CA, CS, CMA : A client was scammed by a fraudster posing as VRL Logistics. Learn how to spot and avoid such scams to protect your business from ...
CA, CS, CMA : Explore fraudulent financial reporting, its impact on stakeholders, methods of detection, and prevention strategies....
Income Tax : In India, tax manipulation is a serious topic that involves both tax evasion and tax avoidance. Tax evasion is a criminal activity...
Finance : Delve into the intricate details of the Karvy Demat Scam, from its genesis to repercussions. Explore the role of regulators, audit...
Finance : Discover real-life bank fraud cases involving misappropriation of funds, forgery, and cyber fraud. Learn valuable insights to prev...
Corporate Law : SFIO investigates three EV companies for Rs. 297 crore subsidy fraud under FAME-II. Alleged violations include importing restricte...
Corporate Law : SFIO investigates 36 corporate fraud cases in the past 3 years, with 41 cases filed and 25 convictions. MRAU enhances fraud detect...
Corporate Law : Delhi Police Cyber Crime & CEIB warn against fake emails alleging child pornography & cyber crimes. Stay vigilant & report any sus...
Corporate Law : An urgent alert from Indian Cyber Crime Coordination Centre (I4C) about counterfeit emails impersonating its CEO. Learn how to rec...
Company Law : GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS LOK SABHA UN-STARRED QUESTION NO. 1282 ANSWERED ON MONDAY, JULY 25, 2022/ SRAVAN...
Income Tax : Delhi High Court has directed readjudication in the case of Praveen Bansal Vs ITO, stating that the assessment order under Section...
Goods and Services Tax : Supreme Court's ruling in Sheetal Mittal vs. State of Rajasthan, where anticipatory bail was denied due to fabricated GST number a...
Corporate Law : HC held that domain name https://india-mart.co/ shall be immediately blocked. MeitY/DoT to issue blocking orders within 24 hours f...
CA, CS, CMA : Since the ex-promoters/directors and similarly situated chartered accountants have been granted bail, there is no reason why the A...
CA, CS, CMA : CBI Vs. Devendra Chaturvedi (Special Court for CBI at Greater Bombay) In nutshell, it is the allegation against accused that they ...
Company Law : NFRA issued a circular highlighting statutory auditors' obligations to report fraud in accordance with Companies Act, 2013. Circu...
Fema / RBI : Fraudsters attempt to get confidential details like user id, login / transaction password, OTP (one time password), debit / credit...
Fema / RBI : It is reiterated that all Concurrent Auditors are required to:- To cross verify that all outbound SWIFT messages vis-a-vis their c...
Fema / RBI : 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 Nat...
PNB closed all option to recover dues by going public: Nirav Modi.- We have followed lawful avenues available to us as per law of land to recover our dues.
There is a lot of misinformation in the media about the role of the statutory auditors of a Bank whether at the HO or the branches. It is not just a test check as stated by a CA to Economic Times. It is not as per an article in Business Standard of 20th February 2018
With the latest Rs. 11,000 crore scam by a world-renowned jeweler Nirav Modi and his firms, several questions arise in our minds. This is a willful scam carried out by few bank officials and the jeweler. Having said that the involvement of top politicians and RBI officials cannot be ruled out.
PNB looking to monetize assets.- Bank has enough assets to meet any liability which is decided as per law. However, realization of any specific asset would be decided at the time of need with the approval of Board.
With reference to the media reports regarding Govt. asks fraud-hit Punjab National Bank to conduct forensic audits. We submit as under: Since our bank has not received any instruction from any investigating/Govt. authority, we at present cannot comment on media reports.
It is clarified that the modus operandi of this event has nothing to do with the happening in one of the largest Public Sector Banks. The incident happened in our Bank is because of the cyber attack initiated by the international cyber criminals and there is no evidence of internal staff involvement.
The Punjab National Bank’s fraudulent transactions worth Rs 11,300 crore should act as a strong trigger for the government for reducing its stake to less than 50 per cent in the banks which should then be allowed to work on the lines of private sector lenders with a full sense of accountability to their shareholders protecting interest of depositors
News appearing in certain section of media that Tax Department has estimated that Indian banks could take a hit of more than $3 bn due to alleged fraud at PNB, is false & factually incorrect. @IncomeTaxIndia has NOT made any such prediction
The great jewel scam that is rocking the nation has opened up a Pandora Box on how the banks have become soft target for unscrupulous scam creators in connivance with the bank officials. It is apparent from the modus operandi of the operations that it is a systematic, well conceived and planned loot of the Indian Banking system.
It is textbook banking fraud. Let’s start with a brief overview of how trade in diamonds is settled. Rough diamonds are very expensive, easy to transport, and cutting – polishing them adds little value to the final product. This makes rough diamonds an excellent tool for round-tripping funds into India via fake invoices. Diamond firms raise credit abroad […]
