Page 9 - Frauds

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 ...

Regulations not a remedy for fraud: Sebi whole time member SK Mohanty

According to a survey, 47 per cent respondents considered lack of visibility over third parties as the biggest concern to bribery and corruption

Over 50% Indian firms experienced economic crime in 2 years: Survey

95% of them suffered new types of fraud as a result of the disruption caused by Covid-19

Unidentified people booked for swindling Rs 20 crore Delhi Jal Board fund

The ACB said that the department would investigate the role of the DJB officials and other private players in the alleged embezzlement that it claimed took place between 2012 and 2019.

ED files chargesheet against 19 people in Rs 2,215.98 cr fraud case

ED has learnt during the investigation that the accused individuals duped the innocent buyers by promising them to deliver flats/plots/commercial spaces, etc. However, they failed to deliver project

CBI arrests pvt firm director in bank loan fraud case of Rs 1,530.99 cr

CBI on Friday arrested the Director of a Ludhiana-based private company in an ongoing investigation of a case related to an alleged bank fraud of Rs 1,530.99 crore, an official said

Trump, adult children sued by New York attorney general for fraud

New York's attorney general sued former President Donald Trump and his company on Wednesday, alleging business fraud involving some of their most prized assets, including properties in Manhattan, Chicago and Washington, DC. Attorney General Letitia James' lawsuit, filed in state court in New York, is the culmination of the Democrat's three-year civil investigation of Trump and the Trump Organisation. Trump's three eldest children, Donald Jr, Ivanka and Eric Trump, were also named as defendants, along with two longtime company executives, Allen Weisselberg and Jeffrey McConney. The lawsuit seeks to strike at the core of what made Trump famous, taking a blacklight to the image of wealth and opulence he's embraced throughout his career first as a real estate developer, then as a reality TV host on The Apprentice and Celebrity Apprentice, and later as president. James, a Democrat, was to announce details of the lawsuit at a news conference on Wednesday. The case showed up on a court ..

CBI files charge sheet against Rana Kapoor, Gautam Thapar in Yes Bank fraud

The CBI has filed a charge sheet against former Chief Executive and Managing Director of Yes Bank Rana Kapoor as well as Avantha Group promoter Gautam Thapar in the Rs 466.51 crore alleged fraud in the bank, officials said. Kapoor was not named a suspect in the FIR registered on June 2 last year in the case. His role, however, surfaced during the investigation, they said. In its charge sheet filed before the special CBI court in Mumbai, the probe agency has also named Thapar in the scam. The FIR was registered against Thapar, directors of Oyster Buildwell Pvt Ltd (OBPL) -- Raghubir Kumar Sharma, Rajendra Kumar Mangal and Tapsi Mahajan --, unidentified executives of Avantha Realty Pvt Ltd and Jhabua Power Ltd, on a complaint from Yes Bank CVO Ashish Vinod Joshi. Kapoor is also co-accused with Thapar in another case related to alleged diversion of public money in Yes Bank in exchange for a high-end property at an upscale neighbourhood of Delhi, they added.

Irdai mulls SFIO-like independent agency to probe cases of insurance fraud

Insurance Fraud Investigation Agency proposed via Insurance Act amendment