Bank Frauds

Can't declare a borrower 'fraud' without hearing him first: SC tells RBI

The apex court upheld a judgement passed by the Telangana High Court in December 2020 stating that the principles of "audi alteram partem" must be applied before declaring a party as fraud

Rise in average value of card, internet banking frauds: Govt data

Average fraud value up at Rs 34,802 in 2021-22, but number of such instances down 8% to 65,045

Rs 395-cr bank fraud: CBI files new case against Unitech, former directors

The CBI has filed a new case against Unitech Limited and its former directors in connection with an alleged fraud in the IDBI bank involving an amount of Rs 395 crore, officials said. Nearly six months after a complaint from the bank, the Central Bureau of Investigation (CBI) has booked the company and its former promoters and directors Ramesh Chandra, Ajay Chandra and Sanjay Chandra under the Indian Penal Code (IPC) sections dealing with criminal conspiracy and cheating and provisions of the Prevention of Corruption Act, the officials said. The accused Unitech founders are facing another CBI probe pertaining to an alleged fraud in the Canara Bank. The company was allegedly enjoying a vendor bill discounting (VBD) facility, a kind of credit, of Rs 400 crore from the IDBI bank in 2012, the officials said. "Due to slowdown in real estate sector and pile up of inventory, the company was facing liquidity mismatch, and the payment of VBD bills was delayed," the complaint, now a part of

Rs 140-cr bank fraud case: CBI books HDIL promoters Rakesh, Sarang Wadhawan

The CBI has booked HDIL promoters Rakesh Wadhawan and Sarang Wadhawan in a new bank fraud case involving an amount of Rs 140 crore pertaining to their subsidiary Guruashish Construction, officials said on Thursday. The fresh action was initiated on a complaint from the Union Bank of India against the businessmen who are embroiled in a Rs-4,300 crore Punjab and Maharashtra Cooperative (PMC) Bank scam case, they said. The bank has alleged that Guruashish Construction was a wholly-owned subsidiary of Housing Development and Infrastructure Limited (HDIL) engaged in the real estate business in Mumbai. The Wadhawans were booked by the Central Bureau of Investigation (CBI) in October 2020 in connection with a Rs 200 crore alleged loan fraud from Yes Bank and have been facing investigation by multiple agencies. They are also being probed by the Enforcement Directorate (ED) as part of another Prevention of Money Laundering Act case related to an alleged loan fraud at the PMC Bank involving

Bank frauds from card, net-based transactions rise, shows RBI report

In terms of the number of frauds, the modus operandi seems to have shifted to card or internet-based transactions

CBI arrests Videocon Group founder Venugopal Dhoot in ICICI loan fraud case

Videocon founder sent to custody till December 28, along with ex-ICICI Bank CEO Chanda Kochhar and her husband

TMS Ep323: Budget impact on taxes, Cyber attacks, Markets, Share buyback

How will Budget 2023 affect your taxes and investments? How can you protect your bank account from cyberattacks? Will 2023 belong to the Bulls or the Bears? What is a share buyback? All answers here

How can you protect your bank account from cyber attacks?

Is your money safe in banks? You may wonder, because there has been an increasing number of cyber-scams aimed at your bank accounts. How can you protect your bank accounts from such cybercriminals?

Over Rs 12 crore swindled from Kozhikode Corporation accounts in PNB

Over Rs 12 crore have been swindled from several accounts of the Kozhikode Corporation in a Punjab National Bank here and the prime accused -- a former senior manager of the bank -- is still at large. The fraud came to light last month when the Corporation found huge sums of money missing from its various accounts in the PNB branch, an officer of Crime Branch wing of the police said. An FIR was immediately lodged and in view of the amount involved, of Rs 12.68 crore, the probe was transferred to the Crime Branch, the officer said. Initially, the Corporation believed that the swindled amount was over Rs 15 crore, but subsequently, its audits revealed that Rs 12.68 crore was missing from its accounts in the bank. Besides the Corporation, around Rs 18 lakh was also stolen, allegedly by the former bank manager, from the account of a private individual, the officer said. He said that their investigation has revealed that most of the money -- around Rs 10 crore -- was invested in the s

CBI books Rotomac Global directors in Rs 750-crore bank fraud case

The CBI has booked Kanpur-based Rotomac Global and its directors for Rs 750.54 crore for alleged fraud in Indian Overseas Bank, officials said. The company, which was in the business of writing instruments, has a total outstanding of Rs 2,919 crore against a consortium of seven banks led by Bank of India in which Indian Overseas Bank has an exposure of 23 per cent. The agency has booked the company and its Directors - Sadhna Kothari and Rahul Kothari - under IPC sections related to criminal conspiracy (120-B) and cheating (420), besides various provisions of the Prevention of Corruption Act. The company is already facing multiple investigations by the CBI and the Enforcement Directorate on the basis of complaints from consortium members. In its complaint to the CBI, now a part of the FIR, the Indian Overseas Bank alleged that the company was sanctioned a non-fund-based limit of Rs 500 crore on June 28, 2012. The account was declared a non-performing asset on June 30, 2016, with an

ABG Shipyard's MD sent to 4-day CBI custody in Rs 22,842 cr loan fraud case

Agarwal was arrested on Thursday by the probe agency. The CBI on Friday produced him before the Special CBI court and sought his custodial remand.

CBI arrests ABG founder Rishi Agarwal in Rs 22,842-cr bank fraud case

The CBI arrested the founder-chairman of ABG Shipyard Limited, Rishi Kamlesh Agarwal, on Wednesday in connection with an alleged bank fraud of more than Rs 22,842 crore, officials said. The Central Bureau of Investigation (CBI) had booked Agarwal, a former chairman of the company, and others for the alleged offences of criminal conspiracy, cheating, criminal breach of trust and abuse of official position under the Indian Penal Code (IPC) and the Prevention of Corruption Act, they said. The company was sanctioned credit facilities from 28 banks and financial institutions led by the ICICI Bank, with the State Bank of India (SBI) having an exposure of Rs 2,468.51 crore, the officials said. A forensic audit by Ernst and Young has shown that between 2012 and 2017, the accused colluded with each other and committed illegal activities, including diversion and misappropriation of funds and criminal breach of trust. The funds were used for purposes other than for which they were released by

Frauds reported by PSBs decline to Rs 3,204 cr in FY22: MoS Finance

In 2020-21, PSBs reported 4,680 fraud cases of Rs 7,306 crore, which declined to 2,369 cases corresponding to Rs 3,204 crore in 2021-22, he added.

Amount involved in bank fraud declines to Rs 3,785 crore in FY22: Karad

As per the RBI data, frauds involving the amount of Rs 11,800 crore were detected in 2020-2021, the Minister of State for Finance said in a written reply to the Lok Sabha.

DHFL bank fraud case: CBI arrests businessman Ajay Ramesh Nawandar

CBI) conducted searches at Nawandar's premises last week and recovered a large number of uber-luxury watches worth crores of rupees, including Rolex Oyster Perpetual, Cartier, Omega, officials said.

CBI registers two separate cases in connection to Rs 2100 cr bank fraud

Central Bureau of Investigation (CBI) on Monday registered a case against a Mumbai-based private company over the allegations of fraud worth Rs 1,438.45 crore to the SBI and four banks.

India's Aadhaar ID system delivers benefits but at risk of widespread fraud

Modi's new welfarism rests on Aadhaar. But if there are cracks in the edifice, they need to be acknowledged - not to frighten users away, but to make them more aware

CVC-constituted panel ABBFF gives advice on 84 bank fraud cases in 3 yrs

The CVC constituted panel has given its advice after thorough examination of role of all levels of officials on 84 bank fraud cases involving amount of over Rs 3 crore in the last three years

ED attaches Rs 17.70 cr worth assets of company in bank fraud case

Assets worth Rs 17.70 crore of a company have been attached under the anti-money laundering law in a probe linked to an alleged bank loan fraud of over Rs 804 crore, the ED said on Friday. A provisional order, under sections of the Prevention of Money Laundering Act (PMLA), for the attachment of the movable and immovable properties of the firm identified as ABC Cotspin Pvt. Ltd and related entities was issued on June 10, the agency said in a statement. "During the period 2014-15, the prime accused Ashish S Jobanputra without making any genuine exports, got prepared and signed the fake export documents and presented them to the State Bank of India and Bank of Baroda," the Enforcement Directorate said. Probe found that the "said company was availing bill discounting facilities from the above-mentioned banks against Letters of Credit of prime banks." Jobanputra, it claimed, got these "fake" export bills discounted from banks which remain unpaid and caused loss to the banks. The money

RBI annual report: FY22 saw more bank frauds but value decreased by half

RBI annual report: Private banks contribute more to the number of bank frauds while public sector banks contribute more to the value.