Page 2 - Bank Fraud

Kerala co-bank scam: Complainant appears before ED, alleges Rs 300-cr fraud

MV Suresh, the first of severa persons to have filed complaints alleging fraud at the CPI(M)-controlled Karuvannur cooperative bank in Thrissur district, appeared before the ED on Monday

IDBI manager held for swindling money from customers' accounts in B'luru

Karnataka police have arrested a relationship manager of IDBI bank in Bengaluru in connection with transferring Rs 4.92 crore illegally to various accounts, police said on Monday

CBI files FIR against Corporate Power Ltd for bank fraud of Rs 4,000 cr

The CBI has filed an FIR against Corporate Power Limited and its directors for alleged bank fraud of Rs 4,000 crore, officials said. The agency searched 16 locations on Thursday in multiple cities, including Nagpur, Mumbai, Ranchi, Kolkata, Durgapur, Ghaziabad, and Vishakhapatnam, they said. The Kolkata-based company had allegedly committed a bank fraud of Rs 4037.87 crore involving a consortium of 20 banks. "It was further alleged that between the years 2009 and 2013, the said borrower had submitted manipulated project cost statements and diverted bank funds. It was also alleged that trade receivables mainly including transactions to related parties and funds, were diverted to a web of various companies who were dummy accounts; accordingly, the borrower was able to siphon off funds," a CBI spokesperson said in a statement. The agency has named the company and its promoters and directors in the FIR.

CBI books Rotomac Global directors in Rs 750-crore bank fraud case

The CBI has booked Kanpur-based Rotomac Global and its directors for Rs 750.54 crore for alleged fraud in Indian Overseas Bank, officials said. The company, which was in the business of writing instruments, has a total outstanding of Rs 2,919 crore against a consortium of seven banks led by Bank of India in which Indian Overseas Bank has an exposure of 23 per cent. The agency has booked the company and its Directors - Sadhna Kothari and Rahul Kothari - under IPC sections related to criminal conspiracy (120-B) and cheating (420), besides various provisions of the Prevention of Corruption Act. The company is already facing multiple investigations by the CBI and the Enforcement Directorate on the basis of complaints from consortium members. In its complaint to the CBI, now a part of the FIR, the Indian Overseas Bank alleged that the company was sanctioned a non-fund-based limit of Rs 500 crore on June 28, 2012. The account was declared a non-performing asset on June 30, 2016, with an

CBI files charge sheet against DHFL's ex-CMD Kapil Wadhawan, 74 others

The CBI has filed a charge sheet against former Dewan Housing Finance Ltd (DHFL) CMD Kapil Wadhawan and 74 others in connection with a Rs 34,000-crore bank fraud case, officials said on Saturday. In its charge sheet, filed before a Special CBI court here, the agency has also named then director Dheeraj Wadhawan and former CEO Harshil Mehta as accused in the mega-scam case, officials said. The agency had registered the case in June in DHFL bank fraud matter for allegedly defrauding a consortium of 17 banks to the tune of Rs 34,000 crore, making it the biggest banking loan fraud of the country, they said. In the charge sheet, the agency has listed 18 individuals and 57 companies through which funds were diverted, they alleged.

ED seizes cash after raids on Punjab AAP MLA, others in bank fraud case

The ED on Friday said it seized Rs 32 lakh cash, some mobile phones and hard drives after it raided the premises of AAP MLA in Punjab Jaswant Singh Gajjan Majra and some others as part of a money laundering probe linked to an alleged bank loan fraud. The federal investigative agency said in a statement that the searches were carried out at the business and residential premises of "accused persons and their associates" including Tara Corporation Limited (renamed as Malaudh Agro Limited on September 24, 2018), its directors Jaswant Singh, Balwant Singh, Kulwant Singh, Tejinder Singh, their associates and other sister concerns at Ludhiana, Malerkotla, Khanna, Payal and Dhuri. Jaswant Singh Gajjan Majra is a legislator from the Amargarh assembly constituency. The Aam Aadmi Party (AAP) Punjab unit had on Thursday called the raids a "political vendetta". The ED said "incriminating pieces of evidence were seized related to "bogus firms through which turnover of Tara Corporation Limited was

DHFL bank fraud: Court denies bail to businessman in Rs 34,615-crore scam

A Delhi court has denied bail to businessman Ajay Ramesh Nawandar in a Rs 34,615-crore bank fraud case involving Dewan Housing Finance Limited (DHFL), on account of his possible influence on both evidence and witnesses. The court held that the accused was prima facie complicit at some stage in the diversion of the humongous funds originating from the loans. In the present facts, the Court is inclined to decline the bail not because the offences are economic in nature but on account of the investigation into the present offences being intricate, the accused prima facie being complicit at some stage of the handling/diversion of the humongous funds originating from the loans, a strong likelihood of him tampering with evidence and the foreseeable possibility of him influencing witnesses if admitted to bail, Special Judge Vishal Gogne said. The Central Bureau of Investigation (CBI) had earlier conducted searches at Nawandar's premises and recovered a large collection of uber-luxury watch

Bank fraud cases decline by about 50% in FY22: MoS Finance tells Parliament

The amount involved in the frauds too declined to Rs 3,204 crore from Rs 7,306 crore in 2020-21.

CBI registers two separate cases in connection to Rs 2,100-cr bank fraud

Central Bureau of Investigation (CBI) on Monday registered a case against a Mumbai-based private company over the allegations of fraud worth Rs 1,438.45 crore to the SBI and four banks.

ED attaches assets worth Rs 400cr in money laundering cases in Tamil Nadu

The Enforcement Directorate on Sunday said it has attached assets worth Rs 400 crore in connection with two separate money laundering cases pertaining to bank and lottery frauds in Tamil Nadu

ED attaches Rs 90-crore assets of road construction firm in bank fraud

The money laundering case stems from a March, 2019 CBI FIR registered against Ranchi Expressways Limited (a Madhucon Group company) and its directors.

CBI books DHFL in 'biggest' banking fraud of Rs 34,615 crore; 17 banks hit

The audit of DHFL account books showed that the company allegedly committed financial irregularities, diverted funds, round tripped funds to 'create assets for Kapil and Dheeraj Wadhawan'

CBI books Pune Buildtech and promoters for bank fraud, carries out searches

CBI conducted searches at three locations in Mumbai after it registered an FIR against Pune Buildtech Private Limited and its directors for alleged bank fraud of Rs 30 crore in PNB

ED arrests Karnal-based businessman in Rs 155 crore money laundering case

The Enforcement Directorate has arrested a Karnal-based businessman under the anti-money laundering law in a case linked to alleged bank loan fraud of Rs 155 crore, the agency said on Wednesday.

CBI conducts raid against Punjab AAP MLA over Rs 40-crore bank fraud

The CBI is carrying out searches at premises linked to Punjab AAP MLA Jaswant Singh Gajjan Majra at three locations in Sangrur in a bank fraud case of over Rs 40 crore, officials said Saturday.

Bank frauds fall over last 5 years to Rs 648 cr in Apr-Dec FY22: Minister

Improved detection and reporting along with comprehensive steps resulted in sharp decline of such frauds, he said

Rishi Agarwal of ABG Shipyard questioned by CBI in bank fraud case

The central probe agency had registered an FIR in the matter on February 7, 2022 on a complaint filed by SBI 17 months ago on August 25, 2020

ABG case another feather in Congress' cap of blatant corruption: BJP

What has been described as Rs 22,000 crore scam started in 2012 and the company's loan was restructured in March 2014 in the last days of the UPA government, said Sudhanshu Trivedi citing CBI report

HC seeks ED stand on bail plea by former MD & CEO of YES Bank Rana Kapoor

Last month, the trial court had denied the relief of bail to Kapoor, noting that the allegations against him were most grave and serious in nature

ABG Shipyard, its directors booked by CBI in Rs 22,842-cr bank fraud case

The company was sanctioned credit facilities from 28 banks and financial institutions led by ICICI Bank with the SBI having exposure of Rs 2,468.51 cr