Page 4 - Frauds

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 ...

Kalpataru denies ties to fraudulent group misusing name after ED statement

Kalpataru Ltd. also pointed out that it is in the process of taking further legal action against the group for misusing its trademark

UPI services will be unavailable for some users from April 1; check here

The National Payments Corporation of India will remove IDs and users with inactive mobile numbers will be unable to use online payment applications like Google Pay, Paytm, PhonePe, etc

Documented fraud: How fake websites are scamming people worldwide

Since 2021, they have created 167,391 fake documents by creating websites that mimic common service centres (CSC), according to cybersecurity firm CloudSEK

New India Bank case: Accused civil contractor in police custody till Mar 19

The Economic Offences Wing (EOW) of the Mumbai police has arrested an accused from Vadodara in the Rs 122-crore embezzlement at New India Cooperative Bank, an official said on Saturday. Civil contractor Kapil Dedhia was apprehended in the Gujarat city on Friday and brought to Mumbai on Saturday. A local court here remanded him in police custody till March 19, he said. According to the police, Rs 12 crore of the misappropriated amount was credited to Dedhia's account. He received a part of the money from real estate developer Dharmesh Paun, also an accused. Dedhia also received money from Unnathan Arunachalam, another wanted accused in the case, and prime accused Hitesh Mehta, the bank's former general manager and head of accounts. Further investigation is underway to trace the entire fund flow and identify other individuals involved in the fraud, the official said. According to the police, Rs 122 crore was embezzled from the safes of the bank's Prabhadevi and Goregaon offices in .

Muthoot insurance arm's CEO, ex-executive accused of ₹12 cr gift card fraud

The alleged fraud took place between April 2023 and November 2024, resulting in a notional revenue loss of ₹31.28 crore

356,000 claims worth Rs 643 cr rejected for frauds under Ayushman Bharat

: Union Minister of State for Health Prataprao Jadhav told the Rajya Sabha on Tuesday that suitable actions including rejection of 3.56 lakh claims worth Rs 643 crore and de-empanelment of 1,114 hospitals have been taken against fraudulent entities as reported by the states and UTs under the Ayushman Bharat health insurance scheme. He said in a written reply that 1,504 errant hospitals have been penalised Rs 122 crore and 549 hospitals have been suspended. The Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) is a flagship scheme of the government which provides health cover of Rs 5 lakh per family per year for secondary and tertiary care hospitalisation to approximately 55 crore beneficiaries corresponding to 12.37 crore families constituting economically vulnerable bottom 40 per cent of India's population. On October 29, 2024, Prime Minister Shri Narendra Modi announced expansion of AB-PMJAY to include all senior citizens aged 70 years and above. Under the expansion, all

Rs 4.5K-cr 'investment fraud': ED conducts searches in Delhi, Mumbai

According to the ED, during the search operations, various incriminating documents detailing overseas assets currently being operated by family members of the main accused

Who is Ananthu Krishnan, the man behind multi-crore fraud in Kerala?

Ernakulam Rural Police arrested 26-year-old Ananthu Krishnan, who allegedly orchestrated a fraud involving promises of laptops & scooters at half price, leading to a loss of about 500-600 crore

Why RBI has asked banks to change their internet domain name to 'bank.in'?

The Reserve Bank of India (RBI) announced the launch of two domains: '.bank.in' for all Indian banks and 'fin.in' for NBFCs

Market regulator Sebi bars Suumaya Industries' promoters for alleged fraud

Inflated financials fuelled 200x gain in stock price

'I was crying, begging': Influencer Ankush Bahuguna on 40-hr digital arrest

The scammers forced Bahuguna to switch off all electronic devices, forbade him from communicating with anyone, and coerced him into making multiple financial transactions

Ketan Parekh among 3 banned from securities markets in front-running scheme

Regulator has barred the infamous stock operator for front-running trades pertaining to a US based FPI, directed disgorgement of illegal gains of Rs 66 crore

Sebi suspends trading in Bharat Global Developers alleging lapses

Shares of Bharat Global have seen a 105 times jump in the last year, rising from just Rs 16.14 apiece in November 2023 to a high of Rs 1,703 in November 2024

Financial fraud up as 59% of Indian firms faced crimes in past two years

Indian companies reported a higher exposure to fraud (59 per cent) than the global average (41 per cent), with procurement fraud emerging as the top concern and forced labour risks

ED restitutes assets worth Rs 4,025 cr in Bhushan Steel bank 'fraud' case

The ED has restituted assets worth Rs 4,025 crore of the erstwhile Bhushan Steel and Power Limited to JSW Steel following approval from the Supreme Court, the federal probe agency said on Saturday. JSW Steel was the successful resolution applicant to the assets of the insolvent company under the Insolvency and Bankruptcy Code (IBC) of the Corporate Insolvency Resolution Process (CIRP). These assets were earlier attached by the federal probe agency under provisions of the Prevention of Money Laundering Act (PMLA) in an investigation against Bhushan Steel and Power and its promoters on charges of alleged bank loan fraud and "diversion" of those funds for personal investments. The Enforcement Directorate (ED) said the restitution of assets worth Rs 4,025 crore was made under Section 8(8) of the PMLA (restitution pending trial), read with Rule 3A of PMLA Restoration of Property Rules. The apex court gave its approval on this Enforcement Directorate (ED) proposal on Wednesday, the agenc

Public sector bank loan frauds: A 10% problem, but a 98% financial crisis

The finance ministry's ongoing efforts aim to strengthen fraud detection, improve the speed of investigations, and ensure accountability across the banking sector

Mumbai man loses Rs 10 lakh in task completion scam: Here's how it works

The victim was offered a part-time job. Eventually, he was asked to pay "fees" under the guise of earning lucrative returns, which never materialised

SC grants bail to SRS group head Anil Jindal in Rs 770 crore fraud case

The Supreme Court on Wednesday granted bail to SRS Group chairperson Anil Jindal in an alleged fraud case involving Rs 770 crore being investigated by the serious fraud investigation office. A bench comprising Chief Justice Sanjiv Khanna and Justice Sanjay Kumar observed that Jindal had been in jail for the last six-and-half years and the trial in the case was yet to begin. The CJI said though the offence was grave, the fact that the accused had been in prison for so many years that too without any trial couldn't be overlooked. The bench remarked that Jindal may be granted a 10-year jail term, in case he was convicted. Imposing a slew of bail conditions, the bench directed Jindal, represented by senior advocate Maninder Singh, to surrender his passport with the trial court and provide his contact numbers to the SFIO so that his whereabouts could be ascertained by the investigating officers. The bench further asked the accused to provide details of immovable properties, bank accoun

Here's how Gautam Adani's alleged bribery scheme took off and unraveled

The alleged hundreds of millions of dollars in bribes promised to local Indian officials caught the attention of US Justice Department and Securities and Exchange Commission