Page 6 - Frauds

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

Bhushan Steel bank 'fraud' case: ED arrests 5 including ex-executives

The Enforcement Directorate Friday said it has arrested five persons in connection with an alleged Rs 56,000 crore bank loan fraud linked money laundering case against erstwhile Bhushan Steel Ltd. Former vice president (banking) of the company Pankaj Tewari, former VP (accounts) Pankaj Agarwal, ex-chief financial officer Nittin Johri, Ajay Mittal, the brother-in-law of former promoter Neeraj Singal, and Ajay Mittal's wife and sister of Neeraj Singal, Archana Mittal were taken into custody under the Prevention of Money Laundering Act (PMLA) on Thursday, it said. They were sent to three days ED custody by a court after they were produced over two days, the agency said. After completing the corporate insolvency resolution process, Bhushan Steel was taken over by Tata Steel Ltd in 2018. According to the ED, Bhushan Steel Limited's former managing director Neeraj Singal and his associates formed several shell companies and the promoters and entities linked to BSL "rotated funds from one

Govt warns users against dialling '*401#' followed by unknown mobile number

The Department of Telecom on Thursday issued an advisory to users warning against malicious calls that ask them to dial '*401#' followed by an unknown mobile number. In case a user dials '*401#' followed by an unknown number, then it leads to activation of unconditional call forwarding received on the mobile of the user to the unknown mobile number. "The Department has advised citizens to beware of receiving malicious incoming calls asking them to dial *401# followed by some unknown mobile number. "This activates unconditional call forwarding received on the mobile of citizens to the unknown mobile number. This allows fraudsters to receive all incoming calls and can be used for fraud," the statement said. Explaining the modus operandi of the scam, the DoT said a fraudster will call a telecom subscriber and pretend to be a customer service representative or technical support staff from their telecom service provider. The fraudster then states that either there is a problem with the

Indian-origin realty developer booked for perpetuating $93 mn fraud scheme

An Indian-origin real estate developer has been charged by federal authorities in the US with perpetuating a USD 93 million fraud scheme. Rishi Kapoor, a Miami-based developer, faces charges filed by the Securities and Exchange Commission Wednesday. The SEC announced that it obtained an asset freeze and other emergency relief concerning the alleged USD 93 million real estate investment fraud perpetrated by Kapoor. The SEC also charged real estate company Location Ventures, its affiliate Urbin and 20 other related entities in connection with the fraud scheme, a statement said. According to the SEC's complaint, from approximately January 2018, until at least March 2023, Kapoor and certain of the defendant entities solicited investors by, among other things, making several material misrepresentations and omissions regarding Kapoor, Location Ventures, Urbin, and their real estate developments. The false statements allegedly included misrepresenting Kapoor's compensation; his cash ...

Digital money heist: What's behind surge in online payment fraud?

More than 47 per cent of all cybercrime is linked to UPI payments, making it the most common form of financial fraud, says a report by FCRF

Fraudsters swiped millions of dollars by faking product refunds: Amazon

The lawsuit lists more than a dozen transactions from June 2022 to May 2023 as leading to fraudulent refunds. Items purchased include gaming consoles, smartphones, laptops

Finance Ministry holds a review meeting on large value fraud cases

During the review meeting, it was emphasised that all measures should be taken to further improve coordination between the CBI and banks for expeditious investigation

British hedge fund trader Sanjay Shah detained in Denmark before trial

Shah is due to face trial in Denmark early next year on charges related to so-called "cum-ex" trading schemes in which the Danish state says it lost more than 12.7 billion crowns ($1.84 billion)