Page 3 - Fraud

TN professor loses Rs 23 lakh in online scam promising job in Singapore

A Tiruchy-based professor, who was unemployed after returning from Saudi Arabia during Covid-19, lost Rs 23.5 lakh to an online scam

SAT relief for Bombay Dyeing and Wadias in Sebi market ban case

Tribunal stays order restraining company and promoters from capital markets for 2 years

Fake call centre cheating US citizens busted in Maharashtra; 16 arrested

Thane police have busted a fake call centre which allegedly duped US citizens after offering them loans and arrested 16 people in this connection, an official said on Sunday. Acting on a tip-off, the police raided the call centre located in Wagle Estate area of Maharashtra's Thane city on the intervening night of Friday-Saturday and nabbed the people working there, including three women, senior police inspector V B Murtadak said. He said the accused would contact people in the US and offer them loans. After obtaining their bank account details, the accused would siphon off funds from their accounts, the official said. An agent coordinating in the US would collect the money and transfer it to India through 'hawala' after taking his share from it, the police said. Hawala denotes illegal transaction of funds by skirting the legal banking channels. The 16 people arrested include the call centre owners - Siddesh Sudhir Bhaidkar (33) and Sania Rakesh Jaiswal (26), the official said. A

Fake call centre in Gurugram duping foreigners busted; 9 arrested

Police have busted a fake call centre in Gurugram that has been allegedly duping US nationals using cryptocurrency on the pretext of providing them federal grants ranging from USD 9,000 to 34,000, officials said on Wednesday. A joint team of CM flying squad and Gurugram police conducted a raid on Tuesday night and nabbed nine people, they said. Satyendra alias Sam, Ankis Sachdeva, residents of Delhi, Abhisawan Sabarwal, Eklavya, Vishal Vishwakarma, natives of UP, Thomsang, Chokhauni, Magoi Ganglui, natives of Manipur were arrested on Tuesday night, they said. Police said they have recovered Rs 1.5 lakh cash, four laptops, and three CPU from their possession. The fake call centre was duping US nationals on the pretext of offering a grant on behalf of Federal Grant Washington DC between USD 9,000 and USD 34,000 and duped USD 200 to USD 1,600 in Google gift cards by redeeming, police said. Deputy superintendent of police (DSP) Inderjeet Yadav (CM squad Gurugram) said based on a tip-o

Sukesh Chandrasekhar: A jailed conman who never stopped duping people

He is accused of running an extortion racket worth Rs 200 crore from the inside of Tihar jail. He has also duped people on the pretext of promising them jobs

Officials arrest mastermind behind fraudulent shell firms with China links

Indian authorities said they had arrested a man who had masterminded the creation of many shell companies linked to China and appointed dummy directors to run the fraudulent businesses

Scamsters posing as Adar Poonawala dupe Serum Institute of over Rs 1 crore

An FIR was launched against some unidentified persons for cheating the Serum Institute of India for more than Rs 1 crore, said the officials

Allahabad HC rejects gangster Mukhtar Ansari's bail plea in ambulance case

The Allahabad High Court's Lucknow bench rejected the bail plea of gangster-turned politician Mukhtar Ansari in a case of alleged fraud in the registration of an ambulance

Banking frauds of over Rs 100 cr see significant decline in FY22

Frauds in the banking sector involving sums of over Rs 100 crore have declined significantly, with banks reporting cases worth Rs 41,000 crore in FY22 compared to Rs 1.05 trillion in the previous year

US charges Indian-origin tech entrepreneur in $45mn investment fraud

An Indian-origin entrepreneur has been arrested and charged by federal prosecutors in an alleged $45 million investment fraud scheme that targeted more than 10,000 people

Future Group, its promoters 'orchestrated and committed' fraud, says Amazon

Warns of legal action to block sale of FRL assets to Reliance Retail as part of a $3.4-billion deal

Instant App-based loan fraud: ED summons senior executives of Google

The agency's Hyderabad office is probing 38 non-banking financial companies (NBFCs) and over 300 fintech firms under the anti-money laundering law

Multi-crore Chinese loan app fraud and extortion racket busted, 8 held

In a major operation, Delhi Police have busted a multi-crore Chinese loan Application fraud and extortion racket and arrested eight people from different parts of the country, an official said

Sebi levies Rs 1.76 cr fine on 26 people for fraudulent trading activities

Capital markets regulator Sebi has slapped fines totalling Rs 1.76 crore on 26 individuals for indulging in fraudulent trading activities in the shares of Gala Global Products Ltd (GGPL). The regulator has imposed penalties ranging from Rs 5 lakh to Rs 10 lakh. Securities and Exchange Board of India (Sebi) had conducted an investigation into the scrip of GGPL during the December 2017- April 2018 period. According to the watchdog, the individuals were connected to each other and had indulged in reversing their trades among themselves for the purpose of creating artificial volume. It also created a false and misleading appearance of trading in the company's shares without the intention of change of actual beneficial ownership. Further, it was revealed that the individuals (noticees) while acting in tandem acted in a manipulative manner to inflate the scrip price. The regulator also noted that some of the individuals by way of trading among themselves had contributed to the new high

'Fraud of huge size': SC upholds winding up of Devas Multimedia

A bench of Justices Hemant Gupta and V Ramasubramanian dismissed the appeal filed by Devas Multimedia

What lessons does Elizabeth Holmes' fall have for startup investors?

Billionaire Elizabeth Holmes, founder of Theranos, has been found guilty of defrauding investors. What lessons does the Homes-saga hold for startup investors back home, this report finds out

Jury in Elizabeth Holmes' fraud case unsuccessfully tries to study at home

The jury deliberating Elizabeth Holmes' criminal fraud charges sent their first note to US District Judge Edward Davila Tuesday afternoon

Elizabeth Holmes takes the witness stand at Theranos criminal fraud trial

Elizabeth Holmes took the witness stand to start telling jurors her side of the story in a criminal fraud trial that has gripped Silicon Valley

7 am-7 pm: The business hours of digital fraudsters, says HDFC Bank

65%-70% of cyber frauds happen during banks' business hours since fraudsters want to gain the trust of their victims and sound convincing, said an HDFC Bank executive

Indian team backs IBM's Telum chip aimed to stem $30 bn consumer fraud loss

IBM Telum Chip: The team owned a significant portion of the logic design, verification and validation, in addition to the complete physical design of the new dedicated on-chip accelerator