frauds news

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....

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Posted Under: Fema / RBI |

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...

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Posted Under: Fema / RBI |

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...

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Posted Under: Fema / RBI |

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....

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Posted Under: Fema / RBI |

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)....

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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...

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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. ...

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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...

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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....

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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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