insurance beyond Rs 5 lakh amid rising concerns over financial security

Why RBI has asked banks to change their internet domain name to 'bank.in'?

The Reserve Bank of India (RBI) announced the launch of two domains: '.bank.in' for all Indian banks and 'fin.in' for NBFCs

RBI Guv Sanjay Malhotra cautions lenders against rising digital frauds

The governor said the RBI is introducing an exclusive domain name for banks called 'bank.in', while for non-bank entities in the financial sector the domain name will be 'fin.in'

Bank fraud cases skyrocket: RBI flags Rs 21,367 cr in losses in 6 months

Fraudsters often use social engineering tactics to trick individuals, and the use of mule accounts-bank accounts that are used to facilitate fraudulent transactions-has also surged.

Chhattisgarh's fake SBI branch fraud: How a village fell victim to the scam

The scam involved fraudulent job appointments, fake training sessions, and a meticulously constructed setup to deceive both unemployed individuals and local villagers

CBI registers bank fraud case against promoters, directors of Cox and Kings

The CBI has registered a case of alleged Rs 525-crore bank loan fraud against the promoters and directors of travel company Cox and Kings on the complaint of Yes Bank, officials said on Thursday. The CBI has taken over the investigation from the Mumbai Police that was probing the matter against the travel company, its promoters/directors Ajay Ajit Peter Kerkar and Usha Kerkar, CFO Anil Khandelwal and directors Mahalinga Narayanan and Pesi Patel. The central probe agency has registered the case on a reference from the Maharashtra government routed through the Centre against all individuals under IPC sections related to cheating, forgery and criminal misconduct in addition to provisions of the Prevention of Corruption Act. It is alleged that the company submitted manipulated records to get credit facilities from Yes Bank, officials said.

ED attaches assets worth Rs 43.52 cr in fraud case linking Ushdev Int'l

ED initiated the investigation on the basis of a First Information Report (FIR) registered by the Central Bureau of Investigation (CBI) under various sections of the Indian Penal Code

Different faces of bank frauds

Customer education is the key to combating digital fraud, while improved credit appraisal, underwriting, and risk management can help contain loan fraud

RBI red flags 'lakhs' of accounts used for fraud and evergreening

Says nudging NBFCs to enhance disclosure quality

Govt warns against fake banking app targeting Union Bank account holders

'Union-Rewards.apk', pretending to be the legitimate app of Union Bank, lures account holders with promises of rewards

Vietnam mounts $24 billion rescue plan for bank engulfed in giant fraud

The State Bank of Vietnam's previously unreported cash injections into SCB amount to 5.6% of the nation's annual economic output, or about one-fourth of Vietnam's foreign-exchange reserves

Vietnam billionaire sentenced to death in country's biggest fraud case

Truong My Lan faces charges ranging from bribery, abuse of power, appropriation and violations of banking law

Bank fraud: ED raids in J-K, Punjab, UP in Bharat Papers Ltd case

The Enforcement Directorate on Wednesday raided locations in Jammu and Kashmir, Punjab and Uttar Pradesh in a Rs 200 crore alleged bank loan fraud case linked to the Bharat Papers Ltd. (BPL), official sources said. At least nine premises in these regions are being searched by the central agency under the provisions of the Prevention of Money Laundering Act (PMLA). Incorporated in September, 2006, the BPL is an associate of the Bharat Box Factory Industries Limited (BBFIL), a paper board packaging industry based in Jammu and Ludhiana. The primary allegations against the company are that its directors have perpetrated a bank loan fraud of about Rs 200 crore with a consortium of banks with lead bank as the State Bank of India. The other banks include J&K Bank, PNB and Karur Vysya Bank. It is alleged that the accused "siphoned off" funds to sister concerns/bogus entities and undertook sale of imported/indigenous machinery without permission of lender banks by raising "fake" ...