Page 4 - Frauds

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

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