Page 6 - Frauds

RBI releases draft rules on AePS to counter frauds on payments system

Banks and the National Payments Corporation of India (NPCI) are required to comply with these directions within three months from the date of issue of the guidelines

Self-exiled billionaire Guo Wengui convicted of fraud after fleeing to US

Guo Wengui, a self-exiled Chinese business tycoon whose criticism of the Communist Party won him legions of online followers and powerful friends in the American conservative movement, was convicted by a US jury Tuesday of engaging in a massive multiyear fraud that ripped off some of his most devoted fans. Once believed to be among the richest people in China, Guo was arrested in New York in March of 2023 and accused of operating a racketeering enterprise that stretched from 2018 through 2023. Over a seven-week trial, he was accused of deceiving thousands of people who put money into bogus investments, with the aim of preserving a luxurious lifestyle. He was convicted of nine of 12 criminal counts, including racketeering conspiracy. Guo's lawyers said prosecutors hadn't proven he'd cheated anyone. Guo, who is also known by the name Miles Kwok, left China in 2014 during an anti-corruption crackdown that ensnared people close to him, including a top intelligence official. Chinese ..

Scam alert: Upstox warns investors against cyber fraud, Check details

Online stockbroker flags fake WhatsApp channels that falsely claim affiliation with the company

IGI Airport Police arrests 108 agents in incidents of visa, passport fraud

Arrests have been made nationwide, including in Punjab, Gujarat, Haryana, Maharashtra, and West Bengal

Indian-American physician held guilty of healthcare billing fraud in US

After Chicago-based ex-billionaire Rishi Shah, India-origin physician Mona Ghosh has pleaded guilty to two counts of healthcare fraud, each carrying a potential penalty of up to ten years in prison

Ex-billionaire gets 7.5-yr sentence for defrauding Goldman, Google

Rishi Shah, 38, the co-founder of Outcome Health, which provided ads on TVs in doctors' offices, was convicted of more than a dozen fraud and money laundering charges by a federal jury last year

CBIC campaign against frauds: Know how to protect yourself from fraud

The CBIC also advised the public to take measures to safeguard themselves from becoming victims of scams

No reduction in consumer market frauds despite regulatory changes: KPMG

The majority of the respondents feel that there has been no reduction in frauds despite multiple regulatory changes in India, a KPMG survey said on Thursday. KPMG in India conducted a survey with more than 75 experts from the finance/ compliance domain in various organisations in the consumer markets sector (FMCG, consumer durables, agriculture, retail and e-commerce), covering questions about frauds and leakages faced by them. As many as 79 per cent of the survey respondents said there has been no reduction in frauds despite regulatory changes, and only 21 per cent responded by saying that frauds have been reduced due to the changes. As per the survey, procurement, sales and distribution and e-commerce were voted as the major areas prone to fraud. About 72 per cent of the respondents cited reputational damage as the most severe impact of fraud, whereas 16 per cent believed that financial losses would also impact organisations. Around 61 per cent of the respondents believed that .

Unsold spaces in Noida's GIP mall attached by ED in Rs 400 cr cheating case

Besides GIP, Noida, the agency has also attached properties belonging to International Amusement Limited in Haryana's Rohini and Rajasthan's Jaipur

Sebi directs depository participants to take swift action against any fraud

WhatsApp groups from Hong Kong, Cambodia operated investment scams

Dell teams up with governments worldwide to tackle issues of AI ethics

Dell Technologies is actively collaborating with governments to establish appropriate policies and procedures, ensuring alignment with ethical standards within its probability models

Indian-origin man in Singapore charged for cheating staff of Prez, Parl

An Indian-origin man faces three counts of cheating by personation staff at the President's Office, the Ministry of National Development and Parliament. Prakash Paramasivam, 24, who appeared in the court on May 17, allegedly posed as a Singapore Prison Service staff member to send emails to President Tharman Shanmugaratnam, National Development Minister Desmond Lee and to the Parliament. He allegedly e-mailed the Parliament on February 16 and Lee two days later, followed by another email sent to President Tharman on Feb 24, according to a report by The Straits Times. Court documents did not disclose the contents of the e-mails or why Prakash allegedly sent them. His case will be mentioned again in court on June 20. For each count of cheating by personation, an offender can be jailed for up to five years and fined.

RBI urges NBFCs to maintain constant vigil against potential risks

Swaminathan said that NBFCs are highly exposed to a slew of risks which can affect their financial and operational status like cybersecurity and other risks

Accounting fraud concerns raise red flags for India's booming tiny IPOs

The crackdown comes after the regulator issued warnings earlier this year of price manipulation in tiny IPOs

Sebi slaps Rs 15 cr fine on Panchariya in Winsome Yarns GDR manipulation

In its order passed in November 2023, the Securities Appellate Tribunal (SAT) affirmed Sebi's findings with respect to the first leg of the transaction about fraudulent activities in the GDR issuance

Vietnam billionaire sentenced to death in country's biggest fraud case

Truong My Lan faces charges ranging from bribery, abuse of power, appropriation and violations of banking law

India ranks number 10 in cybercrime, Russia tops list followed by Ukraine

India ranked number 10 in cybercrime, with frauds involving people to make advance fee payment being the most common type, according to a new research that surveyed cybercrime experts around the world. An international team of researchers has compiled the 'World Cybercrime Index' that ranks roughly 100 countries and identifies key hotspots according to various categories of cybercrime, including ransomware, credit card theft and scams. Russia topped the list, and was followed by Ukraine, China, the US, Nigeria and Romania. North Korea was at the seventh position, while the UK and Brazil were at the eighth and ninth positions, respectively, according to the research published in the journal PLoS ONE. Through the survey, the researchers asked the experts to consider major types of crime in the virtual world and nominate countries that they thought contributed significantly to each of them. The major categories that the researchers identified were - technical products and services suc

A 43-year-old woman loses Rs 86000 while trying to book IPL match tickets

A Bengaluru woman got scammed when she tried to book an online IPL match ticket. She lost Rs 86000 in the process and registered her complaint to the police

Axis Bank credit card users impacted by fraudulent overseas transactions

Multiple customers having Axis Bank credit cards have been impacted by fraudulent overseas transactions, a senior official from the third largest private sector lender said on Thursday. Sanjeev Moghe, head of cards and payments at the city-based lender, said starting Tuesday evening, customers witnessed unauthorised transactions where they received transaction alerts on certain low-value purchases being carried out at some e-commerce sites. There has been "no data breach" at the bank's end, Moghe said, asserting that the scale of such transactions is very limited and customers' data is safe and secure. Amid growing social media chatter about such unauthorised transactions going through, Moghe said the bank's internal mechanisms stopped some transactions but added that many customers have been impacted. The bank witnessed spends of about Rs 500 crore per day by its credit card customers, Moghe said, adding that when compared with it, the extent of such transactions has been "very ..

BFSI, e-com, staffing sectors most vulnerable to employment fraud: Study

The study categorised cases into green, amber, and red classification, where green denoted a smooth hiring path with all candidate details matching verified documents