Page 5 - Bank Frauds

CBI raids over 100 locations in bank fraud cases amounting to Rs 3,700 cr

The Central Bureau of Investigation (CBI) conducted searches over 100 places in 11 States and Union Territories in connection with more than 30 cases of bank fraud amounting to over Rs 3,700 crore

Reserve Bank of India imposes Rs 2 cr penalty on Standard Chartered Bank

The Reserve Bank on Thursday imposed a penalty of Rs 2 crore on Standard Chartered BankIndia for delays in reporting of frauds to it.

Explained: How RBI's positive pay system safeguards cheque transactions

While it will make payments via cheques safer, it will also make the process a tad cumbersome, especially for people who issue high-value cheques frequently but are not tech savvy

CBI books Shakti Bhog Foods in alleged Rs 3,269-crore bank fraud case

The CBI has booked Delhi-based Shakti Bhog Foods Limited for an alleged fraud of Rs 3,269 crore on a consortium of 10 banks led by the State Bank of India (SBI), officials said on Friday.

2020, the year that was: Bank frauds, drug hauls kept probe agencies busy

ED and CBI probed high-profile frauds; arrested Rana Kapoor, Deepak Kochchar

CBI books Hyderabad-based firm for over Rs 7,926-crore bank fraud

The agency carried out searches at the premises of the company and the accused directors, including former Telugu Desam Party (TDP) MP Rayapati Sambasiva Rao

Indian Bank declares IFIN account as fraud with over Rs 408 cr outstanding

In October, Punjab and Sind Bank had also reported the account of IFIN as fraud with outstanding dues of over Rs 561 crore to the RBI

Scared of online scams and money laundering? Learn how to deal with them

Online scams and money laundering are not a recent phenomenon. But it is back in the news again

Watch out for red flags: Renting your bank account is inviting trouble

If you are offered an excessively attractive sum for this purpose, be warned

PSBs report 2,867 cases of frauds worth Rs 19,964 cr in April-June qtr: RBI

Of the 12 PSBs, SBI reported the maximum 2,050 fraud cases involving Rs 2,325.88 crore during April-June 2020

Spike in bank frauds: Lag in reporting or weak internal controls?

Bank fraud numbers may not be as bad as they are made out to be, but their detection and reporting need to improve, writes Raghu Mohan

Another flaw in PSBs

Containing frauds will need wider reform

Amount in bank fraud up 159% to Rs 1.85 trn in 2019-20: RBI annual report

28% spike in number of cases; advances account for 98% of total amount involved in frauds

84,545 bank fraud cases, involving about Rs 1.85 trn reported in FY20: RTI

The RBI stated that the total number of frauds reported by Scheduled commercial banks and select FIs during Financial Year 2019-20 is 84,545 and the amount involved therein is Rs 1,85,772.42 crore

CBI raids 3 locations in Delhi, Noida over Rs 190 cr bank loan fraud case

"Searches have been conducted today at two places in Noida (UP) and one place in Delhi which led to recovery of incriminating documents/material," RK Gaur said

PNB reports fraud of Rs 3,688.58 cr in DHFL account; stock slumps 7%

Shares of DHFL, meanwhile, tanked 4.8 per cent in the intra-day trade to hit a day's low of Rs 14.9 apiece on the BSE

PMC Bank scam: Mumbai Police arrests former director, two others

Jasvinder Singh Banwait, Vishwanatha Shridhar Prabhu and Shripad Govind Jere were arrested on Thursday

Nirav Modi assets beat estimates, garner Rs 2.29 crore in online auction

Items were expected to fetch Rs 50 lakh

Telecom players should act fast to counter menace of online frauds: Paytm

Paytm Payments Bank, which also houses the Paytm wallet, recently filed an FIR against fraudsters

Bank accounts of over 200 NDMC employees hacked, money siphoned off in Feb

Though police have received only two complaints of online fraud from the employees, NDMC employees union says more than 200 employees have lost their money after being cheated online