Banking Fraud

Non-bailable warrant issued against New India Bank's ex-chairman, his wife

A local court has issued a non-bailable warrant (NBW) against New India Cooperative Bank's former chairman Hiren Bhanu and his wife Gauri Bhanu, who fled the country just before the Rs 122 crore embezzlement case came to light last month, officials said on Wednesday. The Economic Offences Wing (EOW) of the Mumbai police, which is investigating the case, has so far arrested seven persons in connection with the case, an official said. "The bank's former chairman and vice chairman, Hiren Bhanu and his wife Gauri Bhanu, are wanted accused in the case. But they left the country on January 26 and February 10 respectively," he said. As both are out of country and locating them was necessary for the probe of the case, a 'Blue Corner Notice' has been issued against them earlier, he said. "While investigating the case, the EOW had submitted an application before the court about issuing a non-bailable warrant against the Bhanu couple. Accordingly, the court has issued a non-bailable warrant .

New India Bank case: Depositors ask RBI for measures to revive bank

An organisation representing depositors of the New India Co-Operative Bank, hit by alleged embezzlement of Rs 122 crore, have submitted a petition to the Reserve Bank of India, seeking immediate measures to revive the bank for ending their financial hardships. In the petition, the organisation said it suspects that "deeper financial irregularities like undisclosed non-performing assets (NPAs) or additional frauds could be contributing to the crisis". On February 15, the Economic Offences Wing (EOW) of the Mumbai police arrested Hitesh Mehta, General Manager and Head of Accounts of the New India Cooperative Bank, for allegedly misappropriating Rs 122 crore from the bank. Two days prior to that, the RBI had imposed several restrictions on the bank, including on withdrawal of funds by depositors, citing supervisory concerns emanating from the developments in the bank, and to protect the interest of its depositors. A day later, it superseded the cooperative bank's board for a year and .

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'

How inoperative bank accounts are misused for scams: Experts explain

A bank account is classified as inoperative when there are no customer-initiated transactions for over two years

Mushrooming mule accounts fuel rise in financial frauds, says official

This represents a more than 10 fold increase over the four year period, underscoring the growing sophistication of fraudsters and exposing vulnerabilities within the financial system

Number of frauds in banking sector on the rise, but amount declines

89.2 per cent of the frauds reported in 2023-24 by value occurred in previous financial years

Mahindra Finance detects Rs 150 cr loan fraud: What we know so far

In respect of retail vehicle loans disbursed by Mahindra Finance, the fraud involved forgery of KYC documents leading to embezzlement of company funds

BoB World app scam: How FinMin plans to deal with financial frauds

The finance ministry proposes an enhanced KYC procedure and extensive due diligence by banks and financial institutions for onboarding merchants to safeguard customers against cyber risks

68% spike in complaints against banks, mobile banking biggest concern

Chandigarh, Delhi, Haryana, Rajasthan, and Gujarat emerged as the top contributors to ombudsman complaints

Handling complaints costs RBI Rs 144 cr: Here's state-wise breakdown

The total cost of handling complaints across ORBIO's offices in India, including those in Ahmedabad and Raipur, amounted to Rs 143.56 crore

Banking fraud cases grow to 13,530 in FY23, amount halved to Rs 30,252 cr

The number of frauds in the banking sector went up to 13,530 in 2022-23 year-on-year, but the amount involved nearly halved at Rs 30,252 crore, showed a Reserve Bank data released on Tuesday. Frauds occurred predominantly in the category of digital payments (card/internet), in terms of number, said Reserve Bank's Annual Report 2022-23. However, in terms of value, frauds have been reported primarily in the loan portfolio (advances category). A total of 9,097 frauds had taken place in 2021-22 involving Rs 59,819 crore. In 2020-21, the number of frauds was 7,338 and amount involved was Rs 1,32,389 crore. "An assessment of bank group-wise fraud cases over the last three years indicates that while private sector banks reported maximum number of frauds, public sector banks continued to contribute maximum to the fraud amount during 2022-23," the report said. Data are in respect of frauds of Rs 1 lakh and above reported during the three years. The report said there was a 55 per cent decl

As cybercrime cases rise in Odisha, govt alerts people against cyber fraud

Worried over rise in cyber crimes in Odisha, with fraudsters impersonating senior officers online to raise funds, state govt has asked Netizens to exercise caution during all financial transactions

These new risk-mitigation tools will protect you from banking frauds

Using these new tools, switch off usages you don't require and set limits on others

RBI asks banks, NBFCs to increase awareness campaigns against frauds

The central bank observed that despite the financial literacy drive it undertook, cases of frauds continue to rise

Alarming rise in banking frauds, warns RBI

It adds that banks could be hiding some of the fraud cases, masking these as bad debt