Frauds

Sebi suspends trading in Bharat Global Developers alleging lapses

Shares of Bharat Global have seen a 105 times jump in the last year, rising from just Rs 16.14 apiece in November 2023 to a high of Rs 1,703 in November 2024

Financial fraud up as 59% of Indian firms faced crimes in past two years

Indian companies reported a higher exposure to fraud (59 per cent) than the global average (41 per cent), with procurement fraud emerging as the top concern and forced labour risks

ED restitutes assets worth Rs 4,025 cr in Bhushan Steel bank 'fraud' case

The ED has restituted assets worth Rs 4,025 crore of the erstwhile Bhushan Steel and Power Limited to JSW Steel following approval from the Supreme Court, the federal probe agency said on Saturday. JSW Steel was the successful resolution applicant to the assets of the insolvent company under the Insolvency and Bankruptcy Code (IBC) of the Corporate Insolvency Resolution Process (CIRP). These assets were earlier attached by the federal probe agency under provisions of the Prevention of Money Laundering Act (PMLA) in an investigation against Bhushan Steel and Power and its promoters on charges of alleged bank loan fraud and "diversion" of those funds for personal investments. The Enforcement Directorate (ED) said the restitution of assets worth Rs 4,025 crore was made under Section 8(8) of the PMLA (restitution pending trial), read with Rule 3A of PMLA Restoration of Property Rules. The apex court gave its approval on this Enforcement Directorate (ED) proposal on Wednesday, the agenc

Public sector bank loan frauds: A 10% problem, but a 98% financial crisis

The finance ministry's ongoing efforts aim to strengthen fraud detection, improve the speed of investigations, and ensure accountability across the banking sector

Mumbai man loses Rs 10 lakh in task completion scam: Here's how it works

The victim was offered a part-time job. Eventually, he was asked to pay "fees" under the guise of earning lucrative returns, which never materialised

SC grants bail to SRS group head Anil Jindal in Rs 770 crore fraud case

The Supreme Court on Wednesday granted bail to SRS Group chairperson Anil Jindal in an alleged fraud case involving Rs 770 crore being investigated by the serious fraud investigation office. A bench comprising Chief Justice Sanjiv Khanna and Justice Sanjay Kumar observed that Jindal had been in jail for the last six-and-half years and the trial in the case was yet to begin. The CJI said though the offence was grave, the fact that the accused had been in prison for so many years that too without any trial couldn't be overlooked. The bench remarked that Jindal may be granted a 10-year jail term, in case he was convicted. Imposing a slew of bail conditions, the bench directed Jindal, represented by senior advocate Maninder Singh, to surrender his passport with the trial court and provide his contact numbers to the SFIO so that his whereabouts could be ascertained by the investigating officers. The bench further asked the accused to provide details of immovable properties, bank accoun

Here's how Gautam Adani's alleged bribery scheme took off and unraveled

The alleged hundreds of millions of dollars in bribes promised to local Indian officials caught the attention of US Justice Department and Securities and Exchange Commission

Here's what's next for Gautam Adani after US bribery and fraud charges

Adani is charged with foreign bribery, securities fraud, securities fraud conspiracy and wire fraud conspiracy

Man replaces QR code at fuel pump, swindles many: How can you stay safe

The accused printed his own GPay QR code and put it at the filling station by replacing the legitimate one displayed

Vietnamese real estate tycoon found guilty of fraud in govt graft crackdown

A Vietnamese real estate tycoon was convicted Thursday of fraudulently obtaining property worth billions of dollars in a case that has been a centrepiece of the government's crackdown on corruption. Truong My Lan was already convicted in April by the same Ho Chi Minh City court of fraud amounting to UDS 12.5 billion nearly 3 per cent of the country's gross domestic product in a separate case and sentenced to death by lethal injection. The trials were broken into two parts due to the number of allegations against her, and Thursday's verdict, which carries a maximum penalty of life in prison, adds to Lan's legal troubles as she awaits the appeal of her death sentence to be heard. Vietnam has handed down more than 2,000 death sentences in the past decades and executed more than 400 prisoners. It is a possible sentence for 14 different crimes but is generally only applied in cases of murder and drug trafficking. Standing here today is a price too expensive for me to pay. I consider t

Rs 500 cr app scam: Delhi Police summons Rhea, Bharti Singh, her husband

Bollywood actor Rhea Chakraborty, comedian Bharti Singh and her husband Harsh Limbachiyaa have been sent notices by the Delhi Police to join the probe into a Rs 500-crore app-based fraud, officials said on Saturday, an official said. Delhi Police on Thursday claimed to have busted the scam involving HIBOX, a mobile application that allegedly lured people into investing money through it with the promise of high returns. As per complaints, nine social media influencers and YouTubers, including Bharti Singh, Harsh Limbachiya, Lakshay Choudhary, Adarsh Singh, Saurav Joshi, Abhishek Malhan, Purav Jha, Elvish Yadav and Amit and Dilraj Singh Rawat, promoted the app and lured people into investing money through it. Rhea Chakraborty was also among those who promoted the app, said the officer privy to the investigation in the matter. The Intelligence Fusion and Strategic Operations (IFSO) unit of the police has sent Rhea, Bharti and her husband notices to join the probe next week, the office

For promise of youth: Couples lose Rs 35 cr over 'Israeli time machine'

A Kanpur-based couple allegedly defrauded over two dozen couples of Rs 35 crore, claiming their 'oxygen therapy' offered by a fake 'Israel-made time machine' could make clients look 25 again

Chhattisgarh's fake SBI branch fraud: How a village fell victim to the scam

The scam involved fraudulent job appointments, fake training sessions, and a meticulously constructed setup to deceive both unemployed individuals and local villagers

BharatPe settles with former co-founder Ashneer Grover; drops legal action

BharatPe has settled with former co-founder Ashneer Grover and has decided not to pursue any legal action. The case pertains to Bharatpe's allegations against Grover of fraud worth Rs 81 crore

BharatPe fraud case: Delhi Police EOW nabs Ashneer Grover's family member

Delhi Police Economic Offences Wing (EOW) has arrested a family member of BharatPe co-founder Ashneer Grover in connection with the alleged misappropriation of funds with the fintech company, police officials said on Friday. Deepak Gupta, who is a brother-in-law of Grover, was arrested on Friday, they said. Gupta was named in the FIR which was registered against Grover, his wife Madhuri Jain and their family member in May 2023 in the Rs 81-crore fraud case, an officer said, adding that Gupta is being interrogated. Gupta's arrest is the second arrest in this case so far, officials said. In August this year, the EOW had arrested Amit Kumar Bansal, who allegedly was one of the members of the non-existing firms that had received payments of Rs 72 crore from the then directors of BharatPe between 2019 and 2021. BharatPe has accused Grover and his family of causing losses to the firm to the tune of about Rs 81.3 crore through illegitimate payments to bogus human-resource consultants, ..

ED raids German company's subsidiary in case of fraud involving Rs 130 cr

The Enforcement Directorate on Saturday said it has frozen bank deposits, mutual funds and other financial investments worth more than Rs 9 crore as part of a money laundering probe against some former employees of a Pune-based subsidiary of a German firm who allegedly diverted company funds to the tune of crores of rupees. Searches were undertaken at six locations in Pune, Maharashtra and Delhi-NCR on September 4, the central agency said in a statement. The premises of the former employees and some vendors who worked "hand in gloves" with them were raided, according to the ED. The money laundering case stems from a Pune Police (Chakan police station) FIR based on a complaint made by the MD of HUF India Pvt Ltd., a subsidiary of German-based company HUF Halswerk & Furst GMBH & Co. KG, that is engaged in the production of electronic remote-control systems for four-wheeled vehicles. The company had an annual turnover ranging from Rs 100 crore to Rs 300 crore. It was alleged in ..

'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

ED arrests 4 in Chinese-linked online betting app fraud worth Rs 400 cr

Four persons have been arrested in connection with a Rs 400 crore "fraud" online betting and gaming app allegedly linked to some Chinese nationals, the Enforcement Directorate (ED) said on Friday. Arun Sahu, Alok Sahu, Chetan Prakash and Joseph Stalin were taken into custody under the provisions of Prevention of Money Laundering Act (PMLA) in the case related to the app named 'Fiewin', the federal probe agency said in a statement. The money laundering case stems from an FIR filed at the Cossipore police station in Kolkata against some unknown persons for "cheating" and "conspiracy" with a number of online gamers through the app. "An amount of Rs 400 crore was generated from the Fiewin app fraud and thereafter was credited into eight Binance (global crypto exchange) wallets in the name of Chinese nationals. These wallets were operated from the Chinese mainland as revealed by the access IP logs. "The Chinese nationals communicated with and instructed the four accused persons through

Several measures taken by Sebi to protect retail investors: MoS Chaudhary

To safeguard retail investors, Sebi has taken several measures, including cautioning them against trading on stock tips given by unregistered entities, conducting probes and issuing directions against non-compliant ones, Parliament was informed on Tuesday. Under the Sebi's rule, no person can render investment advice unless he is registered with the capital markets regulator. Sebi (Investment Advisers) norms specify the eligibility conditions for registration, obligations and responsibilities and procedure for action in case of default, Minister of State for Finance Pankaj Chaudhary in a written reply to Rajya Sabha. Responding to a query on steps taken by the government to protect retail investors against the frauds happening the social media in the name of giving advice as stock market experts, Chaudhary said that Sebi has issued several press releases advising investors to deal with only registered investment advisers for availing investment advisory services. Investors can chec

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