Financial Scams

CBI takes over probe in financial irregularities in national creche scheme

The CBI has taken over the investigation into alleged financial irregularities in the running of the Rajiv Gandhi National Creche Scheme in which the Indian Council for Child Welfare was one of the implementing agencies, officials said Thursday. The CBI took up the case against unidentified persons under IPC sections of criminal breach of trust and cheating on a reference from the Ministry of Women and Child Development, which had earlier filed an FIR with Delhi Police. The Delhi High Court had constituted a three-member committee under the chairmanship of the ministry's joint secretary to look into alleged irregularities in the scheme which the Centre implemented till 2016. According to the Indian Council for Child Welfare (ICCW), 5,029 creches were functional across the country in 2015-16. Based on the committee's findings, the high court had directed the Centre to take a view if a probe by an agency like the CBI is warranted or not. It was pointed out that there were several ..

ICC falls prey to online scam, loses close to $2.5 million: Report

The ICC has allegedly lost close to USD 2.5 million after becoming a victim of cyber crime, according to a report. The incident of phishing, which originated in the USA, took place last year, ESPNCricinfo reported. "The route used by fraudsters to commit the financial scam was Business E-mail Compromise (BEC), also known as e-mail account compromise, which the Federal Bureau of Investigation (FBI) describes as 'one of the most financially damaging online crimes'," the report stated. An investigation is underway as the ICC, which is not commenting on the matter, reported the incident to law enforcement agency in the US. How the scam took place is not yet known. "It is not yet known what route exactly the fraudsters took to get the money transferred from the ICC account - whether they had got in touch directly with someone at the head office in Dubai, or had targeted an ICC vendor or consultant. "It is also not confirmed whether the transaction was done in one single payment or the

Extension to ED's key official to maintain pace of probe in scams in Bengal

ED's decision to extend the term of deputation for Sudesh Kumar Sheoran is being perceived by the circles concerned as a step to maintain the pace of probe in various financial scams in the state

Bank frauds may have started to dip now, but wait a bit before you cheer

The incidence of bank fraud is trending downward, but the broad picture hides many blind spots

Yet another bank fraud: Bigger and different

It has all the usual ingredients but the modus operandi is very different and could teach Nirav Modi, the dethroned bank fraud king, a lesson or two

Online frauds: The precaution we should take to protect ourselves

The country's march towards a digital economy gathered pace in the last two years. At the same time, the country witnessed a jump in online payment frauds. Here's how we can protect ourselves online

Indian-American pleads guilty to telemarketing money-laundering charges

An Indian-American from Chicago has pleaded guilty to the charges of laundering money from a telemarketing scheme that defrauded elderly victims, the Department of Justice has said

How to sniff and dodge financial scams and keep your wealth intact

Here are some tools that will help you detect a scam from a mile away and avoid touching one even with a 10-foot barge pole

Spain mulls Juan Carlos' future as he leaves country amid financial scandal

Juan Carlos's bombshell announcement took most Spaniards by surprise. Neither the royal family nor the government disclosed where he was going

Huge scam in YES Bank for many years, says Enforcement Directorate

Rana Kapoor's wife also charged with abetting crime

More financial scams in the offing, says West Bengal FM Amit Mitra

At present, about 11 PSBs are under prompt corrective action by the RBI, which has restrained their risk-weighted lending