Page 8 - Frauds

ED conducts search operations in multiple cities in Rs 122 cr GST fraud

The ED initiated money laundering investigation based on FIRs registered by Bhavnagar Police under various sections of IPC, against Bomar and others

Pan-India online cheating gang busted, dubious loan app scam exposed

With arrest of six persons, the Police has busted a gang of online cheats who had duped over 1,900 people on pretext of loans through app 'Cash Advance', a senior official said on Monday

Indians banned in some Australian universities amid fraud applications

Punjab, Gujarat, and Haryana have been identified as states posing the highest risk of attrition in these universities

57% of all fraud incidents in India are platform frauds: PwC Report

More than half of all fraud incidents in India were 'platform' fraud, a novel form of economic crime that involves fraudulent activities associated with social media, e-commerce, enterprise and finTech platforms, said a PwC India report on Thursday. The onset of the pandemic has led to an increase in platform fraud, said the second edition of PwC's Global Economic Crime and Fraud Survey 2022: India Insights, titled 'Platforms: The new frontier of fraud in India'. "The surge in remote work, e-commerce, delivery applications and contactless payments has further contributed to the rise of this type of fraud. 57 per cent of all fraud incidents in India were platform fraud," it said. It further said more than 26 per cent of Indian organisations lost over USD 1 million due to platform fraud, and 44 per cent of the perpetrators were found to commit fraud for financial gain. PwC said it surveyed 111 organisations across India from diverse industries such as technology, financial services,

57% of all fraud incidents in India are 'platform' frauds: PwC India

Over 26 per cent of Indian organisations have lost over $1 million till now due to platform fraud, according to a report released by PwC India

Hear borrowers before declaring accounts 'fraud': Supreme Court

Bench of CJI D Y Chandrachud and Justice Hima Kohli upholds Telangana HC decision of 2020, sets aside Gujarat HC ruling in this regard; opportunity for hearing not necessary ahead of FIR

Can't declare a borrower 'fraud' without hearing him first: SC tells RBI

The apex court upheld a judgement passed by the Telangana High Court in December 2020 stating that the principles of "audi alteram partem" must be applied before declaring a party as fraud

ED seizes Rs 1.21 cr cash, jewellery after raids in investment fraud case

The Enforcement Directorate (ED) Monday said it has seized Rs 1.21 crore cash and gold and diamond jewellery worth more than Rs 5 crore after it raided some Nagpur-based persons in a money laundering case linked to alleged investment fraud that cheated numerous investors. The searches were launched on March 3 at 15 places in Nagpur and Mumbai and covered the premises of "main accused" Pankaj Mehadia, Lokesh Jain and Karthik Jain apart from main beneficiaries, it said in a statement. The money laundering case stems from a Nagpur Police FIR field against Pankaj Nandlal Mehadia, Lokesh Santosh Jain, Kartik Santosh Jain, Balmukund Lalchand Keyal, Premlata Nandlal Mehadia in a case of "fraud causing loss to investors in crores of rupees." "Pankaj Mehadia along with other accomplices was running a ponzi scheme and lured various investors by promising to give 12 per cent assured profit after deducting TDS on investments made from the year 2004 to 2017," it alleged. "Throughout the period

Indian-origin engineer at FTX, Nishad Singh, pleads guilty to fraud charges

A 27-year old Indian-origin engineer at a crypto asset trading platform has pleaded guilty to charges of commodities fraud. Nishad Singh was the former co-lead engineer of FTX Trading Ltd. He is facing federal charges for his role in a multiyear scheme to defraud equity investors in FTX, the crypto trading platform started by Singh along with Samuel Bankman-Fried and Gary Wang. In December last year, federal authorities had charged Bankman-Fried with orchestrating a scheme to defraud equity investors in FTX. The Securities and Exchange Commission charged Singh Tuesday. In a parallel action, the US Attorney's Office for the Southern District of New York and the Commodity Futures Trading Commission (CFTC) also announced charges against Singh. Singh entered a guilty plea as to commodities fraud and other charges in the separate, parallel action against him in the Southern District of New York. According to the SEC's complaint, Singh created a software code that allowed FTX customer f

CLoudSek finds 31,179 numbers impersonating as fake customer care helplines

Cyber intelligence firm CloudSEK on Friday said it has come across 31,179 phone numbers impersonating as customer care helplines for fraudulent activities. The company analysed the numbers and found that 56 per cent, or 17,285, of them were Indian phone numbers, while the rest were non-Indian. "CloudSEK has decoded a widespread scam in India that involves the use of fake customer care numbers to defraud consumers. The scam involves creating fake customer care numbers for popular brands and posting them online, tricking unsuspecting consumers into calling these numbers for assistance," the company said in a statement. The company said that it has found 80 per cent of the Indian numbers were found to be valid and still operational. "CloudSEK XVigil's Fake Customer Care Number module scours the internet for fake customer care numbers. Our researcher analysed a sample of around 20,000 Indian mobile numbers, used by threat actors, to run customer care scams," the statement said. Accord

Spike in frauds cost insurers $6 billion annually, says Deloitte survey

These frauds cost insurers about $6 billion annually, and they lose about 10 per cent of their overall premium collection to frauds

Choksi bribed Antigua officials to avoid extradition, finds investigation

Choksi has been scheming to illegally extend the court process in Antigua, by paying bribes to government officials: Kenneth Rijock, a financial crimes investigator

Srei auditor flags fresh fraud of Rs 296 cr under former promoters

The transaction auditor of debt-ridden Srei has indicated a fresh fraud amounting to Rs 296 crore under the erstwhile promoters. As per the report prepared by the transaction auditor, the concerned transactions occurred during financial years 2014-2015 to 2021- 2022, Srei Infrastructure Finance Ltd said in a regulatory filing. The fraud relates to certain disbursement made to a company called ARSS. The amount of Rs 295.69 crore is the gross outstanding, including principal and interest recoverable from the customer, as on September 30, 2021, on account of the suspect disbursement of loans, it added. Srei is undergoing insolvency resolution under the Insolvency and Bankruptcy Code (IBC). The administrator had appointed BDO India as a Transaction Auditor, which unearthed this fraud, it said, adding the application has been filed before the NCLT under Section 60(5) and Section 66 of the IBC on January 5, 2023. Earlier, the transaction advisor had flagged fraud transactions worth over

Six held for cheating HDFC Bank credit card holders of Rs 1.61 lakh

Six men were arrested from a hotel located on the Mehrauli-Gurugram road for allegedly cheating HDFC Bank credit card holders of Rs 1.61 lakh, the police said on Monday

Delhi HC summons Ashneer Grover, wife and kin over BharatPe's complaint

Fintech unicorn accuses them of fraud, claims Rs 88.67 crore

Elizabeth Holmes appeals her Theranos fraud conviction, prison term

Lawyers for Holmes, 38, filed a single-page notice of appeal without disclosing on what grounds she will ask the Court of Appeals to overturn the guilty verdict reached by a jury 11 months ago

Telangana HC slams 'mechanical way' of issuing GST show cause notice

Court says notice for cancelling registration should not be sent out in cavalier manner

Elizabeth Holmes sentenced to 11 years in prison for Theranos Fraud

"I am devastated by my failings," Holmes said. "Looking back there are so many things I'd do differently if I had the chance. I tried to realize my dream too quickly."

Elizabeth Holmes faces years in prison for her crimes in Theranos collapse

Holmes stands out among white-collar criminals because relatively few of them are women convicted of such serious fraud, legal experts say

More preventive measures needed to curb corporate frauds: Sebi official

Since corporate frauds are inevitable to happen, principle and rule-based regulations are not effective remedy to curb such criminalities but more preventive measures are needed, a senior Sebi official said here on Thursday. Admitting that all companies, both publicly traded as well as privately held are vulnerable and susceptible to frauds, SK Mohanty, a whole-time member at the Securities and Exchange Board said the regulator is taking multiple measures to curb frauds and strengthening its enforcement mechanism. Addressing a seminar on corporate frauds organized by the industry lobby CII, he said diversion of funds leads to erosion of wealth for shareholders and also leads to ethical crisis and reputational risk for both regulators as well as regulated entities. Emphasising that frauds are neutral and can take place in any company irrespective of whether it is listed or not, and more so, in the wake of instances of digital data thefts and technological risks, Mohanty expressed ...