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Fraud

Nov 23, 2019, 01.43 AM IST

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FRAUD

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  • PSBs reported 5,743 cases of fraud in 6 months, most of which had taken place over the last several years.

    The CGST department has arrested four persons for allegedly making false input tax credit (ITC) claims causing loss to the exchequer to the tune of at least Rs 400 crore.

    A huge number of Paytm user have already approached the company’s cyber cell and RBI's ombudsman.

    Government owned banks reported frauds of over Rs 95,700 crore in the first six months of the current fiscal, the Parliament was informed on...

    The Serious Fraud Investigation Office (SFIO) revealed in its report that the Ahmedabad-based Adarsh Credit Cooperative Society had purchased fabric worth Rs 225 crore for suits. The SFIO is probing into the alleged Rs 9000 crore scandal, involving the Ahmedabad-based cooperative society controlled by Mukesh Modi and his family.

    V.R. Venkatesh, the former CFO, CG Power has denied any sale of property in Nashik in connection to the CG Power fraud he is primarily accused of. In its investor presentation in August, CG Power had listed several alleged discrepancies or fraudulent transactions including two instances of sale of company properties in Nashik and Kanjurmarg.

    The EOW suspects a nexus between some of the accused and the realty group HDIL, whose mammoth loan defaults are said to have caused a liquidity crisis at the bank, leading to appointment of an administrator by the RBI and restrictions on withdrawal of funds.

    Two developments have created an enabling environment for fraud- the explosion of smartphones with internet and modes of payment via apps. Methods used by confidence tricksters range from payment requests on UPI to sharing of QR codes on WhatsApp.

    It happens when consumers seeking a solution to a problem do a Google search and call up any helpline number that it throws up; most do not bother to look up the organisation’s website or the papers they may hold to locate the official phone numbers. Mumbai resident Ruchira Damia lost Rs 40,000 when she tried to contact an HP Gas agency.

    In October, UPI based transactions have hit a landmark of one billion transactions. Therefore, as methods of making payments have become technologically advanced, fraudsters have also evolved different ways to con you out of your hard-earned money.

    IT said they had conducted search action in Mumbai and Surat on November 6 on entry providers and beneficiaries who have been engaged in execution of civil contracts mainly BMC.

    If renewed diplomatic efforts do not succeed in getting the Belgian authorities to consider either extraditing or deporting them, India may consider sharing evidence against the accused persons with them and ask that they be prosecuted in Belgium under that country’s money-laundering laws, a source said.

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