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Finance - In this article, we will discuss in detail about three financial frauds that have happened in India in recent times – 1. The PMC Bank Scam, 2019 2. The Karvy Stock Broking Scandal, 2019 3. The Rotomac Pens Scam, 2018 CASE I – THE PMC BANK SCAM, 2019 HISTORY AND BACKGROUND: The Punjab and Maharashtra […]...
Read MoreFinance - 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 MoreFinance - 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 MoreFinance - 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 MoreFinance - 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 MoreFinance - 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 MoreFinance - 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 MoreFinance - 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 MoreFinance - 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 MoreFinance - 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 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) -
