Page 3 - Bank Frauds

How can you protect your bank account from cyber attacks?

Is your money safe in banks? You may wonder, because there has been an increasing number of cyber-scams aimed at your bank accounts. How can you protect your bank accounts from such cybercriminals?

Over Rs 12 crore swindled from Kozhikode Corporation accounts in PNB

Over Rs 12 crore have been swindled from several accounts of the Kozhikode Corporation in a Punjab National Bank here and the prime accused -- a former senior manager of the bank -- is still at large. The fraud came to light last month when the Corporation found huge sums of money missing from its various accounts in the PNB branch, an officer of Crime Branch wing of the police said. An FIR was immediately lodged and in view of the amount involved, of Rs 12.68 crore, the probe was transferred to the Crime Branch, the officer said. Initially, the Corporation believed that the swindled amount was over Rs 15 crore, but subsequently, its audits revealed that Rs 12.68 crore was missing from its accounts in the bank. Besides the Corporation, around Rs 18 lakh was also stolen, allegedly by the former bank manager, from the account of a private individual, the officer said. He said that their investigation has revealed that most of the money -- around Rs 10 crore -- was invested in the s

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

ABG Shipyard's MD sent to 4-day CBI custody in Rs 22,842 cr loan fraud case

Agarwal was arrested on Thursday by the probe agency. The CBI on Friday produced him before the Special CBI court and sought his custodial remand.

CBI arrests ABG founder Rishi Agarwal in Rs 22,842-cr bank fraud case

The CBI arrested the founder-chairman of ABG Shipyard Limited, Rishi Kamlesh Agarwal, on Wednesday in connection with an alleged bank fraud of more than Rs 22,842 crore, officials said. The Central Bureau of Investigation (CBI) had booked Agarwal, a former chairman of the company, and others for the alleged offences of criminal conspiracy, cheating, criminal breach of trust and abuse of official position under the Indian Penal Code (IPC) and the Prevention of Corruption Act, they said. The company was sanctioned credit facilities from 28 banks and financial institutions led by the ICICI Bank, with the State Bank of India (SBI) having an exposure of Rs 2,468.51 crore, the officials said. A forensic audit by Ernst and Young has shown that between 2012 and 2017, the accused colluded with each other and committed illegal activities, including diversion and misappropriation of funds and criminal breach of trust. The funds were used for purposes other than for which they were released by

Frauds reported by PSBs decline to Rs 3,204 cr in FY22: MoS Finance

In 2020-21, PSBs reported 4,680 fraud cases of Rs 7,306 crore, which declined to 2,369 cases corresponding to Rs 3,204 crore in 2021-22, he added.

Amount involved in bank fraud declines to Rs 3,785 crore in FY22: Karad

As per the RBI data, frauds involving the amount of Rs 11,800 crore were detected in 2020-2021, the Minister of State for Finance said in a written reply to the Lok Sabha.

DHFL bank fraud case: CBI arrests businessman Ajay Ramesh Nawandar

CBI) conducted searches at Nawandar's premises last week and recovered a large number of uber-luxury watches worth crores of rupees, including Rolex Oyster Perpetual, Cartier, Omega, officials said.

CBI registers two separate cases in connection to Rs 2100 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.

India's Aadhaar ID system delivers benefits but at risk of widespread fraud

Modi's new welfarism rests on Aadhaar. But if there are cracks in the edifice, they need to be acknowledged - not to frighten users away, but to make them more aware

CVC-constituted panel ABBFF gives advice on 84 bank fraud cases in 3 yrs

The CVC constituted panel has given its advice after thorough examination of role of all levels of officials on 84 bank fraud cases involving amount of over Rs 3 crore in the last three years

ED attaches Rs 17.70 cr worth assets of company in bank fraud case

Assets worth Rs 17.70 crore of a company have been attached under the anti-money laundering law in a probe linked to an alleged bank loan fraud of over Rs 804 crore, the ED said on Friday. A provisional order, under sections of the Prevention of Money Laundering Act (PMLA), for the attachment of the movable and immovable properties of the firm identified as ABC Cotspin Pvt. Ltd and related entities was issued on June 10, the agency said in a statement. "During the period 2014-15, the prime accused Ashish S Jobanputra without making any genuine exports, got prepared and signed the fake export documents and presented them to the State Bank of India and Bank of Baroda," the Enforcement Directorate said. Probe found that the "said company was availing bill discounting facilities from the above-mentioned banks against Letters of Credit of prime banks." Jobanputra, it claimed, got these "fake" export bills discounted from banks which remain unpaid and caused loss to the banks. The money

RBI annual report: FY22 saw more bank frauds but value decreased by half

RBI annual report: Private banks contribute more to the number of bank frauds while public sector banks contribute more to the value.

Please change the definition of 'fraud', bankers to urge RBI: Report

All the high-street bank CEOs decided to make a representation to RBI at a meeting to discuss issues faced by the lenders

Bank frauds may have started to dip now, but wait a bit before you cheer

The incidence of bank fraud is trending downward, but the broad picture hides many blind spots

The deadweight of banking fraud in India: What's the weak link?

Fraud doubled in value to Rs 1.85 trillion in FY20, which is nearly equal to the recapitalisation amount injected into state-run banks during the year

SC adjourns Vijay Mallya's contempt case hearing for next week

The top court had held Mallya guilty of contempt of court for transferring USD 40 million to his children in violation of the court's order and sought his presence before it on various occasions

Yet another bank fraud: Bigger and different

It has all the usual ingredients but the modus operandi is very different and could teach Nirav Modi, the dethroned bank fraud king, a lesson or two

CBI issues look out notices against former CMD of ABG Shipyard, 8 others

The look out notices have been issued to prevent them from leaving the country, officials said

India files complaint against ABG Shipyard alleging $3 billion bank fraud

The report, posted on the Central Bureau of Investigation's website, said a forensic audit report it received from the banks two years ago had found instances of fraud in April 2012 and July 2017