Page 6 - Bank Frauds

ED files charge sheet against Vadodara-based DPIL in Rs 26-bn bank fraud

The central probe agency had filed a criminal case against the firm and its promoters under the PMLA after taking cognisance of a CBI FIR

CVC examining audit reports of PSBs, insurance companies to check fraud

A total of 8,802 frauds have been reported by scheduled commercial banks and public sector banks in 2017-18 as against 7,794 in 2016-17 and 7,482 in 2015-16

CVC shares report on top 100 bank frauds with RBI, ED and CBI

The analysis focussed on the modus operandi, amount involved, type of lending loopholes that facilitated perpetration of the fraud concerned and the systemic improvements required to plug the gaps

Rotate employees in sensitive posts to check frauds: CVC directs banks

The move assumes significance as many big-ticket frauds have been reported recently from the banks

ED attaches Nathella Sampath Jewellery's properties worth Rs 3.28 bn

The Directorate of Enforcement, Chennai, has attached 37 immovable properties worth about Rs 3.28 billion of the city-based Nathella Sampath Jewellery Private Limited (NSJPL), its promoters cum Directors and others under the Prevention of Money Laundering Act (PMLA), 2002 in a case related to bank loan fraud. The Directorate has initiated investigations based on a FIR registered by CBI, Bank Fraud & Security Cell, Bengaluru in April, 2018, against the Jewellery its promoters, directors and others under the provisions of PMLA. NSJPL has been engaged in sale of gold jewellery, silver articles and jewellery, jewellery made of precious and semi precious stones and they had their showrooms spread across Chennai, Hosur and Vellore.The FIR was registered based on a complant by SBI, which is the lead bank of consortium of banks which provided various loans to NSJPL, alleging that the promoters of the Jewellery had unduly enjoyed bank borrowings in the form of Cash Credit facilities ...

ED attaches Gujarat drug firm's Rs 47-bn assets for alleged PMLA violation

ED has issued a provisional freezing order under PMLA and attached immovable properties of 4,000 acres and 200 bank accounts of various linked companies, of the Vadodara-based Sterling Biotech Group

At 18%, Indian customers biggest victims of banking fraud: FIS study

One of every four people in the 27-37-year age group, the most prolific in using digital banking apps, reported a fraud in the past year

Over 23,000 bank fraud cases involving Rs 1 trillion in 5 years: RBI

A total of 5,152 cases of fraud, up from over 5,000 cases in 2016-17, were reported in banks from April 2017 to March 1, 2018

Finance Secretary Hasmukh Adhia calls meeting amid high-profile bank frauds

Sources said the finance ministry was upset with the probe agencies' approach and handling of tip-offs

CVC seeks details of frauds from banks to devise preventive mechanism

CVC said the exercise to collect and analyse data is to find out what kind of frauds are happening in the banks

Boldly but carefully

Important to ensure proportionality in bank fraud probes

Another bank fraud? Borrowers misuse SBI loan of Rs 32 mn to produce a film

The production house is represented by Kabaddi player Raja and he is among the 13 borrowers

Bad news for Gitanjali, PNB, OBC: Few scam-related stocks regain lost glory

From the so-called Ketan Parekh (K-10) stocks to Unitech and DB Realty, scam-tainted stocks have fallen by 90 per cent or more from their all-time highs

PNB fallout: Jaitley talks of tougher law to bring scamsters to justice

He also said that the Indian industry now needs to seriously introspect about its responsibility to be ethical while doing business

Banks lost nearly Rs 17,000 cr to frauds last financial year, says FinMin

An inter-disciplinary standing committee on cybersecurity has been constituted by the RBI

CVC examines CBI probe in top bank frauds, including Vijay Mallya's

CVC Commisioner says bankers need have no fear if their decisions are bonafide

ICICI Bank, SBI, StanChart top bank frauds list: RBI

While ICICI had largest number of cases at 455, in value terms SBI topped with Rs 2,237 cr

State Commission asks SBI to compensate fraud victim

SBI was asked to pay Rs 26,000 after it failed to produce a video footage of the complainant making the transaction

Bank frauds: Limited liability for customers?

If RBI's recommendations are finalised, it will give more teeth to the existing fair practice code