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...
Corporate fraud consists of activities undertaken by an individual or company that are done in a dishonest or illegal manner, and are designed to give an advantage to the perpetrating individual or company. Corporate fraud schemes go beyond the scope of an employee’s stated position
The Special Judge, CBI Cases, Karkardooma Courts, Delhi has sentenced Sh. K.K. Mishra, then Chief Manager, State Bank of Saurashtra, Lodhi Road, New Delhi & Sh. V.B. Borar, Chartered Accountant (private person), both to undergo five years Simple Imprisonment with fine of Rs. 10 lakh each
MCA has ordered investigations through SFIO U/s. 235 of the Companies Act, 1956 and Section 212 of Companies Act, 2013 into affairs of 187 companies (as on 13-04-2016) against whom complaints had been received regarding alleged collection of funds through MLM/ Ponzi activities from the people in different States of the country.
ICAI, has clarified that the applicability of this section on fraud reporting is applicable only to the statutory auditors of the company, the cost accountant in practice, conducting cost audit under section 148 of the Act; and to the company secretary in practice, conducting secretarial audit under Section 204 of the Act. It shall also extend to a branch auditor appointed under Section 139 ‘to the extent it relates to the concerned branch’.
The Income Tax Department has been at the forefront of using technology in implementing its – e-Governance initiatives. Most of its routine communication to taxpayers is through email and SMS. Therefore, the Department is very sensitive and alert to attempts made by fraudsters to spoof the Department’s identity to send phishing emails.
The Income Tax department here has busted a Rs 150 crore ‘ponzy scheme’ — a fraudulent investment scheme that pays returns to investors through illegal funds — which allegedly duped poor investors from villages and small cities of West Bengal, Oris
Shivraj Puri, the main accused in the estimated Rs 400 crore fraud at Citibank’s Gurgaon branch, was remanded in 14 days’ judicial custody by a local court today. Chief Judicial Magistrate D N Bhardwaj ordered Puri to be taken into judicial remand for 14 days till January 28 at a hearing today. Puri has been in police custody for the past 14 days in connection with the fraud.
A local court today extended police remand of Shivraj Puri, the main accused in the alleged Rs 400 crore Citibank fraud, by 2 more days till January 14 as police is yet to recover iPad considered to be vital evidence. The Chief Judicial Magistrate D
A part of the funds involved in the Rs 300 crore fraud at Citibank, allegedly masterminded by employee Shivraj Puri, was pumped into the real estate sector, sources said. Investigations into the fraud have revealed that Puri invested a part of the
Citibank fraud under RBI scanner too Realising the magnitude of the Citibank fraud estimated at Rs 300 crore, the Reserve Bank of India today said it will go into the entire gamut of the scam, even as it is being looked into by market regulator Seb
