frauds

Waiting for NFRA Like Regulatory Bodies for Banks, Beurocracy, Political Parties, Taxation Authorities, & Medical, Legal & Company Secretary Profession!!!

Fema / RBI - The progressive measures, being undertaken by the Government in curbing corruption, have always been taken in positive spirit by honest and diligent members of ICAI, and as such the constitution of NFRA, will infact reinforce and reinstate the perception about the dignity and integrity of the noble profession of Chartered Accountancy. How...

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Big Bank PNB Fraud gave Birth to NFRA

Fema / RBI - It seems like it was the need of an hour to constitute National Financial Reporting Authority. Section 132 of Companies Act, 2013 deals with the constitution of NFRA. On Thursday March 1, 2018, the cabinet approved its constitution as announced by Union Finance Minister Arun Jaitley in a press meet. But the question here is, […]...

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77 Facts about Cyber Crimes One Should Know in 2018 (Infographic)

Fema / RBI - Ever since the Internet was created there have been criminals who want to take advantage of it. Therefore, offenses against individuals or companies in order to cause harm or loss to the victim with the use of modern telecommunication networks are defined as cybercrimes. Basic precautions like firewall, antivirus, and regular security che...

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PNB Appoints BDO for forensic Audit of 5 Nirav Modi group companies

Fema / RBI - PNB Bank had initiated the process of assigning Forensic Audit in the accounts of Nirav Modi Group and bids were invited from major audit firms. Bid from M/s BDO India LLP was Ll and after negotiations with them, M/s BDO India LLP has been appointed as Forensic Auditor for 5 group companies of Nirav Modi on 27.02.18...

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PNB Fraud – Buck Stops With The Regulator ??

Fema / RBI - Is the PNB fraud an operational failure or a auditing failure or a regulatory failure is the question (leaving alone the political slugfest) in the people mind and there are lot of claims and counter claims on the basic reasons for such a massive scam to have happended. No bank is without operational risks and […]...

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CBI Arrests Kolkata Based Private Company directors in Bank fraud case

Fema / 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)....

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

Fema / RBI - 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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PNB clarification -Rs. 942 cr not new fraud but recall of credit limits: Geetanjali Group

Fema / RBI - The amount of Rs. 942 cr were the regular limits sanctioned to Geetanjali Group under consortium lending, and were standard credit exposure at the time of detection of the fraud. Now, this exposure is being added to the existing fraudulent amount. This amount has nothing to do with any new fraudulent LoUs/LoCs. ...

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Security & operational controls in SWIFT environment to prevent fraud in Banks

Fema / RBI - Security and operational controls in SWIFT environment Reserve Bank of India (RBI) has apprised that it had issued two circulars to banks, related to security and operational controls in SWIFT (Society for Worldwide Interbank Financial Telecommunication) environment, in the months of August and November 2016. As per RBI inputs, compliance...

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Limit collateral damage from bank frauds: ASSOCHAM

Fema / RBI - All out efforts must be made by banks, regulators, government and India Inc to limit the collateral damage from the alleged fraud in PNB, said the ASSOCHM today, cautioning over-reaction by the banks and the investigative agencies would hurt essential credit disbursement to the trade and industry and tamper the growth expectations....

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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"

CBI Arrests Kolkata Based Private Company directors in Bank fraud case

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 More
Posted Under: Fema / RBI |

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

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...

Read More
Posted Under: Fema / RBI |

PNB clarification -Rs. 942 cr not new fraud but recall of credit limits: Geetanjali Group

The amount of Rs. 942 cr were the regular limits sanctioned to Geetanjali Group under consortium lending, and were standard credit exposure at the time of detection of the fraud. Now, this exposure is being added to the existing fraudulent amount. This amount has nothing to do with any new fraudulent LoUs/LoCs. ...

Read More
Posted Under: Fema / RBI |

Security & operational controls in SWIFT environment to prevent fraud in Banks

Security and operational controls in SWIFT environment Reserve Bank of India (RBI) has apprised that it had issued two circulars to banks, related to security and operational controls in SWIFT (Society for Worldwide Interbank Financial Telecommunication) environment, in the months of August and November 2016. As per RBI inputs, compliance...

Read More
Posted Under: Fema / RBI |

Limit collateral damage from bank frauds: ASSOCHAM

All out efforts must be made by banks, regulators, government and India Inc to limit the collateral damage from the alleged fraud in PNB, said the ASSOCHM today, cautioning over-reaction by the banks and the investigative agencies would hurt essential credit disbursement to the trade and industry and tamper the growth expectations....

Read More
Posted Under: Fema / RBI |

Govt clarifies on undue advantage due to 20:80 scheme of gold imports

Government Issues Clarification on Gold Imports Scheme The past few days have seen some misapprehensions being generated on the scheme of gold imports known as the 80:20 scheme.  The factual position is being clarified. The increase in gold imports had put pressure on the current account deficit in 2012-13.  A series of steps were taken...

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Posted Under: Fema / RBI | ,

Action taken by ICAI on PNB matter- An Update

The ICAI has also set up High Power Group to study the issues in PNB matter and suggest remedial measures and improvements in the banking system. The Group has written to various officials of the bank including the Chairman of the Audit Committee and a member to provide relevant information in the matter so as to help the Group to underst...

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Posted Under: Fema / RBI |

Waiting for NFRA Like Regulatory Bodies for Banks, Beurocracy, Political Parties, Taxation Authorities, & Medical, Legal & Company Secretary Profession!!!

The progressive measures, being undertaken by the Government in curbing corruption, have always been taken in positive spirit by honest and diligent members of ICAI, and as such the constitution of NFRA, will infact reinforce and reinstate the perception about the dignity and integrity of the noble profession of Chartered Accountancy. How...

Read More
Posted Under: Fema / RBI |

Big Bank PNB Fraud gave Birth to NFRA

It seems like it was the need of an hour to constitute National Financial Reporting Authority. Section 132 of Companies Act, 2013 deals with the constitution of NFRA. On Thursday March 1, 2018, the cabinet approved its constitution as announced by Union Finance Minister Arun Jaitley in a press meet. But the question here is, […]...

Read More
Posted Under: Fema / RBI |

77 Facts about Cyber Crimes One Should Know in 2018 (Infographic)

Ever since the Internet was created there have been criminals who want to take advantage of it. Therefore, offenses against individuals or companies in order to cause harm or loss to the victim with the use of modern telecommunication networks are defined as cybercrimes. Basic precautions like firewall, antivirus, and regular security che...

Read More
Posted Under: Fema / RBI |
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