PMC Bank probe finds another ghost account operator
These ‘ghost accounts’ are suspected to have been operated by entities with the knowledge of arrested bank officials, sources said. These accounts allegedly belonged to the Abchal Group, loans to which have turned bad, saddling the bank with a Rs 300 crore liability. Not much information seems to be publicly available on the Abchal Group or its promoters.
Sebi bans 3 persons for 7 years for creating sham identities to transact in market
Besides, they have been asked to disgorge unlawful gain of...
EOW probe: 23 PMC bankers, clients took out Rs 70 crore before curbs
As per Mumbai Police, 23 PMC bankers and clients took Rs 70 crore a week...
Another auditor arrested in PMC Bank scam
This is the eighth arrest in the case. Anita Kirdat (35), a 'concorrent auditor' of the bank, was arrested on Tuesday. Her responsibility was to ensure a "systematic and timely examination" of the bank's financial transactions. Kirdat audited the bank's transactions monthly, but allegedly could not or did not point out irregularities in its processes.
PMC Bank depositors protest outside RBI headquarters
A police personnel says around 100 depositors, including women, raised placards and chanted slogans against PMC Bank and the RBI today during a protest outside the Reserve Bank headquarters in Mumbai demanding the return of their funds.
Corporate frauds see a massive surge: SBI
The April–November period this year recorded 200 times more frauds compared to entire FY18.
Infosys to pay California $8,00,000 over foreign workers’ visas, tax fraud
Infosys will pay California USD 800,000 (nearly Rs 56 crore) to resolve allegations that between 2006 and 2017, approximately 500 Infosys employees were working in the State on Infosys-sponsored B-1 visas rather than H-1B visas. This misclassification resulted in Infosys avoiding California payroll taxes such as the unemployment insurance, disability insurance, and employment training taxes.
2 Russians charged in international malware scheme
The Justice Department unsealed charges Thursday against two Russian men in what authorities say was one of the worst computer hacking and b...
The biggest lessons for India from the PMC Bank fiasco
HDIL’s hijacking of PMC is just the latest in the subversion of co-op banks by the influential & crooked.
Afghanistan's Ghani secures 50.64% of presidential vote in preliminary result
Afghanistan election commission said on Sunday incumbent President Ashraf Ghani won the majority of Sept. 28 presidential election votes in delayed preliminary results from a poll that plunged the country into political uncertainty.
Fraud-hit CG Power gets nod for raising Rs 5,000 crore debt
The firm had stated that its current borrowing as of March 31, 2019 was Rs 2,455.39 crore.
RBI tells court how it was 'cheated' by scam-hit PMC Bank
The affidavit states that PMC Bank had submitted fraudulently manipulated data to RBI for sample checks.
PMC case: 'Depositors can approach RBI admin for emergency withdrawals'
In an affidavit filed in the HC in response to petitions challenging the fund withdrawal restrictions, the RBI has mentioned the withdrawal ceiling at Rs 50,000 for scenarios like marriage, education, livelihood and "other hardships". On Sept 23, the RBI had imposed regulatory restrictions on the PMC Bank for six months over alleged financial irregularities.
CBI files 6 charge sheets against Zoom Developers in Rs 558-crore bank frauds
The company diverted loan funds and did not complete projects following which foreign banks invoked bank guarantees which were not repaid by the company causing loss to the banks, they said. Oriental Bank of Commerce, erstwhile State Bank of Hyderabad, Allahabad Bank, Vijaya Bank, Corporation Bank and Andhra Bank suffered losses in these cases of fraud, they said.
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