Finance : The paper shows that loan fraud persists due to enforcement failures, not lack of legal provisions. It highlights delays in detect...
CA, CS, CMA : This article explains how forensic accounting has exposed major corporate frauds that escaped traditional audits. The key takeaway...
Corporate Law : This explains how courts can order the release of money seized or frozen during cyber-fraud investigations. The key takeaway is th...
Corporate Law : Explore the methods forensic auditors use to detect financial fraud, from red flags to data analytics, and their critical role i...
CA, CS, CMA : Examine recent accounting frauds in India, their root causes, and the corrective actions taken by professional bodies, government,...
Fema / RBI : The government informed Parliament about measures taken with RBI and other agencies to identify and block illegal loan apps operat...
Finance : Government responds to rising QR code frauds, highlighting initiatives and awareness campaigns to safeguard digital payments in ru...
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...
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...
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 […]
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.
CBI Registers a case against Managing Director of a Mumbai based private Companies and Others Including then bank Officials for Causing an Alleged Loss of Rs. 4886.72 Crore (Approx) to PNB; Conducts Searches at 26 Locations
On 16.01.2018, the partnership firm of Nirav Modi group approached our branch at Brady House, Mumbai and presented a set of import documents with a request to allow buyers’ credit for making payment to the overseas suppliers.
The attention of Institute of Chartered Accountants of India (ICAI) has been drawn to various media reports highlighting the irregularity happened in Punjab National Bank (PNB) revealing that the Bank has detected a $1.77 billion (about Rs.11,400 crore) wrongdoing where a Jeweller Nirav Modi allegedly acquired fraudulent Letters of Undertaking (LOU) from a branch of […]
The hot topic of these days is PNB scam. Everyone is sharing on social platforms that PNB is involved in the fraud of Rs. 11,500 crores approx. but everyone is not aware about the way it has happened.
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 any such instructions.
It has been reported through a preliminary investigation that the suspected fraud has been carried out by the perpetrators in collusion with the staff at one of our branches in Mumbai. Apparently, the modus operandi adopted was as under:
Secretarial audit of corporate law compliances, listing agreement compliances, SEBI rules and regulations and other laws specifically applicable to the corporates.
