Page 3 - Financial Frauds
Frauds reported in H1 rise to Rs 1.13 trillion, 97% happened earlier
Also, during the first half of FY20, banks reported 398 cases of large-value frauds (above Rs 50 crore) worth Rs 1.05 trillion and 21 cases of frauds above Rs 1,000 cr, worth a cumulative Rs 44,951 cr
 "Frauds reported in H1 rise to Rs 1.13 trillion, 97% happened earlier")
With rise in financial frauds, forensic audits prove handy for India Inc
Audit firms are also reporting a rising demand for background checks of senior executives when they join a company
 "With rise in financial frauds, forensic audits prove handy for India Inc")
13 US financial firms to pay $386 mn to settle price-fixing allegations
Pennsylvania's lawsuit consolidated claims by various government agencies and labor unions, including the city of Baltimore and pension systems in St. Louis, Oklahoma, Puerto Rico and Birmingham
 "13 US financial firms to pay $386 mn to settle price-fixing allegations")
Forensic audits business expected to boom as RBI prepares new norms
RBI's Annual Report for FY19 says the number frauds went up by 15% to 6,801 cases
 "Forensic audits business expected to boom as RBI prepares new norms")
UP govt to crack down on phony investment firms, starts training police
Initiates special workshops for cops on dealing with financial crimes, launches investor awareness programmes
 "UP govt to crack down on phony investment firms, starts training police")
From PNB to IL&FS, probes into top financial scandals to be settled soon
The net is closing in on Punjab National Bank, IL&FS, ICICI-Videocon, and AugustaWestland
 "From PNB to IL&FS, probes into top financial scandals to be settled soon")
Modi govt plans 'sanitised list' of CAs & companies, to collect KYC details
Move comes against the backdrop of instances of corporate frauds and various alleged lapses in corporate governance practices
 "Modi govt plans 'sanitised list' of CAs & companies, to collect KYC details")
Modi govt plans a way to stop future 'Nirav Modis' from fleeing the country
To deal with such issues, the government last month promulgated the Fugitive Economic Offenders Ordinance, 2018
 "Modi govt plans a way to stop future 'Nirav Modis' from fleeing the country")
PNB, WhatsApp cases: Sebi to crack down hard on errant CAs, CSs, valuers
Sebi may issue a warning, launch adjudication proceedings and initiate prosecution against the entities for any default
 "PNB, WhatsApp cases: Sebi to crack down hard on errant CAs, CSs, valuers")
Urgent need of an agency to investigate financial fraud and cyber offences
The resources and skills needed for investigating financial fraud and cyber offences differ from those required for investigating violent crimes. We need a new agency focusing on non-violent offences
Debit, credit card frauds: Banks will insist on an FIR
Once you lodge a complaint with the bank and block your card, you must lodge a first information report with the local police station
 "Debit, credit card frauds: Banks will insist on an FIR")
