Page 13 - Frauds
Indian-American tech executive charged for $5.5 mn Covid-19 relief fraud
Mohan, 48, submitted fake and altered documents, including forged federal tax filings and altered incorporation documents in support of Paycheck Protection Program applications
 "Indian-American tech executive charged for $5.5 mn Covid-19 relief fraud")
Paytm Payments Bank submits list of 3,500 fraud phone numbers to Trai
Paytm also suggested that telecom operators who sell bulk SMS services should follow stringent KYB process
 "Paytm Payments Bank submits list of 3,500 fraud phone numbers to Trai")
Rs 1 crore assets in gardener's possession unearthed in Odisha
The sleuths raided house of Udhab Behera working as a gardener-cum-horticultural extension worker at office of the Assistant Director, Horticulture, at Udala sub-division in Mayurbhanj district
 "Rs 1 crore assets in gardener's possession unearthed in Odisha")
NTPC reported 19 cases of contractor irregularities in three years
The irregularities cited include bribes taken from contractors, steel pilferage, corruption in land acquisition deals, and submission of forged bank guarantees
 "NTPC reported 19 cases of contractor irregularities in three years")
White-collar crime: Losses from frauds rise 80% from last year, says survey
The survey pointed that 3,766 cases of fraud were detected in FY19, a 15 per cent spike from a year ago
6-mn iPhone-iPad fraud: FBI indicts 14 members of a criminal gang
The FBI's investigation took years and spanned across many jurisdictions.
 "6-mn iPhone-iPad fraud: FBI indicts 14 members of a criminal gang")
NSE asks trading members to safeguard investor data amid rise in frauds
The move comes after Sebi communicated to the NSE that certain fraudsters are collecting data of clients who are already into trading in exchanges and send them bulk messages
 "NSE asks trading members to safeguard investor data amid rise in frauds")
India remains vulnerable to credit and debit card frauds despite measures
India was ranked among the top five countries globally that are vulnerable to credit card fraud, according to the 2016 Global Consumer Fraud Report
 "India remains vulnerable to credit and debit card frauds despite measures")
When AI can prevent human fraud
Even as rules and oversight measures are tightened, a new dimension in fraud prevention is gaining ground. Artificial intelligence is now being used to identify and flag errant behavior
 "When AI can prevent human fraud")
58% CXOs believe corporate frauds to rise over the next two years: Survey
About 7% companies responded that they had been duped to the tune of more than Rs 100 million in a fraud in the recent period
 "58% CXOs believe corporate frauds to rise over the next two years: Survey")