Fema / RBI - SA 240 defines fraud as an intentional act by one or more individuals among management , those charged with governance , employees or third parties involving the use of deception to obtain an unfair or illegal advantage. Frauds can be of two types fraudulent financial reporting and misappropriation of assets. Fraud risk factors refers to ...
Read MoreFema / RBI - Fraud can be defined as, 'a deliberate act of omission or commission by any person, which has been carried out in the course of a banking transaction or in the books of accounts maintained manually or under computer system in banks, thereby resulting into wrongful gain to any person for a temporary period with or without any monetary loss...
Read MoreFema / RBI - Globalization can be defined as the mixture of individual national economies into the international economic environment via different participation means. Globalization spurred two other revolutions– low-cost mass-transit facilities and international telecommunications (i.e., the Internet)....
Read MoreFema / RBI - Introduction : During the Year 1993, we had gone to Audit an PSU Bank in Shimoga as an Articled Clerk and since it was a Statutory audit of the Branch, we were going through all the physical documents since there were no core banking or the banks were not computerized, one particular account which I […]...
Read MoreFema / RBI - When I was doing my CA Articleship in a small town of Udupi in Karnataka to be precise we used to have lots of Bank Audits because Udupi and neighboring district of Mangalore were responsible for the Formation of 5 Big banks of India which later got merged by the Government of India order, previously […]...
Read MoreFema / RBI - There has been a sizable surge in usage of digital modes of payment during the recent years. This has not only led to improved customer convenience, but also contributed to achievement of national objective of financial inclusion to a great extent....
Read MoreFema / RBI - The Government has taken comprehensive steps to reduce the incidence of frauds in banks. The steps taken include, inter-alia, the following: Government has issued Framework for timely detection, reporting, investigation relating to large value bank frauds to Public Sector Banks (PSBs), for systemic and comprehensive checking of legacy s...
Read MoreFema / RBI - Top Management of M/s. Manpasapd Beverages Ltd. Savli, Vadodara arrested in fake invoice GST fraud. Multi locational searches were conducted on various premises of M/s Manpasand Beverages ltd. on 23/05/2019. The searches resulted into unveiling of a huge racket of creating fake/dummy units for availing fraudulent credit and committing t...
Read MoreFema / RBI - The rising trend in Bank frauds has been a cause of concern at all levels. In view of the alarming rise in Bank frauds, the Central Vigilance Commission has undertaken a review and analysis of top 100 Banks Frauds, as on 31.03.2017....
Read MoreFema / RBI - The Central Bureau of Investigation has today arrested two Directors of Kolkata based private company in an on-going investigation of a bank fraud case to the tune of Rs.515.15 crore(approx)....
Read MoreCBI Vs Devendra Chaturvedi (Special Court for CBI At Greater Bombay) - CBI Vs. Devendra Chaturvedi (Special Court for CBI at Greater Bombay) In nutshell, it is the allegation against accused that they conspired to cheat the Income Tax Department and in collusion with each other during the relevant period accused No.1 prepared income tax returns with the assistance of a...
Read MoreHO/I&C/Circular letter No./41/2017-18 - (19/02/2018) - It is reiterated that all Concurrent Auditors are required to:- To cross verify that all outbound SWIFT messages vis-a-vis their corresponding entries are reflecting in. To ensure & confirm that second checking has been done by the Branch official who are not associated with SWIFT messages....
Read MorePress Release: 2017-2018/2233 - (16/02/2018) - There have been reports in the media that in the wake of fraud involving a sum of USD 1.77 billion that has surfaced in Punjab National Bank (PNB), the Reserve Bank of India (RBI) has directed PNB to meet its commitments under the Letter of Undertaking (LOU) to other banks. RBI denies having given a...
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CBI Vs Devendra Chaturvedi (Special Court for CBI At Greater Bombay) -