Frauds

WhatsApp may soon flag scam messages without reading your chats: Details

WhatsApp is reportedly developing a Scam Alert feature that could warn users about suspicious messages from unknown contacts without reading chats or compromising end-to-end encryption

US shuts India-based call centre operation that defrauded elderly Americans

US authorities have shut down an India-based call centre operation that allegedly defrauded hundreds of elderly Americans of millions of dollars through tech support scams, following a years-long investigation that led to the conviction of five "telemarketing fraudsters". In a social media post on Wednesday, the Federal Bureau of Investigation (FBI) Boston said that the probe also resulted in the arrest and conviction of a former employee of the call routing company used by the fraudsters. It said the call centre scam targeted hundreds of elderly victims in the US and abroad and defrauded them of millions of dollars, and two senior executives who operated a business that enabled it have just admitted to turning a blind eye to this widespread fraud. "This comes after an FBI Boston investigation that has resulted in the arrests & convictions of a former employee of their call routing company, and five India-based telemarketing fraudsters," it said. American senior citizens deserve ..

Banks back RBI's proposed 1-hour lag for digital payments above ₹10K

But they seek increase in threshold to ₹25,000; payment industry flags operational issues

Safety mechanism: Digital payments need speed with security as fraud rises

The RBI's paper correctly identifies that the nature of fraud has changed. Most frauds today are authorised push payments, or APP frauds

RBI keeps repo rate unchanged; New curbs on digital payment frauds; RBI proposes scrapping IFR

RBI holds repo rate steady The Reserve Bank of India (RBI) kept the repo rate unchanged at 5.25%, maintaining a neutral stance.

RBI paper suggests 1-hour lag for digital payments over ₹10k to curb frauds

RBI proposes a one-hour delay for digital payments above Rs 10,000, alongside safeguards like trusted authentication and account monitoring, as fraud cases surge sharply

BPCL duped of ₹129 crore, 1093 accused nationwide; FIR against 7 in Indore

Of these, seven such individuals from MP's Indore are accused of cheating the company of approximately ₹5.72 crore

Poisoning trekkers for profit: Inside Nepal's fake helicopter rescue scam

Investigators in Nepal have exposed a fake helicopter rescue racket where trekkers were airlifted without real medical need and insurers were billed huge amounts through false claims

Sebi bars Elitecon, promoter Vipin Sharma for alleged market manipulation

Regulator alleges price manipulation, misleading disclosures and financial irregularities; orders account freeze, forensic audit and probes preferential allotment and promoter share sales

Kotak Mahindra Bank files police complaint in Panchkula FD fraud case

Bank begins reconciliation of municipal deposits, says accounts followed due process; probe comes amid broader scrutiny of deposit irregularities in Haryana

CoinDCX co-founders Gupta, Khandelwal granted bail in alleged fraud case

Court finds no prima facie case against Sumit Gupta and Neeraj Khandelwal, who claim they were victims of impersonation in Rs 71.4 lakh fraud case

Yes Bank's 5K forex card customers hit with $280K fraudulent transactions

Around 5,000 Yes Bank forex card customers were hit by fraudulent transactions totalling $280,000, with the bank blocking several attempts and initiating chargebacks to prevent financial loss

Ex-branch manager among 4 arrested in IDFC First Bank fraud case

Haryana's State Vigilance and Anti-Corruption Bureau has arrested four people, including the alleged masterminds behind the Rs 590-crore IDFC First Bank fraud, with a private firm owned by the wife of a former employee emerging at the centre of the financial irregularities. Two of the arrested are former employees of the IDFC First Bank, while the other two are private individuals who ran a partnership firm that allegedly received a substantial portion of the siphoned funds, officials said. The arrests were made on Tuesday evening as part of the ongoing investigation into the fraud that has rocked the Haryana government's financial dealings. Speaking to the media in Panchkula, State Vigilance and Anti-Corruption Bureau (SV&ACB) Director General A S Chawla identified the arrested individuals as Ribhav Rishi, Abhay Kumar, Swati Singla, and Abhishek Singla. Rishi, who served as head of the bank's Sector 32 branch in Chandigarh until about six months ago, and Abhay Kumar, a ...

All funds lost in IDFC First Bank fraud recovered, says Haryana CM

Haryana Chief Minister Nayab Singh Saini on Tuesday informed the State Assembly that the state government had recovered nearly Rs 556 crore owed to it in the IDFC First Bank case. "Nearly Rs 556 crore, including nearly Rs 22 crore in interest, came back within 24 hours," Saini said in the House. On Sunday, the bank disclosed a Rs 590-crore fraud committed by its employees and others in accounts held by the Haryana government. "I want to clarify before the House that the money concerning Haryana government departments, (the) entire amount has been deposited back into our accounts...The recovery has been made within 24 hours," Saini said. He said the bank had apprised the government that the incident primarily involved a particular branch of the bank in Chandigarh, involving four to five bank employees of middle and lower rung who colluded in the whole thing. The government will ensure that anybody who is involved be it a bank employee, private individual or even a government emplo

IDFC First Bank fraud puts spotlight back on governance gaps in pvt banks

Large banks to gain post Haryana de-empanelment of IDFC First, AU

Indian-origin former Optum director convicted for hiring 'ghost employee'

A former senior director at Optum was convicted on multiple fraud charges for hiring an unqualified friend in a no-show job and receiving hundreds of thousands of dollars in kickbacks

Maharashtra EOW arrests three for cheating 11,000 investors of ₹500 crore

The Economic Offences Wing (EOW) has arrested a couple and their associate, who allegedly swindled more than 11,000 investors, including police officials, from across Maharashtra of over Rs 500 crore, police said on Saturday. In a coordinated action, the Thane police's EOW tracked down the accused, Sameer Narvekar, his wife Neha, and their associate Amit Palaw, in neighbouring Gujarat on Thursday, an official said. According to police, the accused established an investment company, Trade with Jazz, with its headquarters in Pune in 2019, offering a scheme that allegedly drew in more than 11,000 people, including 1,500 police personnel, from across Maharashtra. The trio allegedly lured victims with promises of a 4 per cent monthly return on stock market trading and allied ventures, the official said, adding that the firm projected monthly earnings of nearly 10 per cent to build credibility. The company abruptly shut its offices and stopped responding to investors, prompting a flood o

SC issues notices to Anil Ambani, ADAG on PIL alleging banking fraud

The Supreme Court on Friday issued fresh notices to Anil Ambani and the Anil Dhirubhai Ambani Group (ADAG) on a PIL seeking a court-monitored probe into alleged massive banking and corporate fraud involving the firm and its group companies. The top court asked the CBI and the Enforcement Directorate, represented by Solicitor General Tushar Mehta, to file status reports in sealed cover in ten days on their ongoing probes into the alleged fraud. A bench comprising Chief Justice Surya Kant and Justice Joymalya Bagchi took note of the fact that Anil Ambani and the ADAG had already been served with the notices of the PIL filed by petitioner and former Union secretary E A S Sarma. On November 18, last year, the bench issued notices to the Centre, CBI, ED, Anil Ambani and ADAG on the PIL. The bench said it was granting the last opportunity to Anil Ambani and the ADAG to appear and file their responses in the case. The bench asked the Bombay High Court's Registrar General to ensure servic

The Evolving Landscape of Merchant Fraud in India: What Businesses Should Know

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Delhi-based MBA dupes investors from Dubai, Japan, Canada of ₹1,000 cr

After relocating to Dubai in 2010, Soni started BlueChip Group in 2021, claiming it invested money in forex trading and commodities like gold, oil and metals