frauds

Income Tax CPC Frauds – An eye opener for Honest Tax Payers…

Income Tax - You may be surprised to read the heading of this article and it will be very hard to believe for many of us. But it a big eye opener for all honest tax paying citizen, how CPC utilize our hard ended money for paying planned fraudulent Refunds....

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Trust But Verify

Income Tax - There are various provisions in the Act which give exemptions and deductions with the sole intention of promoting Social Development & Scientific Research which contributes in the overall growth of the Nation. Section 35(1)(ii) of the IT Act is one of such provision. This article is a small effort to explain how these provisions are being...

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How You Can Detect Property Fraud in Just Rs. 12…?

Income Tax - In India, Property fraud cases are not a new thing and lakhs of people are suffering from this major problem. Many times when people buy a house they enquire it from the seller that whether the property he is selling is free from any encumbrances, charges, mortgage,etc or not. If the seller is genuine he […]...

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PMC Bank Loan Scam

Income Tax - Before readers go through the PMC bank scam it is important for them to understand the background of  PMC bank:- ♠ PMC stands for Punjab and Maharashtra Co-operative Bank. ♠ The bank started on February 13,1984 ♠ The bank has a wide network of 137 branches across six states. ♠ The Bank stands among top […]...

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PMC Crisis- An Indepth Analysis

Income Tax - Few days ago, PMC account holders got a message on their phones that shocked them. PMC Bank was directed by the RBI to let the account holders withdraw no more than ₹1000 for the next six months; not extend or provide any new loans. All of this, overnight. No intimation was given to the customers....

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Comprehensive steps to reduce incidence of frauds in banks

Income Tax - 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...

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Management of Manpasapd Beverages arrested in fake invoice GST fraud

Income Tax -  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...

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Analysis of top 100 bank frauds by central vigilance commission

Income Tax - 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....

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CBI Arrests Kolkata Based Private Company directors in Bank fraud case

Income Tax - 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)....

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107 companies and 7 LLPs under SFIO scanner in PNB fraud case

Income Tax - The Government has ordered investigation into the affairs of 107 companies and 7 LLPs under the provisions of Section 212(1)(c) of the Companies Act, 2013 and Section 43(3)(c)(i) of Limited Liability Partnership Act, 2008 on 17.02.2018 belonging to Mr Nirav Modi (Firestar Diamond group) and Mr Mehul Chinubhai Choksi (Gitanjali Group) to b...

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CA and others convicted for Cheating Income Tax Department

CBI 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...

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OBC warns Concurrent Auditors to duly Verify all Outward SWIFT messages

HO/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....

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No instructed PNB to meet its commitments under LOU: RBI

Press 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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Recent Posts in "frauds"

Income Tax CPC Frauds – An eye opener for Honest Tax Payers…

You may be surprised to read the heading of this article and it will be very hard to believe for many of us. But it a big eye opener for all honest tax paying citizen, how CPC utilize our hard ended money for paying planned fraudulent Refunds....

Read More
Posted Under: CA, CS, CMA |

CA and others convicted for Cheating Income Tax Department

CBI 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 accused No.2 in the name of accused [&hel...

Read More
Posted Under: CA, CS, CMA |

Trust But Verify

There are various provisions in the Act which give exemptions and deductions with the sole intention of promoting Social Development & Scientific Research which contributes in the overall growth of the Nation. Section 35(1)(ii) of the IT Act is one of such provision. This article is a small effort to explain how these provisions are being...

Read More
Posted Under: CA, CS, CMA |

How You Can Detect Property Fraud in Just Rs. 12…?

In India, Property fraud cases are not a new thing and lakhs of people are suffering from this major problem. Many times when people buy a house they enquire it from the seller that whether the property he is selling is free from any encumbrances, charges, mortgage,etc or not. If the seller is genuine he […]...

Read More
Posted Under: CA, CS, CMA |

PMC Bank Loan Scam

Before readers go through the PMC bank scam it is important for them to understand the background of  PMC bank:- ♠ PMC stands for Punjab and Maharashtra Co-operative Bank. ♠ The bank started on February 13,1984 ♠ The bank has a wide network of 137 branches across six states. ♠ The Bank stands among top […]...

Read More
Posted Under: CA, CS, CMA |

PMC Crisis- An Indepth Analysis

Few days ago, PMC account holders got a message on their phones that shocked them. PMC Bank was directed by the RBI to let the account holders withdraw no more than ₹1000 for the next six months; not extend or provide any new loans. All of this, overnight. No intimation was given to the customers....

Read More
Posted Under: CA, CS, CMA |

Comprehensive steps to reduce incidence of frauds in banks

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 More
Posted Under: CA, CS, CMA |

Management of Manpasapd Beverages arrested in fake invoice GST fraud

 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 More
Posted Under: CA, CS, CMA |

Analysis of top 100 bank frauds by central vigilance commission

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 More
Posted Under: CA, CS, CMA |

Pressure MEETING TARGETS potentially converting into FRAUDs – Forensic Study

Every business list down its strategy to move forward and for that it gears up its executives by providing them some agreed targets which eventually become their performance indicators and based on these targets, these executives would further drill down the same to ensure these TARGETS are actually achieved. There are number of reported/...

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Posted Under: CA, CS, CMA |

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