Bank Loan Fraud

Banks request RBI to extend reporting time frame for loan related fraud

The framework mandates that banks report fraud to the RBI CRILC within a week of the joint lenders' forum (JLF) declaring an account fraudulent

Phishing attacks made ordinary folk poorer by Rs 1,500 cr in 2020-22

These types of cyber attacks are called phishing/smishing attacks, and not only the SBI, but every other banking, financial and other application customers can fall prey to it

Chinese fraudsters out to defraud Indians using fake loan applications

The thing is that high-tech Chinese cyber criminals have devised a new strategy to dupe people and are defrauding Indians via fake loan applications

CBI raids Pratibha Industries officials in Rs 4,957-crore loan fraud case

The account of Pratibha Industries was classified as NPA on December 31, 2017. Subsequently the accounts were also declared as fraud by the members of the consortium banks

Loan fraud case: CBI asked to file affidavit on Dhoot's plea against arrest

The Bombay High Court on Tuesday directed the Central Bureau of Investigation to file by Friday its affidavit in response to a petition of Videocon Group founder Venugopal Dhoot, seeking to quash an FIR registered in a bank loan fraud case, to declare his arrest as "arbitrary and illegal" and to be released on bail. When the plea came up for hearing, advocate Kuldeep Patil asked for one-week time to seek instructions on the same. A division bench of Justices Revati Mohite Dere and P K Chavan said the agency shall file its affidavit by Friday and posted the petition for hearing the same day (January 13). Advocate Sandeep Ladda, appearing for Dhoot, sought an urgent hearing and said Dhoot is suffering from "99 per cent blockage in heart". The bench said it would have to give the CBI time to file its affidavit. Two advocates - Subhash Jha and Mathew Nedumpara- sought to intervene in the matter and sought for a recall of the order passed by the same bench on Monday granting interim ba

Bank loan fraud case: Bombay HC to hear Dhoot's plea against CBI arrest

The Bombay High Court will hear on Tuesday a petition filed by Videocon Group founder Venugopal Dhoot seeking to declare his arrest by the Central Bureau of Investigation in the ICICI-Videocon bank loan fraud case as "arbitrary and illegal" and to be released on bail. Dhoot's plea was mentioned by his advocate Sandeep Ladda on Monday afternoon before a division bench of Justices Revati Mohite Dere and P K Chavan, which said it would hear it on Tuesday. The same bench earlier on Monday granted interim bail to Dhoot's co-accused in the case - former MD and CEO of ICICI Bank Chanda Kochhar and her husband Deepak Kochhar. The HC, in its judgment, came down heavily on the Central Bureau of Investigation (CBI) for making the arrest of Kochhars in a "casual and mechanical" manner and without the application of mind. Dhoot was arrested on December 26, 2022, and is presently in judicial custody. In his plea, he has sought for the CBI FIR to be quashed and for the probe to be stayed, as wel

Bank fraud case: Videocon's Dhoot moves HC against 'illegal' arrest by CBI

Videocon Group founder Venugopal Dhoot, arrested by CBI in the ICICI-Videocon bank loan fraud case, on Monday moved the Bombay High Court seeking to quash the FIR, to declare his arrest as "arbitrary and illegal" and to be released on bail. Dhoot's plea was mentioned by his advocate Sandeep Ladda in the afternoon before a division bench of Justices Revati Mohite Dere and P K Chavan, which said it would hear it on Tuesday. The same bench, in the morning, granted interim bail to Dhoot's co-accused in the case namely former MD and CEO of ICICI Bank, Chanda Kochhar, and her husband Deepak Kochhar. The HC, in its judgment, came down heavily on the Central Bureau of Investigation for making the arrest in a "casual and mechanical" manner and without the application of mind. Dhoot in his plea has sought for the CBI FIR to be quashed and for the probe to be stayed, as well as his release on bail. He was arrested on December 26, 2022, and is presently in judicial custody. In his plea, Dhoot

ED raids Pure Milk Products' premises in loan fraud case, seizes Rs 1.15 cr

The Enforcement Directorate on Thursday said it has seized Rs 1.15 crore cash, mobile phones and property documents after raiding the premises of a Punjab-based businessman in connection with a money laundering probe linked to an alleged bank loan fraud. The searches were launched on December 27 at 11 business and residential premises of Pure Milk Products Pvt. Ltd (PMPPL), its directors Charanjit Singh Bajaj, Livtar Bajaj and Gurdeep Kaur, their associated entities, along with the premises of their associates, the federal probe agency said in a statement. The money laundering case stems from a FIR of the Central Bureau of Investigation (CBI) filed against the accused earlier, it said. The CBI FIR had alleged that PMPPL "committed the offence of forgery, cheating, submission of forged documents as genuine and other offences, and credit facilities sanctioned by the bank to PMPPL was Rs 62.13 crore and the total NPA (non performing asset) amount was Rs 60.74 crore as on ...

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

From an industry leader to a defaulter: Rise and fall of Venugopal Dhoot

Starting with a family, which had a dealership of Bajaj Auto's scooters, to becoming the owner of a household name in consumer appliances who could afford to have Bollywood superstar Shah Rukh Khan as the brand ambassador, Venugopal Dhoot's is a story of an aggressive small town businessman's pursuit to be on the top. Now arrested in connection with the ICICI Bank loan fraud case, Venugopal Dhoot during his heydays was not the one to simply sit on small achievements like Videocon becoming the largest television set manufacturer in India. The eldest son of late Nandlal Madhavlal Dhoot, who founded the Videocon Group in 1984, Venugopal was largely responsible for driving the conglomerate to diversify into various verticals, such as oil and gas, real estate and retail, beyond its successful consumer electronics and home appliances business. Dhoot, the safari-suited businessman, was born into an agricultural family in Ahmednagar (Maharashtra), where his father had a cotton ginning mill

Bank loan fraud: ED files chargesheet against seven in Jammu court

The case related to a bank loan fraud in which the total NPA declared by the Bank of India was at Rs 91.50 crore

CBI arrests MD of Delhi-based private firm in Rs 512-cr loan fraud case

The accounts of said the company was declared NPA in 2017

CBI arrests pvt firm director in bank loan fraud case of Rs 1,530.99 cr

CBI on Friday arrested the Director of a Ludhiana-based private company in an ongoing investigation of a case related to an alleged bank fraud of Rs 1,530.99 crore, an official said

ED attaches assets of Chennai firm worth Rs 113.32 cr in loan fraud case

The ED said it has attached 75 immovable properties including 67 windmills valued at Rs 113.32 crore belonging to Chennai-based Surana Group in connection with 3 cases of Rs 3,986 crore bank fraud

ED files chargesheet against 10 people in Rs 77.36-cr bank loan fraud case

The Enforcement Directorate (ED) has filed a chargesheet against one Gyan Prakash Sarawgi and nine others in connection with money laundering case related to a bank loan fraud.

CBI books textile major S Kumars in Rs 1,245 crore loan fraud case

The CBI has booked textiles major S Kumars Nationwide Limited (SKNL) and 14 others including its promoters and directors for an alleged bank fraud worth Rs 1,245 crore, officials said Wednesday. Following registration of the FIR, the central agency on Wednesday searched 13 locations in Maharashtra, Gujarat and West Bengal linked to the accused and recovered "incriminating documents", CBI Spokesperson RC Joshi said. He said the company was engaged in the business of manufacturing high-value fine cotton fabrics and home textiles. The company had availed credit from a consortium of banks led by IDBI bank. Joshi said promoters/directors of the company were booked for allegedly "misusing/diverting the bank funds during the period 2012 to 2018" which resulted in loss of about Rs 1,245.15 crore to the banks. "The complaint was filed by the IDBI Bank Ltd. and also on behalf of four other member banks of the consortium, namely, Central Bank of India, The Jammu & Kashmir Bank Ltd., Punjab .

Maharashtra saw highest number of complaints against digital loan apps

A total of 2,652 complaints against digital loan apps (DLA) were received by 'Sachet' - a portal established by the RBI

Loans to ABG Shipyard turned NPAs prior to 2014, says FM Sitharaman

Normally banks take 52-56 months of time to detect such cases and initiate follow-up actions, said Finance Minister Nirmala Sitharaman

CBI books YSR Congress' Rama Krishna Raju in Rs 947.71 cr loan fraud case

Raju is also a Member of Parliament in the 17th Lok Sabha from Narasapuram constituency, Andhra Pradesh

Bank loan fraud: ED raids Guwahati's Ghosh Brothers group of companies

The federal probe agency said it seized cash and jewellery worth Rs 63 lakh