Page 2 - Fraud

Donald Trump arrives in court for trial scrutinising his business practices

New York Attorney General Letitia James' suit accuses Trump and his company of deceiving banks, insurers and others by habitually lying about his wealth in financial statements

Indian American arrested in US in $13 mn tech fraud, faces 20 yrs in prison

An Indian American has been arrested in New Jersey on charge of being part of a technical support scam that targeted more than 7,000 victims defrauding them of more than USD 13 million, a US Attorney announced Thursday. Charged with one count of conspiracy to commit wire fraud, Manoj Yadav appeared before US Magistrate Judge Jos R. Almonte in Newark federal court. "The defendant and his conspirators are alleged to have misled their numerous victims into thinking that they were a legitimate technology support company affiliated with a major software company," US Attorney Philip R Sellinger said. After claiming to provide technical support for issues involving the software company's popular accounting software, they allegedly charged the victims exorbitant fees for purported support services that were not authorized by the software company, he alleged. "We allege Yadav lied to software users and forced them to pay for services that would usually come free with their initial purchase,

CBI books Visa Power, chairman Saran for bank fraud of Rs 1,964 cr

The CBI has registered an FIR against Visa Power and its then chairman Vishambhar Saran in connection with an alleged bank fraud of Rs 1,964 crore, officials said Thursday. The action of the agency was initiated on a complaint from Punjab National Bank, one of the members of a consortium of 14 lenders which have sanctioned term loans of Rs 1,964 crore. PNB was the lead bank of the consortium and sanctioned loan of Rs 394 crore. The bank has alleged that the company and accused officials -- Saran and directors Vikas Agarwal and Subrato Trivedi, both named in the FIR as accused -- had approached the bank seeking loans for developing coal-based thermal power project with a generation capacity of 1,200 MW in Raigarh in Chhattisgarh, they said. "It has transpired that the accused persons in connivance and in furtherance of criminal conspiracy with each other have caused wrongful gain to themselves and wrongful loss to the banks to the tune of Rs 1,964 crore apart from interest dues from

CBI files 2 cases on Varun Industries in Rs 388 crore fraud in two banks

The CBI has registered two separate cases against Varun Industries for alleged bank fraud of more than Rs 388 crore, officials said Wednesday. The company, its promoters and directors Kailash Agarwal and Kiran Mehta were booked in the two fresh cases registered on separate complaints from the Central Bank of India and Canara Bank, they said. The Central Bank of India has alleged that it has suffered a loss of Rs 269.29 crore, while Canara Bank pegged the losses to be around Rs 118.88 crore, they said. "The accused company had availed PCL facilities for the export of steel and kitchenware items, but it was revealed that at least on three occasions, the beneficiaries of Packing Credit Limits (PCL) were not dealing with the steel and kitchenware items," the FIR pertaining to Canara Bank said. In its FIR registered on the complaint of Canara Bank, the Mumbai unit of the CBI's Banking Securities and Fraud Branch noted that the proceeds in the PCL facilities were diverted to other ...

Ex-CVC Patel to head board to examine role of top bank officials in frauds

Former Central Vigilance Commissioner (CVC) Suresh N Patel has been appointed the chairman of an advisory board to examine the role of top bank officials in fraud cases. The members of the board are Ravikant, a former secretary of the Department of Ex-Servicemen Welfare; Rajni Kant Mishra, a former director general of the Border Security Force; David Rasquinha, ex-MD of the EXIM Bank; and Partha Pratim Sengupta, ex-MD and CEO of the Indian Overseas Bank, according to an official order. The tenure of the chairman and members would be for a period of two years with effect from August 21, 2023, said the order issued by the Central Vigilance Commission. The Advisory Board for Banking and Financial Frauds (ABBFF) will examine the role of all levels of officials and whole-time directors (including ex-officials and ex-whole-time directors) in public sector banks, public sector insurance companies and public sector financial institutions in case of frauds amounting to Rs 3 crore and above

Centre makes police verification of SIM dealers mandatory to curb frauds

Briefing reporters on the new rules, Vaishnaw said the need to create greater accountability for SIM card dealers came after detailed field tests and discussions with telecom service providers

Vadodara man arrested for posing as PMO official for kids' school admission

A man from Gujarat's Vadodara city has been arrested for posing as a PMO official to secure the admission of two children in a private school here and trying to dupe it of huge sums with his fake identity, an official said on Saturday. The arrest of Mayank Tiwari on Friday comes months after an Ahmedabad resident, Kiran Patel, was held from a five-star hotel in Jammu and Kashmir for posing as a senior official from the Prime Minister's Office (PMO). Hospitality apart, Patel had also enjoyed security cover by tricking officials in the Valley. Identifying himself as a director (strategic advisory) at the PMO in New Delhi, Tiwari first got in touch with the school and its trustee in March 2022, during the admission season, said the official from Waghodia police station in the city. Tiwari, a middle-aged man, sought the school's help with the admission of two sons of his family friend, whom he described as Indian Army official Mirza Baig and said he was being transferred to Vadodara fro

Sandesara brothers fighting fraud charges in India flourishing in Nigeria

The selection of a firm owned by the family of the duo branded as fugitives by India to drill wells for the project is just the latest sign of how Nigeria has provided the brothers a haven

Sandesara brothers fighting fraud charges in India flourishing in Nigeria

The selection of a firm owned by the family of the duo branded as fugitives by India to drill wells for the project is just the latest sign of how Nigeria has provided the brothers a haven

Banks could not hold hearing before classifying account as fraud: SC

The Supreme Court on Friday clarified its March 27 verdict, saying it had not directed banks to accord a personal hearing before classifying a borrower's account as fraud. The clarification came on the plea of State Bank of India which flagged two issues pertaining to the March 27 judgement and said now the NPA account holders, against whom the proceedings were initiated before the verdict, may come and say that stall everything as they were not heard by banks and the hearing should not mean personal hearing. We never stated that the personal hearing be granted to the borrowers. Rather we had said that they should be given adequate notice and an opportunity to make a representation," a bench comprising Chief Justice D Y Chandrachud and Justices P S Narasimha and J B Pardiwala said. On the issue of applicability of the verdict with prospective effect, the bench said that a review petition will have to be filed against the judgement by the SBI. A bench headed by the Chief Justice, on

Many cases may have to be reopened after SC ruling on borrowers' voice

Bankers said the decision won't deter them from marking an account as fraudulent

Elizabeth Holmes files fresh plea to put off prison as she appeals

Holmes already has initiated an appeal of last year's jury verdict finding her guilty of multiple criminal counts of defrauding investors. That process could take as long as two years

Delhi B-school says defrauded by Arindam Chaudhuri of IIPM, charge denied

The Delhi-based Institute of Marketing and Management (IMM) has alleged that Arindam Chaudhuri of the Indian Institute of Planning and Management (IIPM) defrauded it by violating an admission agreement, misusing its name and collecting crores of rupees between 2011 and 2014. IIPM, however, contested the allegations and said it will soon move court seeking quashing of an FIR filed by the Delhi Police in the matter. The Delhi Police lodged the FIR against Chaudhuri and his associates on the directions of a local court based on the IMM's complaint. According to the FIR, IMM leased out the rear portion of the fourth floor and the entire fifth floor of its premises in the Qutub Institutional Area to IIPM in August 2011. Subsequently, both the institutes entered into a management consultancy agreement. Gaganjit Singh, Executive President of IMM, has alleged that soon after the agreement, IIPM stopped paying lease rent. While the lease dispute was going on, Singh, who is the main ...

Man arrested for duping 6 people of Rs 15 cr by posing as ministry official

A 49-year-old man has been arrested for allegedly posing as a senior Union Health Ministry official and duping six people of Rs 15 crore on the pretext of providing work orders for Covid vaccine transportation, police said on Thursday. Umesh Batra (49) was arrested by the Economic Offences Wing of the Delhi Police. Batra used to work for a construction company but his financial situation took a hit during the lockdown and he resorted to cheating people after joining hands with the kingpin behind the scam Harmenn Sabherwal, Govind Tulshyan and three other people, all of whom have been arrested, they said. Police said a probe was initiated after several complaints were received from people who claimed to have been duped of Rs 3-4 crore on the pretext of providing work orders for transportation of Covid vaccines. After a preliminary enquiry, a case was registered and an investigation taken up. Six complainants came forward and the total amount they were duped off came out to be Rs 15 .

FTX's Bankman-Fried charged with fraud; could face up to 115 yrs in prison

U.S. prosecutors charged Sam Bankman-Fried, the founder and former CEO of cryptocurrency exchange FTX, with a host of financial crimes and campaign finance violations on Tuesday, alleging he played a central role in the rapid collapse of FTX and hid its problems from the public and investors. The indictment says that, beginning in 2019, Bankman-Fried intentionally devised a scheme and artifice to defraud FTX's customers and investors, diverting their money to pay expenses and debts at his crypto hedge fund, Alameda Research, and to make lavish real estate purchases and large political donations. Bankman-Fried was arrested Monday by Bahamian authorities at the request of the U.S. government, which charged him with eight criminal violations, ranging from wire fraud to money laundering to conspiracy to commit fraud. He was also charged with making illegal campaign contributions, a notable charge as Bankman-Fried was one of the largest political donors this year. The indictment is on to

Ex-FTX CEO Sam Bankman-Fried arrested in Bahamas as US files charges

More than 100 FTX-related entities filed for US bankruptcy protections on Nov. 11. The firm and Bankman-Fried are facing investigations in the US and the Bahamas

Top Headlines: Ex-FTX CEO arrested, CPI inflation eases in Nov, and more

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Ashneer takes a dig at media as BharatPe sues him, family for fraud

'Come on Press: Ek story kitni baar bechoge! Saal ke shuru mein bhi same - end mein bhi same,' said Ashneer Grover

Ex-Theranos president Ramesh Balwani gets 13-year prison term in fraud case

Former Theranos Inc President and Chief Operating Officer Ramesh "Sunny" Balwani was sentenced to 13 years in prison for defrauding investors and patients of the company

Find gold import and smuggling link, says FM Nirmala Sitharaman

The remarks came against the backdrop of a substantial quantity of gold seized between April last year and March this year