Page 2 - Bank Fraud

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" ...

ED attaches assets worth over Rs 30 cr of Kerala realty group promoter

The Enforcement Directorate (ED) on Tuesday said it has attached assets worth more than Rs 30 crore of the promoter of a Kerala-based realty group and concerns linked to him as part of a money-laundering investigation connected to an alleged bank loan fraud case. A total of 62 immovable properties belonging to Heera Construction Company Private Limited, its managing director Abdul Rasheed, his trust Heera Educational and Charitable Trust and sister company Heera Summer Holiday Homes Private Limited have been attached under the provisions of the Prevention of Money Laundering Act (PMLA), the central agency said in a statement. The total value of these properties is Rs 30.28 crore, it added. Heera Constructions Company Private Limited, Rasheed and the other accused cheated the State Bank of India's Kowdiar branch in Thiruvananthapuram by "fraudulently" selling the primary and collateral securities mortgaged with the bank and also "defrauded" in the repayment of loans, the ED ...

Bank frauds increase, private sector lenders make more write-offs

Private banks in FY23 accounted for 74% of amounts written off due to fraud

ED attached Rs 64,920 cr crime proceeds in bank frauds, arrested 150: Govt

The Enforcement Directorate has taken up 1,105 bank fraud cases, attached crime proceeds worth Rs 64,920 crore and arrested 150 people, the finance ministry said on Tuesday. In a written reply to a question in the Rajya Sabha, Minister of State for Finance Bhagwat Karad said the total number of wilful defaulters having outstanding loan of Rs 25 lakh and above from public sector banks rose to 14,159 at the end of March 2023, from 10,209 at the end of June 2019. In case of private sector banks, the number of such defaulters rose to 2,504 at the end of March 2023, from 1,950 at the end of June 2019. "As per inputs received from the Directorate of Enforcement (ED), it has taken up around 1,105 bank fraud cases, including those pertain to willful defaulters, for investigation under the provisions of the Prevention of Money Laundering Act, 2002 (PMIA)." "Necessary action as per the provisions of PMLA has been taken, which resulted in attachment of proceeds of crime amounting to Rs 64,920

Bank of Baroda yet to complete forensic audit on mobile app fraud: Official

Leading public sector lender Bank of Baroda is yet to complete the forensic audit into the recent graft allegations against some of its key employees of its mobile app Bobworld, a senior bank official said on Thursday. "We are still working on the forensic audit as the central bank is still doing some more due diligence on the app Bobworld," Joydeep Dutta Roy, an Executive Director of the bank, told reporters on the sidelines of the two-day national banking summit organised by IBA and Ficci. On October 10, the Reserve Bank of India (RBI) banned the lender from on-boarding new customers on its mobile app after finding certain material supervisory concerns. "The Reserve Bank has directed Bank of Baroda to suspend, with immediate effect, any further onboarding of their customers on to the Bobworld mobile application," the central bank had said in a statement. The action, the RBI had said was based on certain material supervisory concerns observed in the manner of onboarding of their .

Ex-Kerala Cong chief received bank fraud proceeds through farming biz: ED

K K Abraham, a former general secretary of the Kerala Pradesh Congress Committee (KPCC), got "profit share" from a ginger farming enterprise run along with his alleged associate and an accused in a loan fraud in a Kerala-based cooperative bank, the Enforcement Directorate claimed Friday. Abraham was arrested by the federal probe agency in Kerala on November 7. The case pertains to an alleged loan fraud of Rs 5.62 crore at the Pulpally Service Cooperative Bank located at Pulpally in Wayanad district. The criminal case filed by the ED under the Prevention of Money Laundering Act (PMLA) stems from an FIR of the Kerala Vigilance and Anti-Corruption Bureau (VACB) against the governing body members and officials of the bank. The central agency alleged Abraham was the "overall in-charge of the bank as president who played a key role in sanctioning various loans by overvaluing the properties to the applicants." The ED probe found, the agency said in a statement, that bank officials and it