Page 3 - Bank Fraud

Enough material against Naresh Goyal for conspiring in bank fraud: Court

There is sufficient material at this stage to prima facie show involvement of Jet Airways founder Naresh Goyal and his wife Anita in a money laundering case linked to an alleged fraud of Rs 538 crore at Canara Bank, a special court here noted while taking cognizance of the Enforcement Directorate's chargesheet against the couple in the case. Besides the Goyals, the central probe agency has named four companies --Jet Airways (India) Ltd (JIL), Jetair Pvt Ltd, Jet Enterprises Pvt Ltd and Jet Airways LLC, Dubai -- as accused in the case. M G Deshpande, the special judge hearing cases filed under the Prevention of Money Laundering Act (PMLA), took cognizance of the chargesheet on November 1, while a detailed order was made available on Friday. The court also asked the Goyals to remain present before it on November 9. The Enforcement Directorate (ED) arrested Goyal on September 1 under the Prevention of Money Laundering Act (PMLA) following a long session of questioning at the central .

Jet Airways founder Goyal sent to 14-day custody in bank fraud case

A court here on Thursday remanded Jet Airways founder Naresh Goyal to 14-day judicial custody in a money laundering case linked to an alleged fraud of Rs 538 crore at the Canara Bank. The Enforcement Directorate (ED) arrested Goyal on September 1 under the Prevention of Money Laundering Act (PMLA) following a long session of questioning at the central agency's office here. The 74-year-old businessman was produced before the court at the end of his ED remand on Thursday. Goyal was sent to judicial custody by the court as no further remand was sought by the probe agency. The money laundering case stems from an FIR of the Central Bureau of Investigation (CBI) against Jet Airways, Goyal, his wife Anita and some former company executives of the now grounded private airline in connection with an alleged Rs 538-crore fraud case at the Canara Bank. The FIR was registered on the bank's complaint which alleged that it sanctioned credit limits and loans to Jet Airways (India) Ltd to the tune

Improved detection, reporting bring down bank fraud cases: MoS Finance

Improved detection and reporting, along with steps taken to check bank frauds, have resulted in a sharp decline in the occurrence of such incidence, Parliament was informed on Monday. Sharing data, Minister of State for Finance Bhagwat Karad said bank frauds have declined from Rs 77,544 crore in 2013-14 to Rs 1,650 crore in 2022-23. Comprehensive steps, including measures to address security flaws/loopholes and to strengthen the fraud risk management mechanism in banks, have been taken by the government, RBI and public sector banks (PSBs), Karad said in a written reply to the Lok Sabha. Some of the measures include an online searchable database of frauds reported by banks, in the form of the Central Fraud Registry has been set up to enable timely identification, control and mitigation of fraud risk and also to carry out due diligence during the credit sanction process and heads of PSBs have been empowered to issue requests for issuance of Look-Out circulars. Besides, he said a ...

ED arrests ex chairman of Pune cooperative bank in loan fraud case

The Enforcement Directorate on Wednesday said it has arrested the former chairman of a Pune-based cooperative bank on money laundering charges in a case linked to alleged fraud and misappropriation of funds of the lender worth Rs 429 crore. Amar Sadhuram Mulchandani, the ex-chairman of Seva Vikas Cooperative Bank, was arrested on July 1 and a special Prevention of Money Laundering Act (PMLA) court sent him to ED custody till July 7, the federal probe agency said in a statement. "The arrest is made in connection with the ongoing investigation in the Seva Vikas Cooperative Bank fraud case in which the bank suffered a loss of Rs 429 crore in 124 NPA (non performing assets) loan accounts." "This has caused the bank to go bankrupt causing loss to thousands of small depositors," the ED said. This is the fifth arrest by the agency in this case. The ED had earlier arrested a man named Sagar Suryawanshi, who took loans from the cooperative bank, two ED staffers working on contract at its ..

Bombay High Court rejects Chanda Kochhar plea for retirement benefits

Private lender's sacked chief has filed a lawsuit asking her former employer to fulfill contractual responsibilities

SC's fraud-tagging ruling may lengthen process for banks: UCO Bank MD & CEO

Soma Sankara Prasad believes the process of identifying an account as fradulent would be akin to that of determining wilful defaulters

Kerala co-bank scam: Complainant appears before ED, alleges Rs 300-cr fraud

MV Suresh, the first of severa persons to have filed complaints alleging fraud at the CPI(M)-controlled Karuvannur cooperative bank in Thrissur district, appeared before the ED on Monday

IDBI manager held for swindling money from customers' accounts in B'luru

Karnataka police have arrested a relationship manager of IDBI bank in Bengaluru in connection with transferring Rs 4.92 crore illegally to various accounts, police said on Monday

CBI files FIR against Corporate Power Ltd for bank fraud of Rs 4,000 cr

The CBI has filed an FIR against Corporate Power Limited and its directors for alleged bank fraud of Rs 4,000 crore, officials said. The agency searched 16 locations on Thursday in multiple cities, including Nagpur, Mumbai, Ranchi, Kolkata, Durgapur, Ghaziabad, and Vishakhapatnam, they said. The Kolkata-based company had allegedly committed a bank fraud of Rs 4037.87 crore involving a consortium of 20 banks. "It was further alleged that between the years 2009 and 2013, the said borrower had submitted manipulated project cost statements and diverted bank funds. It was also alleged that trade receivables mainly including transactions to related parties and funds, were diverted to a web of various companies who were dummy accounts; accordingly, the borrower was able to siphon off funds," a CBI spokesperson said in a statement. The agency has named the company and its promoters and directors in the FIR.

CBI books Rotomac Global directors in Rs 750-crore bank fraud case

The CBI has booked Kanpur-based Rotomac Global and its directors for Rs 750.54 crore for alleged fraud in Indian Overseas Bank, officials said. The company, which was in the business of writing instruments, has a total outstanding of Rs 2,919 crore against a consortium of seven banks led by Bank of India in which Indian Overseas Bank has an exposure of 23 per cent. The agency has booked the company and its Directors - Sadhna Kothari and Rahul Kothari - under IPC sections related to criminal conspiracy (120-B) and cheating (420), besides various provisions of the Prevention of Corruption Act. The company is already facing multiple investigations by the CBI and the Enforcement Directorate on the basis of complaints from consortium members. In its complaint to the CBI, now a part of the FIR, the Indian Overseas Bank alleged that the company was sanctioned a non-fund-based limit of Rs 500 crore on June 28, 2012. The account was declared a non-performing asset on June 30, 2016, with an

CBI files charge sheet against DHFL's ex-CMD Kapil Wadhawan, 74 others

The CBI has filed a charge sheet against former Dewan Housing Finance Ltd (DHFL) CMD Kapil Wadhawan and 74 others in connection with a Rs 34,000-crore bank fraud case, officials said on Saturday. In its charge sheet, filed before a Special CBI court here, the agency has also named then director Dheeraj Wadhawan and former CEO Harshil Mehta as accused in the mega-scam case, officials said. The agency had registered the case in June in DHFL bank fraud matter for allegedly defrauding a consortium of 17 banks to the tune of Rs 34,000 crore, making it the biggest banking loan fraud of the country, they said. In the charge sheet, the agency has listed 18 individuals and 57 companies through which funds were diverted, they alleged.

ED seizes cash after raids on Punjab AAP MLA, others in bank fraud case

The ED on Friday said it seized Rs 32 lakh cash, some mobile phones and hard drives after it raided the premises of AAP MLA in Punjab Jaswant Singh Gajjan Majra and some others as part of a money laundering probe linked to an alleged bank loan fraud. The federal investigative agency said in a statement that the searches were carried out at the business and residential premises of "accused persons and their associates" including Tara Corporation Limited (renamed as Malaudh Agro Limited on September 24, 2018), its directors Jaswant Singh, Balwant Singh, Kulwant Singh, Tejinder Singh, their associates and other sister concerns at Ludhiana, Malerkotla, Khanna, Payal and Dhuri. Jaswant Singh Gajjan Majra is a legislator from the Amargarh assembly constituency. The Aam Aadmi Party (AAP) Punjab unit had on Thursday called the raids a "political vendetta". The ED said "incriminating pieces of evidence were seized related to "bogus firms through which turnover of Tara Corporation Limited was

DHFL bank fraud: Court denies bail to businessman in Rs 34,615-crore scam

A Delhi court has denied bail to businessman Ajay Ramesh Nawandar in a Rs 34,615-crore bank fraud case involving Dewan Housing Finance Limited (DHFL), on account of his possible influence on both evidence and witnesses. The court held that the accused was prima facie complicit at some stage in the diversion of the humongous funds originating from the loans. In the present facts, the Court is inclined to decline the bail not because the offences are economic in nature but on account of the investigation into the present offences being intricate, the accused prima facie being complicit at some stage of the handling/diversion of the humongous funds originating from the loans, a strong likelihood of him tampering with evidence and the foreseeable possibility of him influencing witnesses if admitted to bail, Special Judge Vishal Gogne said. The Central Bureau of Investigation (CBI) had earlier conducted searches at Nawandar's premises and recovered a large collection of uber-luxury watch

Bank fraud cases decline by about 50% in FY22: MoS Finance tells Parliament

The amount involved in the frauds too declined to Rs 3,204 crore from Rs 7,306 crore in 2020-21.

CBI registers two separate cases in connection to Rs 2,100-cr bank fraud

Central Bureau of Investigation (CBI) on Monday registered a case against a Mumbai-based private company over the allegations of fraud worth Rs 1,438.45 crore to the SBI and four banks.

ED attaches assets worth Rs 400cr in money laundering cases in Tamil Nadu

The Enforcement Directorate on Sunday said it has attached assets worth Rs 400 crore in connection with two separate money laundering cases pertaining to bank and lottery frauds in Tamil Nadu

ED attaches Rs 90-crore assets of road construction firm in bank fraud

The money laundering case stems from a March, 2019 CBI FIR registered against Ranchi Expressways Limited (a Madhucon Group company) and its directors.

CBI books DHFL in 'biggest' banking fraud of Rs 34,615 crore; 17 banks hit

The audit of DHFL account books showed that the company allegedly committed financial irregularities, diverted funds, round tripped funds to 'create assets for Kapil and Dheeraj Wadhawan'

CBI books Pune Buildtech and promoters for bank fraud, carries out searches

CBI conducted searches at three locations in Mumbai after it registered an FIR against Pune Buildtech Private Limited and its directors for alleged bank fraud of Rs 30 crore in PNB

ED arrests Karnal-based businessman in Rs 155 crore money laundering case

The Enforcement Directorate has arrested a Karnal-based businessman under the anti-money laundering law in a case linked to alleged bank loan fraud of Rs 155 crore, the agency said on Wednesday.