frauds

अब पछताए होत क्या जब चिड़िया चुग गई खेत: बैंक तब जागे, जब डीएचएफएल कर गई घोटाला

Finance - देश के सबसे बड़े बैंकिंग घोटाले दीवान हाउसिंग - सन् 2010 से 2018 तक इसके प्रमोटरों ने खुलकर फर्जीवाड़ा किया और हमारी सरकार इन्हें हाउसि...

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Corporate Frauds, Money Laundering and Benami Properties in India

Finance - (A) Corporate Frauds- Section 447 of Companies Act, 2013 1. Introduction on the Imprisonment + Fine (both) for Corporate Fraud under Section 447 of the Companies Act, 2013 (Act). (a) Corporate frauds are increasing in India by the person(s) those are directly or indirectly connected or even not-connected to the corporate. (b) It’s requi...

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Imprisonment + Fine (both) for Corporate Fraud in India

Finance - 1. Introduction on the Imprisonment + Fine (both) for Corporate Fraud under Section 447 of the Companies Act, 2013 (Act). (a) Corporate frauds are increasing in India by the person(s) those are directly or indirectly connected or even not-connected to the corporate. (b) It’s required that high standards for corporate governance and str...

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Whither Indian Banking Scams?

Finance - The banks and financial institutions have been facing their worst experiences for the last few years in their management of NPAs such as in the case of Vijay Mallya, Nirav Modi, and Mehul Choksi etc....

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एबीजी शिपयार्ड बैंकिंग धोखाधड़ी- फ्राड या बैंक प्रबंधन की लापरवाही

Finance - सीबीआई द्वारा कराया गया फारेंसिक आडिट वर्ष 2012-17 ने साबित कर दिया कि एक बड़े स्तर पर कंपनी और उनके निदेशकों द्वारा अवैध लेनदेन, धन का ...

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RBI Booklet on Modus Operandi of Financial Fraudsters

Finance - 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....

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Comprehensive steps to reduce incidence of frauds in banks

Finance - 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

Finance -  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

Finance - 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

Finance - 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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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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RBI advisory on Cyber Threats and Frauds

Press Release: 2021-2022/1630 - (28/01/2022) - Fraudsters attempt to get confidential details like user id, login / transaction password, OTP (one time password), debit / credit card details such as PIN, CVV, expiry date and other personal information....

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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"

अब पछताए होत क्या जब चिड़िया चुग गई खेत: बैंक तब जागे, जब डीएचएफएल कर गई घोटाला

देश के सबसे बड़े बैंकिंग घोटाले दीवान हाउसिंग - सन् 2010 से 2018 तक इसके प्रमोटरों ने खुलकर फर्जीवाड़ा किया और हमारी सरकार इन्हें हाउसि...

Read More
Posted Under: Finance |

Corporate Frauds, Money Laundering and Benami Properties in India

(A) Corporate Frauds- Section 447 of Companies Act, 2013 1. Introduction on the Imprisonment + Fine (both) for Corporate Fraud under Section 447 of the Companies Act, 2013 (Act). (a) Corporate frauds are increasing in India by the person(s) those are directly or indirectly connected or even not-connected to the corporate. (b) It’s requi...

Read More
Posted Under: Finance |

Imprisonment + Fine (both) for Corporate Fraud in India

1. Introduction on the Imprisonment + Fine (both) for Corporate Fraud under Section 447 of the Companies Act, 2013 (Act). (a) Corporate frauds are increasing in India by the person(s) those are directly or indirectly connected or even not-connected to the corporate. (b) It’s required that high standards for corporate governance and str...

Read More
Posted Under: Finance |

Whither Indian Banking Scams?

The banks and financial institutions have been facing their worst experiences for the last few years in their management of NPAs such as in the case of Vijay Mallya, Nirav Modi, and Mehul Choksi etc....

Read More
Posted Under: Finance |

एबीजी शिपयार्ड बैंकिंग धोखाधड़ी- फ्राड या बैंक प्रबंधन की लापरवाही

सीबीआई द्वारा कराया गया फारेंसिक आडिट वर्ष 2012-17 ने साबित कर दिया कि एक बड़े स्तर पर कंपनी और उनके निदेशकों द्वारा अवैध लेनदेन, धन का ...

Read More
Posted Under: Finance |

RBI advisory on Cyber Threats and Frauds

Press Release: 2021-2022/1630 28/01/2022

Fraudsters attempt to get confidential details like user id, login / transaction password, OTP (one time password), debit / credit card details such as PIN, CVV, expiry date and other personal information....

Read More

RBI: Cyber Frauds and a survey

Any communication from Reserve Bank of India emits a strong interest from bank account holders exhibiting a strong faith in its study, reporting, and monitoring capabilities. Its latest emit of report on cyber frauds is no exception. Its reference is given at the end. Let me recall its reference of fraud as under: “‘A deliberate [...

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Posted Under: Finance |

DICGC- Liability to make time-bound interim payment to Bank depositors

DICGC- Liability to make time-bound an interim payment to depositors of insured bank/s : PMC Bank, Rupee Coop Bank, Pen Coop Urban Bank Efforts are made in this write-up to highlight the correct status of interim payment by DICGC to insured bank depositors, without getting too much into legal Jaron. Print media has been interchangeably [&...

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Posted Under: Finance |

Corporate Frauds & Emergence Issues: An Analysis from Indian Perspective

INTRODUCTION The White Collar Crimes are the types of crimes perpetrated, whether public or private, by respectable individuals with ideal situations. For bureaucratic entities, the surveillance and detection of fraud are practically very difficult as these activities are carried out in very much secrecy due to which these actions are neg...

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Posted Under: Finance |

RBI Booklet on Modus Operandi of Financial Fraudsters

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 More
Posted Under: Finance |

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