Frauds

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

Why were Bollywood filmmaker Vikram Bhatt, his wife arrested in Mumbai?

Vikram Bhatt and his wife, Shwetambari, were remanded to judicial custody in a Rs 30 crore fraud case in Udaipur. Police say a doctor was cheated via a Rs 47 crore film deal and forged bills

Indian man gets 90 months in US prison for multimillion-dollar scam

A 38-year-old Indian national has been sentenced to 90 months in federal prison for his role in an "imposter scam" that defrauded 11 victims, including elderly people in five US states, according to an official statement. Ligneshkumar H. Patel pleaded guilty to one count of conspiracy to commit wire fraud and financial institution fraud and two counts of wire fraud. The judge ordered him to pay more than USD 2 million in restitution, the Department of Justice said in a statement on Wednesday. "Imposter scams are international conspiracies often using US-based money mules to meet victims in person to take their money, said US Attorney Steven D. Weinhoeft. The US Attorney's Office prosecutes these fraudsters aggressively, and anyone who targets elderly victims will face certain justice." According to court documents, Patel drove to the residences of at least 11 elderly victims in five states to steal their assets totalling USD 2,231,216.99. Patel worked within a major conspiracy that

Digital advertising fraud now mimics humans too well, says report

A new study says digital ad fraud has tripled in sophistication, with as much as 45% of seemingly valid programmatic traffic failing deeper checks

What is Sanchar Saathi app and why govt wants it on every mobile phone?

The government mandated all manufacturers to ensure that the government's Sanchar Saathi mobile application is pre-installed on all mobile handsets manufactured or imported for use in India

Anil Ambani moves SC against SBI classification of his account as fraud

Industrialist Anil Ambani has moved the Supreme Court challenging an order of the Bombay High Court which upheld the State Bank of India's (SBI) decision classifying his and Reliance Communications' accounts as fraud. The matter is yet to be listed for hearing. The High Court had on October 3 dismissed Ambani's plea challenging the SBI decision and said there was no merit in the plea. The SBI had last year classified the accounts as fraud, alleging misappropriation of funds by entering into transactions that violated the terms of loans extended by it. Ambani moved the HC, arguing that the bank had not followed the principles of natural justice as it did not grant him a hearing. Certain documents, based on which the classification orders were passed, were not provided to him initially and were furnished only after six months, the petition claimed. The bank this year lodged a complaint with the Central Bureau of Investigation (CBI), which searched premises linked to Reliance ...

Airtel MD urges users to shift to its Payments Bank amid cyber fraud surge

Airtel MD Gopal Vittal has advised users to shift routine digital payments to Airtel Payments Bank, noting that keeping all transactions linked to one main account increases fraud vulnerability

Delhi Police busts ₹1.6 cr stock market scam, 3 held for running fake firms

The Delhi Police has busted a pan-India stock market investment fraud that allegedly duped victims of crores through fake companies and fabricated trading platforms, an official said on Monday. Three people, including Sunil Kumar, the director of a shell firm and a resident of Fatehabad, Agra, and Vishal Choure and his wife, both residents of Thane, Maharashtra, allegedly linked to another bogus entity, have been arrested, they said. Police said the arrests were made during coordinated raids conducted in Ballabgarh (Haryana) and Thane (Maharashtra), leading to the unravelling of a multi-layered racket operating under the guise of GTR Electronics Pvt. Ltd. and Udyam Women Empowerment Foundation. The syndicate allegedly ran online financial traps, fake pre-IPO schemes and fraudulent forex trading platforms, cheating people across several states. The investigation began with a complaint from a man who lost Rs 1.6 crore after being lured by a woman he had met through social media, who

4 arrested in Delhi for providing mule accounts to facilitate cyber frauds

Four persons allegedly involved in arranging mule bank accounts for funnelling and laundering proceeds of various cyber frauds across the country have been arrested from central Delhi, police said on Saturday. According to the police, the accused acted as intermediaries for larger cybercrime modules and were responsible for procuring mule bank accounts, into which cheated funds were deposited in installments. The money was withdrawn and delivered to the main fraudster, while the mule account holders retained small portions as commission. A fraudulent credit of Rs 50,000, dated May 1, was detected in a bank account belonging to one Sameer, a resident of Delhi's Kishan Ganj area, a senior officer said. Subsequently, he was apprehended, and during questioning, he allegedly disclosed that he had received Rs 1,60,760 in fraudulent deposits on the directions of an associate Shivam Rathore, the police said. A raid was conducted in Shastri Nagar area, leading to the arrest of Shivam (20).

ED attaches fresh assets in case against Anil Ambani's Reliance Group

The Enforcement Directorate (ED) has attached fresh assets worth crores of rupees as part of a money laundering probe related to Reliance Group chairman Anil Ambani and his companies, official sources said. The federal investigative agency had earlier attached properties worth Rs 7,500 crore in this case. The latest provisional attachment order has been issued under the Prevention of Money Laundering Act (PMLA) for the assets located in various parts of the country. It is estimated that assets worth over Rs 1,400 crore have been attached as part of the latest order, the sources said.

Provogue India defrauded of ₹90 cr, former director among 4 booked

The Economic Offences Wing (EOW) of the Mumbai police has booked four persons, including a former director and an ex-employee of Provogue India Ltd, for cheating the company of Rs 90 crore, officials have said. Provogue India Ltd, based in Mumbai, manufactures and sells a wide range of products, including men's and women's apparel, accessories and luggage. The accused persons were identified as former director of the company Rakesh Rawat, its former employee Sameer Khandelwal, resolution professional Amit Gupta, new purchaser Arpit Khandelwal, Plutus Investments and Holding Ltd and others, an official said on Wednesday. The accused conspired and allegedly undervalued the company's assets and deliberately delayed the auction process by two years to bring down its market value so that Khandelwal could purchase the company, an official said. The accused did not collect the receivable amounts from clients (debtors) for personal gain, he said. A complaint in this connection was lodged

ED arrests Lalu Prasad family aide Amit Katyal in real estate fraud case

The Enforcement Directorate has arrested Amit Katyal, a real estate businessman considered close to RJD chief Lalu Prasad's family, in a money laundering case linked to alleged cheating of homebuyers in Gurugram, official sources said. Katyal was taken into custody by the Gurugram zonal office of the agency on Monday under the Prevention of Money Laundering Act (PMLA), they said. A special court in Gurugram sent him to six-day ED custody. The investigation pertains to the allegations of non-delivery of flats in the Krrish Florence Estate built in Gurugram's Sector 70 over 14 acres. The project was being developed by Katyal's company, Angle Infrastructure Pvt Ltd. Katyal was arrested by the ED also in 2023 in a separate money laundering case related to the railways' alleged land-for-jobs scam involving Lalu Prasad, his wife Rabri Devi, and other family members. The businessman was chargesheeted in August by the federal agency in a third case for allegedly cheating homebuyers for Rs