Page 2 - Financial Fraud

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

ED conducts multi-city raids in Gujarat in money laundering, GST fraud case

The Enforcement Directorate on Thursday conducted multi-city searches in Gujarat in connection with a money laundering case linked to a GST "fraud" in which eight people, including a journalist, were arrested recently by the state police, official sources said. About 23 premises in cities of Rajkot, Junagadh, Ahmedabad, Bhavnagar and Veraval were being raided by the federal agency after a case was filed under the Prevention of Money Laundering Act (PMLA), the sources said. Premises linked to arrested journalist Mahesh Langa, who works with The Hindu newspaper, were also being covered. The money laundering case stems from an FIR of the Ahmedabad Police Crime Branch. The city Crime Branch registered the FIR against several persons and entities after getting a complaint from the Central GST over an alleged scam involving shell firms set up to defraud the government through bogus input tax credits and fraudulent transactions. Langa along with seven others was arrested after the Central

Fintechs asked to sign up on financial cyber fraud reporting portal

To also appoint a nodal officer to attend to customer grievances and engage with law-enforcement agencies to prevent fraud

Delhi Court directs 4 accused in CBI custody in $15 mn cyber fraud case

The Rouse Avenue court on Thursday remanded Shubham Jain, Ambuj Mathur Shailender Kumar Gautam in four days and Abhishek Bisht in two days CBI custody.They have been arrested in the transnational cyber fraud case for allegedly defrauding US citizens worth 15 million dollars.Earlier, they were remanded to judicial custody. CBI moved an application seeking 5 days remand for the accused persons.Two other accused, Dhairya and Dhruv Khattar, are in CBI custody till August 3.Judicial Magistrate (First class) Nishant Garg remanded the accused persons in CBI custody."Considering the submissions of the investingating officer (IO) and the investigation carried out so far, I am of the view that there is a necessity of custodial interrogation of the accused persons Abhishek Bisht, Ambuj Mathur, Shubham Jain and Shailendra Kumar Gautam, for the purpose of assisting the investigation in ascertaining the other details of the crime, involvement and whereabouts of other accused persons and flow and ...

Your granpa and ma, parents may be at risk of fraud. Here's how to help

When older individuals fall victim to financial scams, the impact can be severe

Ex-billionaire gets 7.5-yr sentence for defrauding Goldman, Google

Rishi Shah, 38, the co-founder of Outcome Health, which provided ads on TVs in doctors' offices, was convicted of more than a dozen fraud and money laundering charges by a federal jury last year

Explained: Types of payment frauds and what to do if you lose money

In 2023 alone, over 13,000 cases of financial fraud were recorded, nearly half of which were digital payment fraud (card/internet).

CBIC cautions public to stay alert against frauds in name of Indian Customs

The Central Board of Indirect Taxes and Customs (CBIC) on Sunday asked public to stay alert and discern the modus operandi of fraudsters committing fraud in the name of Indian customs. In a statement, the CBIC said various incidents have come to light through news portals/social media platforms of fraudulent persons posing as Indian Customs officers cheating the public of their hard-earned money across the country. These frauds are primarily done using digital means like phone calls or SMS, and are focused on extracting money through the 'purported' fear of immediate penal actions. In order to counter these frauds through public awareness, CBIC is mounting a multi-modal awareness campaign that includes newspaper advertisement, SMS/e-mails to the general public, social media campaign, besides awareness campaigns by CBIC field formations. The CBIC also advised the public to take measures to safeguard themselves from becoming a victim of such scams by discerning the modus operandi of

Financial Intelligence Unit arms itself with AI to check money laundering

India's Financial Intelligence Unit (FIU) has operationalised an advanced 2.0 version of its information technology system, armed with artificial intelligence and machine learning tools, to check money laundering and terrorist financing crimes in the country's economic channels. The upgrade of the technological backbone was required as the volume of data (suspicious transaction reports) flagged by banks and various other financial institutions to the FIU for analysis and further dissemination to investigative and intelligence organisations has been "increasing", a latest report for the 2022-23 fiscal said. The agency was set up in 2004 to "play a decisive role in India's fight against the menace of money laundering and terrorism financing" under the legal setup of the Prevention of Money Laundering Act (PMLA). The recently released report has been accessed by PTI which says that the Financial Intelligence Network (FINnet) 2.0 was envisaged as the country's regulatory environment has