Financial Fraud

Vietnam upholds tycoon Truong My Lan's death sentence unless she pays $9 bn

Real estate tycoon Truong My La has been ordered to pay three-quarters of the amount she is accused of defrauding to have her ruling reduced to a life sentence

800+ IRS officers opted for voluntary retirement in the last decade: FinMin

Around 383 Income Tax officers and 470 Customs & Indirect Taxes officers opted for voluntary retirement between 2014 and 2024

BS BFSI Summit: SBI's Nitin Chugh backs 'happy friction' to reduce fraud

SBI's Nitin Chugh introduces the concept of 'happy friction' - a system of checks and balances to protect vulnerable accounts and reduce cybercrime

ED conducts multi-city raids in Gujarat in money laundering, GST fraud case

The Enforcement Directorate on Thursday conducted multi-city searches in Gujarat in connection with a money laundering case linked to a GST "fraud" in which eight people, including a journalist, were arrested recently by the state police, official sources said. About 23 premises in cities of Rajkot, Junagadh, Ahmedabad, Bhavnagar and Veraval were being raided by the federal agency after a case was filed under the Prevention of Money Laundering Act (PMLA), the sources said. Premises linked to arrested journalist Mahesh Langa, who works with The Hindu newspaper, were also being covered. The money laundering case stems from an FIR of the Ahmedabad Police Crime Branch. The city Crime Branch registered the FIR against several persons and entities after getting a complaint from the Central GST over an alleged scam involving shell firms set up to defraud the government through bogus input tax credits and fraudulent transactions. Langa along with seven others was arrested after the Central

Fintechs asked to sign up on financial cyber fraud reporting portal

To also appoint a nodal officer to attend to customer grievances and engage with law-enforcement agencies to prevent fraud

Delhi Court directs 4 accused in CBI custody in $15 mn cyber fraud case

The Rouse Avenue court on Thursday remanded Shubham Jain, Ambuj Mathur Shailender Kumar Gautam in four days and Abhishek Bisht in two days CBI custody.They have been arrested in the transnational cyber fraud case for allegedly defrauding US citizens worth 15 million dollars.Earlier, they were remanded to judicial custody. CBI moved an application seeking 5 days remand for the accused persons.Two other accused, Dhairya and Dhruv Khattar, are in CBI custody till August 3.Judicial Magistrate (First class) Nishant Garg remanded the accused persons in CBI custody."Considering the submissions of the investingating officer (IO) and the investigation carried out so far, I am of the view that there is a necessity of custodial interrogation of the accused persons Abhishek Bisht, Ambuj Mathur, Shubham Jain and Shailendra Kumar Gautam, for the purpose of assisting the investigation in ascertaining the other details of the crime, involvement and whereabouts of other accused persons and flow and ...

Your granpa and ma, parents may be at risk of fraud. Here's how to help

When older individuals fall victim to financial scams, the impact can be severe

Ex-billionaire gets 7.5-yr sentence for defrauding Goldman, Google

Rishi Shah, 38, the co-founder of Outcome Health, which provided ads on TVs in doctors' offices, was convicted of more than a dozen fraud and money laundering charges by a federal jury last year

Explained: Types of payment frauds and what to do if you lose money

In 2023 alone, over 13,000 cases of financial fraud were recorded, nearly half of which were digital payment fraud (card/internet).

CBIC cautions public to stay alert against frauds in name of Indian Customs

The Central Board of Indirect Taxes and Customs (CBIC) on Sunday asked public to stay alert and discern the modus operandi of fraudsters committing fraud in the name of Indian customs. In a statement, the CBIC said various incidents have come to light through news portals/social media platforms of fraudulent persons posing as Indian Customs officers cheating the public of their hard-earned money across the country. These frauds are primarily done using digital means like phone calls or SMS, and are focused on extracting money through the 'purported' fear of immediate penal actions. In order to counter these frauds through public awareness, CBIC is mounting a multi-modal awareness campaign that includes newspaper advertisement, SMS/e-mails to the general public, social media campaign, besides awareness campaigns by CBIC field formations. The CBIC also advised the public to take measures to safeguard themselves from becoming a victim of such scams by discerning the modus operandi of

Financial Intelligence Unit arms itself with AI to check money laundering

India's Financial Intelligence Unit (FIU) has operationalised an advanced 2.0 version of its information technology system, armed with artificial intelligence and machine learning tools, to check money laundering and terrorist financing crimes in the country's economic channels. The upgrade of the technological backbone was required as the volume of data (suspicious transaction reports) flagged by banks and various other financial institutions to the FIU for analysis and further dissemination to investigative and intelligence organisations has been "increasing", a latest report for the 2022-23 fiscal said. The agency was set up in 2004 to "play a decisive role in India's fight against the menace of money laundering and terrorism financing" under the legal setup of the Prevention of Money Laundering Act (PMLA). The recently released report has been accessed by PTI which says that the Financial Intelligence Network (FINnet) 2.0 was envisaged as the country's regulatory environment has

Former Jaguars manager who stole $22 mn from team gets 78 months in prison

A former Jacksonville Jaguars financial manager who pled guilty to stealing more than $22 million from the NFL franchise through its virtual credit card programme was sentenced to 78 months in federal prison Tuesday. Judge Henry Lee Adams Jr sentenced Amit Patel, 31, in US District Court in Jacksonville. Patel, wearing a charcoal suit and a burgundy tie, showed no emotion inside the packed courthouse as the punishment was handed down. Prosecutors said Patel has returned $1.89 million, leaving his restitution tab at $21,132,454.40 -- a figure the judge acknowledged he will never be able to pay back following a felony conviction. Patel pled guilty in December to one count of wire fraud and one count of making an illegal monetary transaction. The judge sentenced Patel to 78 months on each count, to run concurrently. It was the lowest number under sentencing guidelines. He also got three years of supervised release. Patel's lawyer argued for a lighter sentence Tuesday, asking for no mo

Around 1.1 million financial fraud cases registered in 2023, shows data

Uttar Pradesh was at the top with around 200,000 cases, the highest across 36 states and union territories. Next was Maharashtra with 130,000 complaints reported, followed by Gujarat (120,000)

BJP MLA Ramesh Jarkiholi booked for cheating Karnataka Cooperative bank

A case has been registered against BJP MLA and former minister Ramesh Jarkiholi and two others for violating the condition of the loan taken from the Karnataka Cooperative Apex Bank and its other banks of its group. According to the FIR, the general manager of the bank has charged that Soubhagya Laxmi Sugars Ltd Chairman and Managing Director Ramesh Jarkiholi and its two directors Vasant V Patil and Shankar A Pawade had borrowed a loan of Rs 232.88 crore loan from July 12, 2013 to March 31, 2017 from the Karnataka Cooperative Apex Bank and other banks of its group for the establishment and expansion of the firm. The accused had a balance of Rs 439.07 crore as on August 31, 2023, the complainant said. He added that there was a condition that till the loan was repaid, the firm was not supposed to change the managing director and its directors. Despite this condition, the accused appointed unknown persons in his place without informing the bank and "with an intention to cheat," the ..

Hackers stole about $1.7 billion this year from crypto projects: Report

Infrastructure attacks - such as private-key theft that gives hackers access to a crypto project's servers to steal funds or manipulate trades - contributed to nearly 60% of the total stolen this year

Govt suspends 7 million mobile numbers due to suspicious transactions

To check digital frauds, the government has suspended 70 lakh mobile numbers on account of suspicious transactions, Financial Services Secretary Vivek Joshi said on Tuesday. Emerging out of a meeting to discuss issues related to financial cyber security and increasing digital payment fraud, Joshi said banks have been asked to strengthen the system and processes in this regard. More such meetings would take place, he said, adding the next meeting is scheduled in January. With regard to Aadhaar Enabled Payment System (AEPS) fraud, he said states have been asked to look into the issue and ensure data protection. He also said that there was a discussion with regard to KYC standardisation of merchants. The meeting chaired by the Financial Services Secretary also deliberated on how to ensure better coordination among various agencies to check cyber fraud. Joshi said there was a need to create awareness about cyber fraud in society to protect gullible customers from being duped. During

Money scams: Deepfakes, AI will drive $10 trn in financial fraud, crime

The proliferation of scam tech has alarmed regulators, police and people at the highest levels of the financial industry. Artificial intelligence in particular is being used to "turbocharge" fraud

Financial frauds in India rose 65% between 2021 and 2022: Finance Ministry

National Payment Corporation of India informed the Parliamentary Committee that, on average 2,000 customers are impacted by cyber frauds in India every month

Govt plans unique code to identify entities involved in financial offences

The Central Economic Intelligence Bureau under the finance ministry has created a repository of about 250,000 such offenders

39% Indian families claim to be victim of online financial fraud: Report

Around 39 per cent of families in a survey claimed to have experienced financial fraud in the last three years and only 24 per cent of them got their funds back, LocalCircles said in a report on Tuesday. The largest group of 23 per cent respondents in the survey indicated to have experienced credit or debit card fraud while 13 per cent indicated fraud by buying, selling and classified site users. As per the survey, 13 per cent were defrauded by websites taking money for products that were not delivered, 10 per cent indicated ATM card fraud, another 10 per cent indicated bank account fraud and 16 per cent mentioned other frauds. "The data shows 30 per cent of those surveyed had one member in the family who had been a victim of financial fraud while 9 per cent indicated that multiple members in their family have been subject to financial fraud in the last three years. Of the remaining 57 per cent were thankful they or their family members had escaped such an experience and 4 per cent