Page 4 - Bank Frauds

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

Congress questions Modi government over ABG Shipyard bank-fraud case

The CBI has booked ABG Shipyard Limited, its former chairman and managing director Rishi Kamlesh Agarwal and others for allegedly cheating a consortium of banks led by SBI of over Rs 22,842 crore

Loans to ABG Shipyard turned NPAs prior to 2014, says FM Sitharaman

Normally banks take 52-56 months of time to detect such cases and initiate follow-up actions, said Finance Minister Nirmala Sitharaman

Bank frauds of Rs 5.35 trillion occurred under Modi govt: Rahul Gandhi

Rahul Gandhi alleged that bank frauds to the tune of Rs 5.35 lakh crore have taken place during the BJP government and that these are good days only for PM Modi's "friends".

CBI registers four separate cases of bank fraud; conducts searches

Following the registration of the FIR, the Central Bureau of Investigation conducted searches at the locations in Ahmedabad at the premises of the accused

Maha: FIR against cooperative bank chairman, others for Rs 229 cr fraud

A few months ago, the board of directors of this bank had been dismissed and an administrator appointed.

CBI files charge sheet against Indian Bank manager in deposit fraud case

The CBI has filed a charge sheet against 18 people

Bank loan fraud: ED arrests MD of Mumbai-based agro company

The Enforcement Directorate (ED) on Monday said it has arrested the managing director of a Mumbai-based agro company in a money laundering probe linked to an alleged multi-crore bank fraud.

Bengaluru police, RBI and banks join hands to check bank frauds

A complaint lodged with the police will immediately be alerted to banks and payment gateways who can stop the transaction mid-way

Former bank manager arrested for embezzlement of Rs 1.5 cr in Odisha

Former manager of a nationalised bank in Odisha's Kendrapara district was arrested for allegedly embezzling around Rs 1.5 crore, police said on Saturday.

ED arrests Shakti Bhog CMD in money laundering case linked to bank fraud

ED said it has arrested Kewal Krishan Kumar, chairman and managing director (CMD) of Delhi-based Shakti Bhog Foods Limited, in a money laundering case linked to an alleged multi-crore bank loan fraud

CBI books Ruchi Global, its directors for Rs 188 crore bank fraud

The CBI has filed an FIR against Ruchi Global Limited and its directors for allegedly cheating a consortium of banks led by Bank of Baroda to the tune of Rs 188.35 crore, officials said on Wednesday. The agency carried out searches at the premises of the accused at six locations in Indore, Mumbai and Bangalore, they said. The agency has booked Ruchi Global Limited and its directors Umesh Shahra, Saket Barodia and Ashutosh Mishra in the case pertaining to the alleged fraud between January 1, 2016 and December 31, 2017. It is alleged that the accused fraudulently indulged in diversion of funds, speculation transactions, non-routing of sale proceeds in consortium bank accounts, transactions with related parties/sister concerns, etc., the CBI spokesperson said in a statement. The company was doing business with related entities having a common address with directors being employees of the accused company, Bank of Baroda alleged in its complaint, which is now part of the CBI FIR. It is