Page 3 - Frauds

GST officers detect ₹15,851 crore fraudulent ITC claims in April-June

GST officers have uncovered fake input tax credit (ITC) claims of Rs 15,851 crore in the April-June quarter of current fiscal, a 29 per cent jump over the year-ago period, even though the number of fake firms detection was less Y-o-Y, officials said. The total number of fake firms detected by central and state GST officers during the first quarter of FY26 stood at 3,558, less than 3,840 such entities detected in the same quarter of FY25. panel of state finance ministers, chaired by Goa Chief Minister Pramod Sawant, is currently studying tax evasion in specific sectors and looking at ways to check input tax credit (ITC) fraud. "On an average, about 1,200 fake firms are getting detected every month. The number of fake firm detection in the April-June period is less compared to last year, which shows that the drive against fake GST registration has worked," an official said. As per the data of the fake firms and ITC frauds detected by central and state GST officers during the June ...

Claiming false deductions? I-T dept steps up scrutiny, warns of penalty

The warnings come as the government has given taxpayers more time to file their returns - the deadline is now September 15. But experts say this extra time comes with stricter checks

Aadhaar enrolment gets tougher as UIDAI rolls out new norms to curb fraud

UIDAI introduces real-time document verification and cross-database checks to reduce misuse and prevent fake Aadhaar issuances

50 million duped: PACL director arrested in India's biggest Ponzi scam

PACL lured investors with land-for-deposit schemes and paid old investors with new funds, duping 50 million people across 10 states in a massive fraud

Number of bank frauds increased threefold in FY25, but amount dipped

The number of frauds related to credit/debit cards and internet banking rose over five times in FY25

HDFC Bank CEO moves SC to quash FIR filed by Lilavati Hospital Trust

HDFC Bank CEO Sashidhar Jagdishan moved the SC against a cheating FIR filed by Lilavati Hospital Trust, which alleged he accepted ₹2.05 crore to help one group retain control of the Trust

Atum Capital alleges fraud during share purchase of unlisted NSE shares

Atum Capital alleges it was defrauded of 500,000 NSE shares worth over ₹115 crore by Supremus Angel, which has denied the charge citing lack of evidence

2 Indian students sentenced in fraud schemes targeting elderly Americans

Two Indian nationals studying in the United States have been sentenced to federal prison in separate but similar fraud cases involving elaborate scams that targeted elderly Americans and resulted in millions of dollars in losses. Kishan Rajeshkumar Patel, 20, who entered the US on a student visa, was sentenced this week to 63 months (over five years) in prison after pleading guilty to conspiracy to commit money laundering. According to the US Department of Justice (DOJ), Patel participated in an online phishing conspiracy that impersonated US government officials and used fear tactics to extract money and gold from senior citizens. The conspiracy used various online phishing methods and impersonated US government officials, while Patel fraudulently received the cash and gold from victims, conveying a portion to co-conspirators and keeping a percentage for his own benefit, the DOJ said. An investigation determined the scheme defrauded at least 25 elderly victims, with an intended los

Sebi mandates verified '@valid' UPI handles to tackle payment fraud

Sebi has made it mandatory for intermediaries to adopt '@valid' UPI handles from October 1 to protect investors from fraud, with added verification tools and safeguards

Thane builder duped of Rs 2.7 crore in loan fraud; police launch probe

Police have registered a case against a man for allegedly cheating a builder from Maharashtra's Thane district of Rs 2.7 crore after promising a business loan at a lower interest rate, an official said on Sunday. The 68-year-old complainant from Ambernath, who runs a construction business along with his two sons, needed a Rs 25 crore loan. An acquaintance subsequently introduced him to the accused, who hails from Nashik, the official from Shivajinagar police station said. The accused promised to arrange the Rs 25 crore loan at 7 per cent annual interest through his company and signed an agreement with the victim's firm on August 4, 2017, he said. As per the agreement, the victim was to pay a 10 per cent service charge of Rs 2.5 crore. Between August 2017 and January 2019, the victim transferred a total of Rs 2.7 crore over three instalments into the bank accounts linked to the accused's company, the official said. Despite repeated follow-ups, the promised loan was never sanctione

RBI calls, SBI's unclaimed rewards: New scams you need to know about

Scammers are getting smarter with fake RBI calls and SBI rewards offers. Learn how to spot these tricks and protect your info from falling into the wrong hands

Pune Porsche case accused doctor now arrested in kidney transplant racket

Police on Thursday arrested Pune's Sassoon General Hospital's former medical superintendent Dr Ajay Taware in connection with an alleged kidney transplant racket at a leading private hospital here, officials said. Taware is currently lodged at the Yerwada Central Jail here following arrest last year for allegedly tampering with the blood samples of a 17-year-old boy accused of crashing a Porsche car into a motorbike in Pune's Kalyani Nagar and killing two persons. The city crime branch has now taken him into custody in connection with the 2022 kidney transplant racket at the Ruby Hall Clinic, a leading private hospital here, police said. "We have taken Dr Ajay Taware into custody in the kidney racket case and he will be produced before the court today," Deputy Commissioner of Police (Crime) Nikhil Pingale said. In 2022, Taware was head of the Regional Authorisation Committee that approved kidney transplants. The Pune police in May 2022 registered a case against 15 persons, includi

Ex-Uco bank chief Subodh Goel arrested in Rs 6,210 cr loan fraud case

The former CMD of Uco bank was arrested by the ED from his residence in New Delhi; special PMLA court in Kolkata grants ED custody of Goel till May 21

Airtel launches AI tool to block scam websites in real time: How it works

Bharti Airtel's AI-powered platform will block scam websites in real time across digital channels, offering automatic protection to mobile and broadband users

ICAI to assist Sebi in safeguarding retail investors, tackling market fraud

Chartered accountants' apex body ICAI will be preparing a research paper to help markets watchdog Sebi in dealing with financial frauds. ICAI President Charanjot Singh Nanda on Saturday said the institute will set up a working group and hold discussions with Sebi to finalise the various aspects that will be looked into with respect to tackling financial fraud. The working group will submit a research paper to the Securities and Exchange Board of India (Sebi) in this regard, Nanda told PTI. Nanda had a meeting with Sebi Chairman Tuhin Kanta Pandey on Friday. "India is a very favourable investment destination. People want to invest in India and normal people have diverted their savings to the markets such as Systematic Investment Plans," Nanda said at a briefing in the national capital. It is important for Sebi to ensure the protection of investors' interests. Along with ICAI, a system can be developed to prevent fraud, he added. In recent years, there have been increased investmen

Sebi bars three for five yrs over fraudulent trading in shares of Atlantaa

Sebi had earlier issued restraint orders on two of the individuals, Manish Mishra and Vivek Chauhan, in earlier cases involving Sadhna Broadcast and Sharpline Broadcast

Airtel expands alert coverage to int'l calls, SMS to combat fraud calls

Bharti Airtel on Monday announced two new features in its ongoing offensive against spam, as it expanded detection coverage to international calls and SMSes and introduced spam alert display in ten Indian languages. Airtel said it expects to nullify the growing and alarming trend of spam calls originating and being funnelled through international networks into India by fraudsters amid a 12 per cent rise in such attempts in the last six months. "Following the launch of its AI-powered spam detection tool that flagged over 27.5 billion calls as spam to its customers, Airtel today announced the introduction of two significant enhancements aimed at staying ahead of spammers," the company said in a release. Customers will now receive spam alerts for calls and SMS messages in their preferred Indian languages. "This new feature will be available in nine vernacular languages, with plans to add more in the future," the release noted. Further, Airtel's AI-powered tool will now screen and ale

Govt considers SFIO action against Gensol Engineering and promoters

Experts opine that regulators and policy action need to evolve due to the social media impact and the financial influencers getting paid for endorsements

ED arrests ex-chairman of Karnataka co-op bank in Rs 63-crore fraud case

The Enforcement Directorate on Wednesday arrested a former chairman of a Karnataka-based cooperative bank for alleged financial irregularities of about Rs 63 crore at one of its branches. R M Manjunatha Gowda was taken into custody under the Prevention of Money Laundering Act (PMLA) and produced before a special court in Bengaluru, which sent him to ED custody for 14 days, the federal probe agency said in a statement. The arrest came a day after the ED carried out raids in Bengaluru and Shivamogga districts of Karnataka in the probe against the financial affairs of the Shimoga District Co-Operative Central Bank, City Branch. "Large-scale misappropriation of funds took place at the said branch which was orchestrated primarily by the branch manager, B Shobha, on the instructions of Gowda," the ED alleged. The two and their legal representatives could not be contacted for comment on the ED's charges. According to the chargesheet filed by Lokayukta Police (of Karnataka Police), the E

ED attaches properties worth Rs 110 crore in Lakhani Group bank fraud case

ED investigation revealed that M/s Lakhani India Limited and group companies had jointly defrauded Indian Overseas Bank, Punjab National Bank and Allahabad Bank by misappropriation