Financial Scams

46 people duped of Rs 26 lakh in gas connection scam: How it unfolded

The fraudsters sent a text message to customers of Avantika Gas on their mobile phones stating that their gas connections will be disconnected by 9 PM as they have not paid the bill

Hackers using fake trading apps to lure victims in 'pig butchering' scam

Using a series of fraudulent trading apps, which were available for download on both the Google Play Store and Apple's App Store, hackers have duped thousands of people

19 family members dupe Maharashtra brothers of Rs 1 crore in crypto scam

Maharashtra police have booked 19 family members for allegedly scamming two siblings out of over Rs 1 crore in a cryptocurrency fraud, promising returns of up to 12 times on their investments

'Avoid shady trading apps': NSE, BSE íssue alert against trading scams

In an advisory issued for investors, NSE and BSE specified that fraudulent actors are using both Indian and international phone numbers to orchestrate their schemes

Trading fraud costs 272 Pune residents Rs 125 crore since January 2024

Cybercriminals target people using social media, offering them fraudulent investment opportunities, promising extraordinarily high returns

Stay scam-free: This series of phone numbers will help you spot fraud calls

The Department of Telecom has designated the prefix '160' for 10-digit numbers, which will be utilised by govt agencies, regulatory bodies, and financial institutions to communicate with the public

Govt cracks down on SMS scammers, blacklists principal entities involved

In a major crackdown on SMS scammers, the government has blacklisted 'principal entities' behind SMS headers that were used for sending over 10,000 fraudulent messages over the past three months, according to an official release. The Department of Telecom (DoT), in collaboration with the Ministry of Home Affairs (MHA), has taken decisive action to protect citizens from potential SMS fraud through the Sanchar Saathi initiative, it said. Indian Cyber Crime Coordination Centre (I4C) under MHA provided information about the misuse of eight SMS headers for sending fraudulent communications for committing cybercrime. It was noted that more than 10,000 fraudulent messages were sent using these eight headers in the past three months. The principal entities which were the owners of these eight SMS headers have been blacklisted. 'Principal entities' in telecom parlance refer to business or legal entities sending out commercial messages to telecom subscribers through SMS. A header means an ..

Scammer gives online security advice to man on WhatsApp; Paytm MD reacts

The scammer admitted that they send APK files to users, which, once downloaded, can give them access to all incoming messages, including OTPs

Vietnam mounts $24 billion rescue plan for bank engulfed in giant fraud

The State Bank of Vietnam's previously unreported cash injections into SCB amount to 5.6% of the nation's annual economic output, or about one-fourth of Vietnam's foreign-exchange reserves

Rs 2,500 cr crypto scam: Kingpin Subhash Sharma hiding in UAE, says SIT

The special investigation team (SIT) probing the Rs 2,500-crore cryptocurrency scam would approach the competent court on November 28 to seek a warrant for the extradition of fugitive kingpin Subhash Sharma from UAE, officials said on Saturday. The kingpin of the scam Subhash Sharma from Sarkaghat in Himachal Pradesh's Mandi district is still at large and as per our information, he is hiding in UAE. Efforts are underway to bring him back, Deputy Inspector General of Police (DIG) northern range, Abhishek Dhullar, who is heading the SIT, told PTI. The multi-crore cryptocurrency ponzi scam started in 2018. The investors smelled something fishy when they stopped getting returns during the Covid pandemic when most business activities came to a halt. Later when they asked the accused about their pending returns, they realised they had fallen into a trap and were threatened to keep shut, the police said. The fraudsters threatened the victims that they would lose all their invested money i

Finance ministry cautions people against 'matrimonial dating scam'

The Ministry of Finance said that customs will never call or send a text message asking people to pay customs duty through a personal bank account

Scam 2003: Who was Abdul Karim Telgi, and what was the Stamp Paper Scam?

Everything you need to know about the Rs 30,000 crore stamp paper scam and the mastermind behind it

How better cyber sense, zero trust can help overcome the new 'CEO scam'

According to the recent PwC report, CEOs of Indian companies are increasing cyber investments, adjusting supply chains, and changing their physical footprint in response to geopolitical conflict

After Supreme Court's verdict, banking frauds in the eye of the beholder

The chain from detection to redressal is a long and tangled one

CBI takes over probe in financial irregularities in national creche scheme

The CBI has taken over the investigation into alleged financial irregularities in the running of the Rajiv Gandhi National Creche Scheme in which the Indian Council for Child Welfare was one of the implementing agencies, officials said Thursday. The CBI took up the case against unidentified persons under IPC sections of criminal breach of trust and cheating on a reference from the Ministry of Women and Child Development, which had earlier filed an FIR with Delhi Police. The Delhi High Court had constituted a three-member committee under the chairmanship of the ministry's joint secretary to look into alleged irregularities in the scheme which the Centre implemented till 2016. According to the Indian Council for Child Welfare (ICCW), 5,029 creches were functional across the country in 2015-16. Based on the committee's findings, the high court had directed the Centre to take a view if a probe by an agency like the CBI is warranted or not. It was pointed out that there were several ..

ICC falls prey to online scam, loses close to $2.5 million: Report

The ICC has allegedly lost close to USD 2.5 million after becoming a victim of cyber crime, according to a report. The incident of phishing, which originated in the USA, took place last year, ESPNCricinfo reported. "The route used by fraudsters to commit the financial scam was Business E-mail Compromise (BEC), also known as e-mail account compromise, which the Federal Bureau of Investigation (FBI) describes as 'one of the most financially damaging online crimes'," the report stated. An investigation is underway as the ICC, which is not commenting on the matter, reported the incident to law enforcement agency in the US. How the scam took place is not yet known. "It is not yet known what route exactly the fraudsters took to get the money transferred from the ICC account - whether they had got in touch directly with someone at the head office in Dubai, or had targeted an ICC vendor or consultant. "It is also not confirmed whether the transaction was done in one single payment or the

Extension to ED's key official to maintain pace of probe in scams in Bengal

ED's decision to extend the term of deputation for Sudesh Kumar Sheoran is being perceived by the circles concerned as a step to maintain the pace of probe in various financial scams in the state

Bank frauds may have started to dip now, but wait a bit before you cheer

The incidence of bank fraud is trending downward, but the broad picture hides many blind spots

Yet another bank fraud: Bigger and different

It has all the usual ingredients but the modus operandi is very different and could teach Nirav Modi, the dethroned bank fraud king, a lesson or two

Online frauds: The precaution we should take to protect ourselves

The country's march towards a digital economy gathered pace in the last two years. At the same time, the country witnessed a jump in online payment frauds. Here's how we can protect ourselves online