frauds

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/...

Phishing comes from the word FISHING which essentially means to trap someone into a fake identity by using either fake website, links or via spearing etc. This is one of the major areas which need awareness and at the same time it is really crucial for all FORENSIC ACCOUNTANTS to understand the concept who go for any kind of financial inv...

Now a day’s accounting frauds are on rise to be reported related to Payroll in which a FRAUDSTER manages to create some employees master file which actually do not exists and manage to take away their all benefits by way of FRAUD....

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)....

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...

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. ...

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...

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....

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...

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...