Financial Fraud

ED summons Dino Morea, freezes ₹1.25 cr in Mithi River desilting case

The Enforcement Directorate on Friday conducted searches at the premises of actor Dino Morea and some others in Maharashtra apart from some locations in Kerala as part of a money laundering investigation linked to the Mithi river desilting "scam", official sources said. The fraud is alleged to have caused a Rs 65 crore loss to the Brihanmumbai Municipal Corporation (BMC). The raids are covering more than 15 premises located in Mumbai and Kochi. This includes the premises of Morea, his brother, contractors and some others, the sources said. The investigation is being conducted under the Prevention of Money Laundering Act (PMLA), they said. The ED case against certain officials of the BMC and some others stems from a Mumbai Police economic offences wing (EOW) FIR filed to probe alleged irregularities in desilting of the Mithi river that is alleged to have caused a Rs 65 crore loss to the civic body. Morea was questioned by the EOW in this case few days back. The EOW registered a ca

IIHL ready to support IndusInd Bank through equity infusion: Hinduja

Shares of the lender closed 1.82 per cent higher on the BSE on Tuesday, despite trading in the red in the early session

E-Zero FIR to speed up action on cyber frauds: How will it help you?

The aim of e-Zero is to cut the procedural delay in the first few crucial hours when chances of recovery of lost money is high.

IndusInd Bank's financials may stay weak; new CEO faces challenges

IndusInd Bank may face muted financials in the medium to near-term, and the new MD and CEO will have an "uphill task" of resurrecting the bank and regaining investor trust, brokerages said on Thursday after the beleaguered bank reported its biggest net loss in 20 years. Most brokerages see downside in shares of IndusInd Bank, which posted a net loss of Rs 2,329 crore, marking one of the worst quarters in terms of both financial metrics and top level upheavals in the wake of accounting (derivative, MFI, other assets/liabilities) fraud. Brokerage firm Emkay in its note said: "We believe these developments could hurt the bank's business and financials in the near-to-medium term." Nirmal Bang, taking note of "uncertain outlook on various parameters", has cut the bank's earnings estimates by 23.6 per cent in current fiscal and 13 per cent for FY'27. Lapses in derivatives accounting, slippages in microfinance portfolio, and fraud in balance sheet disclosures have rattled the private sect

IndusInd Bank Q4 results: Record ₹2,329 cr loss posted on accounting lapses

Bank books record quarterly loss after flagging accounting lapses, microfinance misreporting, and suspected fraud; FY25 profit falls 71 per cent to Rs 2,575 crore

DoT launches FRI tool to flag risky mobile numbers in cyber frauds

DoT introduces Financial Fraud Risk Indicator under DIP to help banks and UPI platforms detect risky mobile numbers and prevent cyber frauds more proactively

IndusInd Bank reveals ₹173 cr fraud in microfinance during intern audit

IndusInd Bank uncovers suspected internal fraud involving about ₹173 crore in microfinance; board initiates legal steps and adjusts FY25 accounts to reflect discrepancies

Forensic review reveals IndusInd Bank executives traded in its shares

The summary of Grant Thornton's findings did not disclose further details of the share trading or offer any conclusions about its nature

Meta removes 23K Facebook pages linked to investment scams in India, Brazil

Meta, in March, removed clusters of scam activity totalling over 23,000 Facebook Pages and accounts that primarily targeted people in Brazil and India, the social media giant said on Wednesday. Explaining the modus operandi, Meta said the scammers used deepfakes, among other techniques, falsely depicting popular personal finance content creators, cricket players and business figures in Brazil and India, endorsing scam investment apps and gambling websites. The scammers redirected people to messaging apps for 'investment advice' and, in some cases, to a fake website that mimicked the Google Play store to download scam gambling apps. "In March, Meta removed multiple clusters of scam activity totalling over 23,000 Facebook Pages and accounts that primarily targeted people in Brazil and India," Meta said in a release. Under Meta's ongoing efforts to promote scam awareness, the company shared insights and handy tips to help people identify and safeguard themselves against common investm

Corp affairs ministry orders probe against Gensol Engineering, BluSmart

The corporate affairs ministry has ordered a probe into the affairs of crisis-hit Gensol Engineering and BluSmart Mobility for alleged violations of companies law, according to officials. Gensol Engineering came under the regulatory scanner for alleged fund diversions and corporate governance lapses after Sebi, in April, passed an order barring the company's promoters Anmol Singh Jaggi and Puneet Singh Jaggi from the securities market for various violations. BluSmart Mobility, which offers ride-hailing services, is promoted by Anmol Singh Jaggi. The officials on Tuesday said the ministry ordered an investigation against the companies last week under Section 210 of the Companies Act, 2013. Under Section 210, the ministry has powers to order a probe into the affairs of a company on various grounds, including in public interest. Earlier, the ministry had said it would take necessary action in the matter after examining the Sebi order. The order by the Securities and Exchange Board o

Sebi fines Seya Industries ₹58.5 cr for 'fund misuse, financial fraud'

Markets regulator Sebi has slapped penalties totalling Rs 58.50 crore on four Seya Industries' senior executives, including promoter and Chairperson Ashok Rajani and his son Amrit Rajani, for alleged siphoning of funds and manipulation of financial statements. The regulator imposed a fine of Rs 28 crore each on Ashok Ghanshyamdas Rajani and Amrit Rajani (Chief Financial Officer of Seya), Rs 2 crore on Asit Kumar Bhowmik and Rs 50 lakh on Sivaprasada Rao Buddi, Sebi said in the final order passed on Friday. In a 122-page order, Sebi found that Seya Industries had siphoned off funds worth Rs 81.26 crore to companies related to promoter entities (Whiz Enterprises, Aneeka Universal and Shri Balaji Entertainments) on the pretext of purchases and sales from/to them and/or through undisclosed fund transfers during FY19, FY20 and FY21, thereby flouting norms. The money was routed through companies privately held by the family of Ashok Rajani, chairman and managing director (CMD), and CFO of

How tech can help improve corporate governance, strengthen leadership

Companies and boards face a complex regulatory environment. AI can assist them by monitoring regulations and ensuring accurate financial reporting

Financial frauds top Mizoram cybercrimes, over half of total cases filed

Financial frauds were the most common cybercrime in Mizoram, accounting for 56.38 per cent of 321 cases registered between January 2020 and March 11 this year, as per official data. A total of 181 cases of financial crimes, primarily online banking fraud and cheating by impersonation, were registered during the period, records from the state cybercrime police station said. Other offences include identity theft (32 cases), child pornography (16), social media harassment (nine), copyright infringement (seven), false rumours (five), and hacking (one). The highest number of financial crimes was reported in 2022 during which 107 cases were registered, the records said. More than Rs 1.42 crore was recovered in financial fraud cases between 2021 and March 11, 2025. The state registered the highest number of cybercrimes in 2022, recording 158 cases, followed by 72 cases in 2023, the records stated. The number of cybercrime cases decreased to 41 in 2024, and of these, 17 were related to .

Fraud, black magic & Rs 1,250 cr missing: Lilavati Hospital under scanner

Mumbai's Lilavati Hospital has been rocked by shocking allegations, with trustees facing fraud, occult ritual claims, and a massive financial misappropriation probe

Noida Police freezes over 300 FIITJEE accounts, seize Rs 60L in cash

While FIITJEE insists that external actors orchestrated the ongoing financial crisis, guardians have filed complaints, citing service disruptions, poor communication, and lack of contingency plans

Indian businesses turn to data analytics, ML to fight fraudulent practices

A recent report from PwC found that Indian businesses report a much higher incident of financial crimes than their global peers

Financial fraud up as 59% of Indian firms faced crimes in past two years

Indian companies reported a higher exposure to fraud (59 per cent) than the global average (41 per cent), with procurement fraud emerging as the top concern and forced labour risks

Vietnam upholds tycoon Truong My Lan's death sentence unless she pays $9 bn

Real estate tycoon Truong My La has been ordered to pay three-quarters of the amount she is accused of defrauding to have her ruling reduced to a life sentence

800+ IRS officers opted for voluntary retirement in the last decade: FinMin

Around 383 Income Tax officers and 470 Customs & Indirect Taxes officers opted for voluntary retirement between 2014 and 2024

BS BFSI Summit: SBI's Nitin Chugh backs 'happy friction' to reduce fraud

SBI's Nitin Chugh introduces the concept of 'happy friction' - a system of checks and balances to protect vulnerable accounts and reduce cybercrime