Page 2 - Fraud

ED restores Rs 1,000-cr worth assets to Andhra govt to help Ponzi victims

The Enforcement Directorate on Friday said it has achieved finality in restoring assets worth a total Rs 7,000 crore, duped from investors through an alleged Ponzi scheme, to the Andhra Pradesh government for further restitution to the victims of the Agri Gold "fraud". The federal probe agency initiated this process in February as it restored properties worth Rs 3,339 crore (present market value of more than Rs 6,000 crore). The ED has now done the same and restituted assets worth Rs 611 c rore (current market value of over Rs 1,000 crore), it said. The case pertains to Agri Gold group of companies which is alleged to have collected deposits from around 19 lakh customers (32 lakh account holders) in the name of real estate investment with a promise of "high returns" or a residential plot, as per the agency. The Hyderabad-based zonal office of the ED had in May filed a restitution application under Section 8(8) of the Prevention of Money Laundering Act (PMLA), 2002 before a special .

Lilavati trust alleges HDFC Bank CEO of fraud: What’s happening?

India’s largest private lender, HDFC Bank, and one of Mumbai’s prestigious private hospitals, Lilavati, have locked horns in a high-profile legal and financial battle.

ICICI Bank staffer siphons ₹4.58 cr, loses it on stocks; bank refunds money

The accused accessed more than 110 accounts linked to 41 customers and redirected funds into stock investments, incurring heavy losses

Charlie Javice convicted of defrauding JPMorgan in $175 mn sale of startup

Charlie Javice, the charismatic founder of a startup company that claimed to be revolutionizing the way college students apply for financial aid, was convicted on Friday of defrauding one of the largest US banks, JPMorgan Chase, out of USD 175 million by exaggerating her customer base by 10 times. A jury in New York City returned its verdict after a five-week trial. Javice, 32, faces the possibility of a lengthy prison term. Javice was in her mid-20s when she founded Frank, a company with software that promised to simplify the process of filling out the Free Application for Federal Student Aid, a complex government form used by students to apply for aid for college or graduate school. The company promoted itself as a way for financially needy students to obtain more aid faster, in return for a few hundred dollars in fees. Javice appeared regularly on cable news programs to boost Frank's profile, once appearing on Forbes' 30 Under 30 list before JPMorgan bought the startup in ...

Sebi bars Hemant Ghai, two others from dealing in securities for five years

The regulator found that trades executed through the accounts of Ghai's family members were synchronised with stock recommendations aired on his shows

ED arrests WTC Group promoter Ashish Bhalla in real estate fraud case

The ED had conducted search operations on January 27 against Bhalla and Bhutani Group promoter Ashish Bhutani in connection with the same case

Mumbai court orders FIR against ex-Sebi chief Madhabi Puri Buch, 5 others

According to the complainant, Sebi officials permitted the listing of a company that failed to meet regulatory norms, leading to market manipulation and investor losses

New scam in Gurugram: Car driver allegedly hits pedestrian, demands money

According to a viral Reddit post, a "new scam" is making waves in Gurugram. An Ertiga driver deliberately hits pedestrians from behind and then demands compensation for alleged damages

MBBS student loses Rs 44 lakh in crypto scam: Tips to protect yourself

Schemes promising high returns quickly are a red flag and must be avoided, according to experts

Taxpayers warned about fake GST summons: Here's how to check fraud

Fake summons copy GST department's logo and Document Identification Number to deceive and exploit people

RBI Governor Sanjay Malhotra flags rising issue of digital frauds

Asks banks to suggest steps for enhancing ease of doing business

RBI asks banks to use tool that identifies phone numbers to curb fraud

Regulator asks financial institutions to use special number series for promotional voice calls

Scams at airports: Key threats and how to stay safe while travelling

These incidents have raised red flags about the growing sophistication of scams, particularly in places like airports where people often have a heightened sense of security

'Looteri Dulhan' nabbed after 3 marriages, Rs 1.25 crore in settlements

The "looting bride" of Uttarakhand was arrested by the Jaipur Police after she married multiple men and duped them of a total of Rs 1.25 crore over a 10-year period under the guise of settlements

Edu loan provider Credila suspects fraud, sets aside Rs 80 cr provision

IPO-bound overseas education loan company Credila suspected fraud during the September quarter

BS BFSI Summit: More checks, balances needed to curb fraud, say experts

Payment and security experts explain widespread scams, bat for better cooperation and education

BharatPe settles with Ashneer Grover: Fraud allegations dropped in Rs 81 crore case

BharatPe has reached a settlement with former co-founder Ashneer Grover, dropping all legal actions. The fintech firm had accused Grover of misappropriating Rs 81.3 crore.

Rs 63 lakh stolen from elderly couple's acct: Why SBI was fined Rs 97 lakh

Senior citizens discover joint account almost drained out, Telangana and national consumer disputes tribunal rule in favour of them

ED undertakes first-ever searches in Ladakh in cryptocurrency fraud case

In its first ever raids in the Union Territory of Ladakh, the Enforcement Directorate on Friday conducted searches as part of its money laundering probe linked to a cryptocurrency fraud case in which investors lost more than Rs 7 crore worth of deposits, officials said. The agency's zonal office here raided at least six premises in Leh town of Ladakh, Jammu in J-K and Sonipat in Haryana in the case against A R Mir and others. It is alleged that 2,508 investors deposited more than Rs 7.34 crore in a fake cryptocurrency business in the name of "Emollient Coin Limited". They, however, did not get any returns or currency back, and these funds were laundered by the business' promoters to purchase land assets in Jammu. The money laundering case stems from a March 2020 FIR registered in Leh and some other complaints filed in the Union Territory (UT) of Jammu and Kashmir (J-K) against Mir and Ajay Kumar Choudhary. Police in Leh in their FIR stated that an inquiry was conducted by a committ

Indian-American physician held guilty of healthcare billing fraud in US

After Chicago-based ex-billionaire Rishi Shah, India-origin physician Mona Ghosh has pleaded guilty to two counts of healthcare fraud, each carrying a potential penalty of up to ten years in prison