Fraud

Edu loan provider Credila suspects fraud, sets aside Rs 80 cr provision

IPO-bound overseas education loan company Credila suspected fraud during the September quarter

BS BFSI Summit: More checks, balances needed to curb fraud, say experts

Payment and security experts explain widespread scams, bat for better cooperation and education

BharatPe settles with Ashneer Grover: Fraud allegations dropped in Rs 81 crore case

Rs 63 lakh stolen from elderly couple's acct: Why SBI was fined Rs 97 lakh

Senior citizens discover joint account almost drained out, Telangana and national consumer disputes tribunal rule in favour of them

ED undertakes first-ever searches in Ladakh in cryptocurrency fraud case

In its first ever raids in the Union Territory of Ladakh, the Enforcement Directorate on Friday conducted searches as part of its money laundering probe linked to a cryptocurrency fraud case in which investors lost more than Rs 7 crore worth of deposits, officials said. The agency's zonal office here raided at least six premises in Leh town of Ladakh, Jammu in J-K and Sonipat in Haryana in the case against A R Mir and others. It is alleged that 2,508 investors deposited more than Rs 7.34 crore in a fake cryptocurrency business in the name of "Emollient Coin Limited". They, however, did not get any returns or currency back, and these funds were laundered by the business' promoters to purchase land assets in Jammu. The money laundering case stems from a March 2020 FIR registered in Leh and some other complaints filed in the Union Territory (UT) of Jammu and Kashmir (J-K) against Mir and Ajay Kumar Choudhary. Police in Leh in their FIR stated that an inquiry was conducted by a committ

Indian-American physician held guilty of healthcare billing fraud in US

After Chicago-based ex-billionaire Rishi Shah, India-origin physician Mona Ghosh has pleaded guilty to two counts of healthcare fraud, each carrying a potential penalty of up to ten years in prison

FIU fines Axis Bank Rs 1.66 cr for failing to detect fraud NSG account

The Financial Intelligence Unit has slapped a fine of more than Rs 1.66 crore on Axis Bank for "failing" to put in place a mechanism to detect and report suspicious transactions carried out at one of its branches by creating a "fraud" account in the name of counter-terrorist commando force NSG. The federal agency has issued an order on June 3 under Section 13 of the Prevention of Money Laundering Act (PMLA) that empowers its Director to impose a monetary penalty on a reporting entity (like Axis Bank) if the agency finds that its designated director on the board or any of its employees failed to comply with the obligations mandated under the said law. A query sent to Axis Bank did not elicit an immediate response. According to the summary order accessed by PTI, the case pertains to an instance where "an employee of Axis Bank was alleged to have been complicit in a large-scale fraud and corruption scandal, in collusion with others." The Financial Intelligence Unit (FIU) order said th

Supreme Court reinstates MP Navneet Rana's scheduled caste certificate

A Bombay High Court judgment in 2021 had questioned the validity of MP Navneet Kaur Rana 'Mochi' caste certificate, claiming it had been procured fraudulently

CBSE disaffiliates 20 schools for enrolling ineligible, dummy students

The Central Board of Secondary Education (CBSE) has disaffiliated 20 schools, five of them in Delhi, for enrolling dummy students and ineligible candidates, its secretary Himanshu Gupta said on Friday. The board has also downgraded affiliation of three schools. "Pursuant to the surprise inspection conducted in CBSE schools across the country to check whether the schools are running as per the provisions and norms contained in affiliation and examination bye-laws, it was found that some schools were committing various malpractices of presenting dummy students, ineligible candidates and not maintained records properly," Gupta said. "After thorough inquiry, it has been decided to disaffiliate 20 schools and downgrade three schools," he added. Five of the disaffiliated schools are in Delhi, three in Uttar Pradesh, two each in Kerala, Rajasthan, Chhattisgarh and Maharashtra, and one each in Jammu and Kashmir, Dehradun, Assam and Madhya Pradesh. The schools with downgraded affiliation a

China accuses Evergrande Group of $78 billion fraud, among worst ever

It fuels concern about how widespread such accounting issues are, just as the new China Securities Regulatory Commission chairman is trying to tighten oversight

Cybercrime victims must dial helpline number in case of fraud: Haryana DGP

He cautioned against falling for schemes enticing investments in trading or stock markets through WhatsApp groups and fake websites

Credit Suisse client accused of dodging taxes for a decade gets $15 mn bail

Dan Rotta, 78, who was arrested March 9 at Miami International Airport as he prepared to fly to Barcelona, must remain under house arrest with an electronic monitor, a federal judge in Miami ruled

Telecom department blocks more than 1,500 numbers linked to cyber threats

The Department of Telecommunications (DoT) blocked international and local phone numbers associated with cybercrimes and threats, aiming to curb misuse of telecom resources

How a 25-year-old ex-cricketer duped Rishabh Pant of Rs 1.63 crore

The ex-cricketer cheated multiple people, including India's star cricketer Rishabh Pant. The police found that he cheated Pant of Rs 1.63 crore in 2020-2021

Won't testify again at New York fraud trial, nothing more to say: Trump

Donald Trump said Sunday he has decided against testifying for a second time at his New York civil fraud trial, posting on social media that he "VERY SUCCESSFULLY & CONCLUSIVELY" testified last month and saw no need to appear again. Trump had been expected to return to the witness stand Monday as the last big defense witness in the trial in New York Attorney General Letitia James' lawsuit. The case threatens Trump's real estate empire and cuts to the heart of his image as a successful businessman. Trump announced he was cancelling his testimony in an all-capital letters, multipart statement on his Truth Social platform, writing: "I WILL NOT BE TESTIFYING ON MONDAY." " HAVE ALREADY TESTIFIED TO EVERYTHING & HAVE NOTHING MORE TO SAY," Trump wrote, adding his oft-repeated claim that James and other Democrats have weaponized the legal system to hinder his chances at retaking the White House. Trump was often defiant and combative when he testified on November 6. Along with ...

Mahadev betting app: Mumbai police register FIR against 32 people for fraud

The Mumbai police have registered an FIR against 32 people, including the "promoter" of the Mahadev' betting app, for allegedly committing a fraud of nearly Rs 15,000 crore, an official said on Wednesday. According to the Matunga police official, the first information report (FIR) was registered on Tuesday against app promoter Saurabh Chandrakar, and key accused Ravi Uppal and Shubham Soni and others for committing the fraud since 2019 until now. The case was registered on the direction of the 30th Kurla court under Indian Penal Code sections 420 (cheating), 120-B (conspiracy), IT Act (for cyber terrorism) and the Gambling Act, the official said. As per the FIR, the accused have defrauded people of nearly Rs 15,000 crore. The Enforcement Directorate last week claimed that a forensic analysis and a statement made by a 'cash courier' had led to startling allegations that Mahadev betting app promoters have paid about Rs 508 crore to the Chhattisgarh chief minister so far, and that "th

Trump returns to civil fraud trial, with Michael Cohen set to testify

Michael Cohen once proclaimed he'd take a bullet for Donald Trump. Now, after breaking with the former president amid his own legal troubles, the fixer-turned-foe is poised to testify against his old boss on Tuesday as a key witness at the civil fraud trial that threatens to upend Trump's real estate empire and wealthy image. Trump voluntarily came to court for the highly anticipated testimony, detouring from his usual campaign haunts to the Manhattan courtroom for a sixth day this month. Cohen scrapped their expected showdown last week, citing a health issue. Cohen has said it will be his first time seeing Trump in five years. This is not about Donald Trump vs. Michael Cohen or Michael Cohen vs. Donald Trump," Cohen said as he arrived at the courthouse to await his turn to testify. "This is about accountability, plain and simple. Trump, heading into court, noted that Cohen served prison time after pleading guilty to tax evasion, lying to Congress and campaign finance violations. H

ED conducts raids on erstwhile Bhushan Steel in Rs 56,000 cr 'fraud' case

The Enforcement Directorate on Monday said it has conducted fresh searches against the promoters and entities of erstwhile Bhushan Steel Limited as part of a money laundering probe against them linked to an alleged Rs 56,000 crore bank fraud case. Thirty locations in the national capital region, Haryana, Kolkata, Mumbai and Bhubaneswar (Odisha) were raided and surveyed last week on October 13, officials said. The money laundering case stems from a charge sheet filed by the Serious Fraud Investigation Office, an investigative agency under the Ministry of Corporate Affairs. A probe found that the erstwhile Bhushan Steel Limited (BSL) and its Managing Director Neeraj Singal and his associates formed several shell companies, the agency alleged in a statement. After completing the corporate insolvency resolution process (CIRP), Bhushan Steel was taken over by Tata Steel Ltd in 2018. The ED alleged the promoters and entities linked to BSL "rotated funds from one company to another throu

Fraud trial: Trump acknowledged penthouse size at 11,000 square feet

Donald Trump signed a document 30 years ago that gave the true size of his New York penthouse which was later listed as far larger on financial statements, according to evidence Tuesday at the former president's civil business fraud trial. The evidence appeared in an email attachment shown as Allen Weisselberg, the former finance chief of Trump's company, testified in New York Attorney General Letitia James' fraud lawsuit against Trump and his Trump Organization. Trump denies any wrongdoing. The attachment was a 1994 document, signed by Trump, that pegged his Trump Tower triplex at 10,996 square feet not the 30,000 square feet later claimed for years on financial statements that were given to banks, insurers and others to make deals and secure loans. Weisselberg said he recalled seeing the email but not the attachment, explaining that the attachments were documents he already had on file in the company's offices. But in any event, he said, he didn't pay much mind to the apartment's

Sam Bankman-Fried hoped to be US president someday: Star witness Ellison

Caroline Ellison, the tech executive who ran Sam Bankman-Fried's hedge fund while sometimes dating him, testified Tuesday that he directed her to commit crimes before his cryptocurrency empire collapsed last November. She also revealed that her former boss and boyfriend thought he might be U.S. president someday. With Bankman-Fried looking on from his seat in the courtroom, Ellison, 28, testified at the New York City trial that she committed fraud, conspiracy to commit fraud and money laundering along with Bankman-Fried and others. He directed me to commit these crimes," she said of Bankman-Fried, when asked by a prosecutor about his involvement. Repeatedly, Ellison made clear that Bankman-Fried was behind the biggest financial moves in his companies, to the point that bitcoins he created were sometimes called Sam's coins. She described him as very ambitious and envisioning eventually leading huge companies and using his money influentially. He even thought there was a 5 per cent