Bank Fraud

Bank Fraud News

As India’s biggest bank fraud is unearthed, a look at the DHFL case and other big bank frauds in the country
Business

As India’s biggest bank fraud is unearthed, a look at the DHFL case and other big bank frauds in the country

Former promoters of Dewan Housing Finance Ltd (DHFL) are among 13 accused who have been arrested for defrauding a consortium of 17 banks of Rs 34,615 crore

ABG Shipyard fraud detected faster than average time in such cases, says Nirmala Sitharaman
Sports

ABG Shipyard fraud detected faster than average time in such cases, says Nirmala Sitharaman

Asserting that a bank follows a certain process to declare an account fraud, Sitharaman said banks almost take 52-54 months to complete intensive work before a decision is taken

CBI books ABG Shipyard in biggest bank fraud case of over Rs 22,842 crore
Business

CBI books ABG Shipyard in biggest bank fraud case of over Rs 22,842 crore

The Forensic Audit by Ernst and Young has shown that between 2012-17, the accused colluded together and committed illegal activities including diversion of funds, misappropriation and criminal breach of trust

India's banking, financial institutions struggling to deal with increasing fraud: Deloitte survey
India

India's banking, financial institutions struggling to deal with increasing fraud: Deloitte survey

Key reasons identified for the increase in fraud incidents over the last two years include large-scale remote working models, an increase in customers using non-branch banking channels and the limited/ineffective use of forensic analytics tools to identify potential red flags

CBI charges Gupta brothers, who founded Ashoka University, in Rs 1,626 crore bank fraud; all you need to know
Business

CBI charges Gupta brothers, who founded Ashoka University, in Rs 1,626 crore bank fraud; all you need to know

They have been accused of cheating the Central Bank of India along with 11 other banks to the tune of Rs 1,626.74 crore

US court junks Nirav Modi's plea seeking dismissal of fraud allegations against him
India

US court junks Nirav Modi's plea seeking dismissal of fraud allegations against him

The allegations were made by Richard Levin, the court appointed trustee of three US corporations indirectly owned by Nirav Modi previously

CBI books four of its personnel for taking bribe from bank fraud accused, conducts searches at 14 locations
India

CBI books four of its personnel for taking bribe from bank fraud accused, conducts searches at 14 locations

The CBI booked deputy superintendents of police RK Rishi and RK Sangwan, Inspector Kapil Dhankad, and Steno Samir Kumar Singh. It also searched the premises of Rishi, who is posted at the CBI Academy, Ghaziabad

CBI files FIR against rice export firm, executives for over Rs 1,200 crore bank fraud
India

CBI files FIR against rice export firm, executives for over Rs 1,200 crore bank fraud

Delhi-based Amira Pure Foods Pvt Ltd and its top executives are accused of cheating a consortium of a dozen banks led by Canara Bank

Vijay Mallya says disappointed with UK court decision, to continue legal battle against extradition
Business

Vijay Mallya says disappointed with UK court decision, to continue legal battle against extradition

Mallya's legal team had claimed that the loan defaults by KFA were the result of wider issues faced by the aviation industry at the time.

Fake UPI IDs during coronavirus: Banks, including SBI, HDFC, ICICI, warn customers of online fraudsters in the name of COVID-19 relief
Business

Fake UPI IDs during coronavirus: Banks, including SBI, HDFC, ICICI, warn customers of online fraudsters in the name of COVID-19 relief

The coronavirus lockdown has reportedly allowed cyber criminals more opportunities to engage in fraudulent activities and dupe people off their finances. They are doing this by making them give out bank details or in some cases, transferring money to false COVID-19 relief accounts.

Huawei's Meng Wanzhou to be released ahead of extradition hearing in Vancouver
News & Analysis

Huawei's Meng Wanzhou to be released ahead of extradition hearing in Vancouver

The US has charged Meng with bank fraud, and accused her of misleading HSBC Holdings about Huawei's business in Iran.

China urges new Canadian govt to release Huawei CFO Meng Wanzhou immediately
News & Analysis

China urges new Canadian govt to release Huawei CFO Meng Wanzhou immediately

Meng charged in the United States with bank fraud, and is accused of misleading HSBC Holdings PLC.

Not backing out from buying Bhushan Power and Steel, but anxious about alleged fraud reports: JSW tells NCLT
Business

Not backing out from buying Bhushan Power and Steel, but anxious about alleged fraud reports: JSW tells NCLT

JSW Steel on Monday told the National Company Law Tribunal that the company is not backing out from the ongoing resolution process of Bhushan Power & Steel despite reports of alleged fraud by its former promoters

Dino Morea, DJ Aqeel summoned by ED over Sterling Biotech bank fraud probe case
Entertainment

Dino Morea, DJ Aqeel summoned by ED over Sterling Biotech bank fraud probe case

Dino Morea and DJ Aqeel will be questioned about the circumstances of payments made out of the proceeds of crimes identified in the case

US prosecutors ask judge to reject Huawei's motion for seeking information on its lead defense lawyer
News & Analysis

US prosecutors ask judge to reject Huawei's motion for seeking information on its lead defense lawyer

Brooklyn case against Huawei was cited last month in a decision to add the company to a U.S. trade blacklist.

CBI books absconding diamantaire Jatin Mehta, Jordanian national, Winsome Diamonds in a fresh case
Business

CBI books absconding diamantaire Jatin Mehta, Jordanian national, Winsome Diamonds in a fresh case

The CBI has registered a fresh case against absconding diamantaire Jatin Mehta, Winsome Diamonds and Jewellery and a Jordanian Hathyam Salman Ali Obaidah for allegedly cheating Bank of India to the tune of Rs 82.55 crore, officials said on Thursday

Will extend 'all necessary help' to United Kingdom for Nirav Modi's extradition, says CBI
India

Will extend 'all necessary help' to United Kingdom for Nirav Modi's extradition, says CBI

The CBI is awaiting a response on its extradition request which was sent to the United Kingdom through the External Affairs Ministry in August l

Nirav Modi spotted in London, as MEA says extradition not that simple: Red Corner Notice not silver bullets media paints them to be
India

Nirav Modi spotted in London, as MEA says extradition not that simple: Red Corner Notice not silver bullets media paints them to be

Even though the Interpol has finally responded to CBI's request and issued a Red Corner Notice against Nirav Modi, don't expect the fraudster be back in India by next week

Man cheated of Rs 6.8 lakh in a UPI app fraud despite never using the UPI app
News & Analysis

Man cheated of Rs 6.8 lakh in a UPI app fraud despite never using the UPI app

Cyber cell experts that this fraud has taken place using the SIM swapping trick.

Absconding industrialist Vinay Mittal wanted in Rs 40 cr bank frauds extradited from Indonesia, says CBI
Business

Absconding industrialist Vinay Mittal wanted in Rs 40 cr bank frauds extradited from Indonesia, says CBI

The CBI had registered cases against Mittal in 2014 and 2016 on the request of Corporation Bank and Punjab National Bank (PNB), which is reeling under Rs 13,000 crore bank fraud allegedly perpetrated by Nirav Modi and Mehul Choksi, they said.