Page 2 - Frauds

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

RBI releases draft rules on AePS to counter frauds on payments system

Banks and the National Payments Corporation of India (NPCI) are required to comply with these directions within three months from the date of issue of the guidelines

Self-exiled billionaire Guo Wengui convicted of fraud after fleeing to US

Guo Wengui, a self-exiled Chinese business tycoon whose criticism of the Communist Party won him legions of online followers and powerful friends in the American conservative movement, was convicted by a US jury Tuesday of engaging in a massive multiyear fraud that ripped off some of his most devoted fans. Once believed to be among the richest people in China, Guo was arrested in New York in March of 2023 and accused of operating a racketeering enterprise that stretched from 2018 through 2023. Over a seven-week trial, he was accused of deceiving thousands of people who put money into bogus investments, with the aim of preserving a luxurious lifestyle. He was convicted of nine of 12 criminal counts, including racketeering conspiracy. Guo's lawyers said prosecutors hadn't proven he'd cheated anyone. Guo, who is also known by the name Miles Kwok, left China in 2014 during an anti-corruption crackdown that ensnared people close to him, including a top intelligence official. Chinese ..

Scam alert: Upstox warns investors against cyber fraud, Check details

Online stockbroker flags fake WhatsApp channels that falsely claim affiliation with the company

IGI Airport Police arrests 108 agents in incidents of visa, passport fraud

Arrests have been made nationwide, including in Punjab, Gujarat, Haryana, Maharashtra, and West Bengal

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

Ex-billionaire gets 7.5-yr sentence for defrauding Goldman, Google

Rishi Shah, 38, the co-founder of Outcome Health, which provided ads on TVs in doctors' offices, was convicted of more than a dozen fraud and money laundering charges by a federal jury last year

CBIC campaign against frauds: Know how to protect yourself from fraud

The CBIC also advised the public to take measures to safeguard themselves from becoming victims of scams

No reduction in consumer market frauds despite regulatory changes: KPMG

The majority of the respondents feel that there has been no reduction in frauds despite multiple regulatory changes in India, a KPMG survey said on Thursday. KPMG in India conducted a survey with more than 75 experts from the finance/ compliance domain in various organisations in the consumer markets sector (FMCG, consumer durables, agriculture, retail and e-commerce), covering questions about frauds and leakages faced by them. As many as 79 per cent of the survey respondents said there has been no reduction in frauds despite regulatory changes, and only 21 per cent responded by saying that frauds have been reduced due to the changes. As per the survey, procurement, sales and distribution and e-commerce were voted as the major areas prone to fraud. About 72 per cent of the respondents cited reputational damage as the most severe impact of fraud, whereas 16 per cent believed that financial losses would also impact organisations. Around 61 per cent of the respondents believed that .

Unsold spaces in Noida's GIP mall attached by ED in Rs 400 cr cheating case

Besides GIP, Noida, the agency has also attached properties belonging to International Amusement Limited in Haryana's Rohini and Rajasthan's Jaipur

Sebi directs depository participants to take swift action against any fraud

WhatsApp groups from Hong Kong, Cambodia operated investment scams

Dell teams up with governments worldwide to tackle issues of AI ethics

Dell Technologies is actively collaborating with governments to establish appropriate policies and procedures, ensuring alignment with ethical standards within its probability models

Indian-origin man in Singapore charged for cheating staff of Prez, Parl

An Indian-origin man faces three counts of cheating by personation staff at the President's Office, the Ministry of National Development and Parliament. Prakash Paramasivam, 24, who appeared in the court on May 17, allegedly posed as a Singapore Prison Service staff member to send emails to President Tharman Shanmugaratnam, National Development Minister Desmond Lee and to the Parliament. He allegedly e-mailed the Parliament on February 16 and Lee two days later, followed by another email sent to President Tharman on Feb 24, according to a report by The Straits Times. Court documents did not disclose the contents of the e-mails or why Prakash allegedly sent them. His case will be mentioned again in court on June 20. For each count of cheating by personation, an offender can be jailed for up to five years and fined.