Page 3 - Financial Fraud

Former Jaguars manager who stole $22 mn from team gets 78 months in prison

A former Jacksonville Jaguars financial manager who pled guilty to stealing more than $22 million from the NFL franchise through its virtual credit card programme was sentenced to 78 months in federal prison Tuesday. Judge Henry Lee Adams Jr sentenced Amit Patel, 31, in US District Court in Jacksonville. Patel, wearing a charcoal suit and a burgundy tie, showed no emotion inside the packed courthouse as the punishment was handed down. Prosecutors said Patel has returned $1.89 million, leaving his restitution tab at $21,132,454.40 -- a figure the judge acknowledged he will never be able to pay back following a felony conviction. Patel pled guilty in December to one count of wire fraud and one count of making an illegal monetary transaction. The judge sentenced Patel to 78 months on each count, to run concurrently. It was the lowest number under sentencing guidelines. He also got three years of supervised release. Patel's lawyer argued for a lighter sentence Tuesday, asking for no mo

Around 1.1 million financial fraud cases registered in 2023, shows data

Uttar Pradesh was at the top with around 200,000 cases, the highest across 36 states and union territories. Next was Maharashtra with 130,000 complaints reported, followed by Gujarat (120,000)

BJP MLA Ramesh Jarkiholi booked for cheating Karnataka Cooperative bank

A case has been registered against BJP MLA and former minister Ramesh Jarkiholi and two others for violating the condition of the loan taken from the Karnataka Cooperative Apex Bank and its other banks of its group. According to the FIR, the general manager of the bank has charged that Soubhagya Laxmi Sugars Ltd Chairman and Managing Director Ramesh Jarkiholi and its two directors Vasant V Patil and Shankar A Pawade had borrowed a loan of Rs 232.88 crore loan from July 12, 2013 to March 31, 2017 from the Karnataka Cooperative Apex Bank and other banks of its group for the establishment and expansion of the firm. The accused had a balance of Rs 439.07 crore as on August 31, 2023, the complainant said. He added that there was a condition that till the loan was repaid, the firm was not supposed to change the managing director and its directors. Despite this condition, the accused appointed unknown persons in his place without informing the bank and "with an intention to cheat," the ..

Hackers stole about $1.7 billion this year from crypto projects: Report

Infrastructure attacks - such as private-key theft that gives hackers access to a crypto project's servers to steal funds or manipulate trades - contributed to nearly 60% of the total stolen this year

Govt suspends 7 million mobile numbers due to suspicious transactions

To check digital frauds, the government has suspended 70 lakh mobile numbers on account of suspicious transactions, Financial Services Secretary Vivek Joshi said on Tuesday. Emerging out of a meeting to discuss issues related to financial cyber security and increasing digital payment fraud, Joshi said banks have been asked to strengthen the system and processes in this regard. More such meetings would take place, he said, adding the next meeting is scheduled in January. With regard to Aadhaar Enabled Payment System (AEPS) fraud, he said states have been asked to look into the issue and ensure data protection. He also said that there was a discussion with regard to KYC standardisation of merchants. The meeting chaired by the Financial Services Secretary also deliberated on how to ensure better coordination among various agencies to check cyber fraud. Joshi said there was a need to create awareness about cyber fraud in society to protect gullible customers from being duped. During

Money scams: Deepfakes, AI will drive $10 trn in financial fraud, crime

The proliferation of scam tech has alarmed regulators, police and people at the highest levels of the financial industry. Artificial intelligence in particular is being used to "turbocharge" fraud

Financial frauds in India rose 65% between 2021 and 2022: Finance Ministry

National Payment Corporation of India informed the Parliamentary Committee that, on average 2,000 customers are impacted by cyber frauds in India every month

Govt plans unique code to identify entities involved in financial offences

The Central Economic Intelligence Bureau under the finance ministry has created a repository of about 250,000 such offenders

39% Indian families claim to be victim of online financial fraud: Report

Around 39 per cent of families in a survey claimed to have experienced financial fraud in the last three years and only 24 per cent of them got their funds back, LocalCircles said in a report on Tuesday. The largest group of 23 per cent respondents in the survey indicated to have experienced credit or debit card fraud while 13 per cent indicated fraud by buying, selling and classified site users. As per the survey, 13 per cent were defrauded by websites taking money for products that were not delivered, 10 per cent indicated ATM card fraud, another 10 per cent indicated bank account fraud and 16 per cent mentioned other frauds. "The data shows 30 per cent of those surveyed had one member in the family who had been a victim of financial fraud while 9 per cent indicated that multiple members in their family have been subject to financial fraud in the last three years. Of the remaining 57 per cent were thankful they or their family members had escaped such an experience and 4 per cent

Lok Sabha adjourned for a day due to Opposition's protest over Adani issue

Lok Sabha proceedings were adjourned for the day on Friday as Opposition members raised slogans demanding a discussion and a joint parliamentary committee probe into the fraud-allegation-triggered rout in Adani Group company stocks. Soon after the House met for the day, Opposition members were on their feet shouting slogans and demanding a probe into the tanking of the Adani Group scrips and sought a probe into the business practices of the corporate giant. Speaker Om Birla appealed to members to stop their protests and participate in the discussions. However, an unrelenting Opposition continued their protests and sloganeering, forcing the speaker to adjourn the proceedings till 2 pm. After the House met for the second time in the day, opposition members continued with their demand. Amid sloganeering, Rajendra Agarwal, who was in the Chair, allowed the laying of parliamentary papers in the House. Agarwal also appealed to Opposition members to go back to their seats and allow ...

Fraudster messages officials, demands gift cards in commissioner's name

Several persons in the city including junior police officials recently received a fraudulent message seeking digital gift cards "urgently" in the name of Mumbai police commissioner, an official said on Friday. The unidentified person or persons sending WhatsApp messages used police commissioner Vivek Phansalkar's photo as the display picture (DP), he said. The message asked the recipients to send 20 digital gift cards of e-commerce firm Amazon worth Rs 10,000 in total, the official said. The city police has warned its officials not to fall for the fraud, he added. "There is something I need you to please do for me urgently as I am currently attending a very crucial meeting with limited phone calls....There are some listed prospect I am presenting them to today. I can't get it done myself due to meetings and i don't have any of my cards with me. How quickly can you arrange these gift cards because I need to send them out in less than an hour. I would provide you with the type of ..

Fraudster seeks gifts from officials in Mumbai police commissioner's name

Several persons in the city including junior police officials recently received a fraudulent message seeking digital gift cards "urgently" in the name of Mumbai police commissioner, an official said on Friday. The unidentified person or persons sending WhatsApp messages used police commissioner Vivek Phansalkar's photo as the display picture (DP), he said. The message asked the recipients to send 20 digital gift cards of e-commerce firm Amazon worth Rs 10,000 in total, the official said. City police has warned its officials not to fall for the fraud, he added. "There is something I need you to please do for me urgently as I am currently attending a very crucial meeting with limited phone calls....There are some listed prospect I am presenting them to today. I can't get it done myself due to meetings and i don't have any of my cards with me. How quickly can you arrange these gift cards because I need to send them out in less than an hour. I would provide you with the type of gift ..

Cybercriminals hack retired teacher's bank account, withdraw Rs 21 lakh

Cybercriminals allegedly hacked the bank account of a retired school teacher in Annamayya via WhatsApp link and stole Rs 21 lakh

Canadian tycoon sentenced to 13 years of jail in China for finance crimes

A Chinese-born Canadian tycoon who disappeared from Hong Kong in 2017 was sentenced Friday to 13 years in prison for a multibillion-dollar string of financial offenses and his company was fined $8.1 billion, a court announced. Xiao Jianhua was convicted of misusing billions of dollars of deposits from banks and insurers controlled by his Tomorrow Group and offering bribes to officials, the Shanghai No. 1 Intermediate People's Court said on its social media account. Xiao was fined 6.5 million yuan ($950,000) and his company was fined 55 billion yuan ($8.1 billion), the court said. Xiao was last seen at a Hong Kong hotel in January 2017 and was believed to have been taken to the mainland by Chinese authorities. News reports later said he was under investigation by anti-graft authorities, but no details were released. The Canadian government said diplomats were blocked from attending his July 5 trial. Tomorrow Group has been linked to a series of anti-corruption prosecutions and seiz

Germany's Wirecard faked client data to gain £900 mn from SoftBank: Report

Collapsed fintech firm has admitted that half of its revenues and cash worth 1.9 billion euros is missing from accounts

Chile: Man, who got paid 286 times his salary, resigns and disappears

To retrieve the money, the company has now reached out to various agencies and registered a complaint against the employee

Some gaps in ILC recommendations on resolution process, say experts

Report seen as unclear on who should pursue cases related to avoidable transactions and improper trading under bankruptcy code

Post office held liable for fraud by its official

The Supreme Court noted that KVP Rules, 1988, and the Post Office Savings Bank Manual mandate payments exceeding Rs 20,000 be made via cheque in holder's favour

BharatPe co-founder & MD Ashneer Grover not granted reliefs by SIAC

Grover had filed an arbitration plea to stop a probe into alleged financial mismanagement in the company, and had also sought indemnity

Niira Radia questioned for four hours in Rs 300 cr loan embezzlement case

The Economic Offences Wing of the Delhi Police questioned Niira Radia for nearly four hours in connection with an alleged Rs 300-crore loan embezzlement case, officials said on Sunday