Fraud

Many cases may have to be reopened after SC ruling on borrowers' voice

Bankers said the decision won't deter them from marking an account as fraudulent

Elizabeth Holmes files fresh plea to put off prison as she appeals

Holmes already has initiated an appeal of last year's jury verdict finding her guilty of multiple criminal counts of defrauding investors. That process could take as long as two years

Delhi B-school says defrauded by Arindam Chaudhuri of IIPM, charge denied

The Delhi-based Institute of Marketing and Management (IMM) has alleged that Arindam Chaudhuri of the Indian Institute of Planning and Management (IIPM) defrauded it by violating an admission agreement, misusing its name and collecting crores of rupees between 2011 and 2014. IIPM, however, contested the allegations and said it will soon move court seeking quashing of an FIR filed by the Delhi Police in the matter. The Delhi Police lodged the FIR against Chaudhuri and his associates on the directions of a local court based on the IMM's complaint. According to the FIR, IMM leased out the rear portion of the fourth floor and the entire fifth floor of its premises in the Qutub Institutional Area to IIPM in August 2011. Subsequently, both the institutes entered into a management consultancy agreement. Gaganjit Singh, Executive President of IMM, has alleged that soon after the agreement, IIPM stopped paying lease rent. While the lease dispute was going on, Singh, who is the main ...

Man arrested for duping 6 people of Rs 15 cr by posing as ministry official

A 49-year-old man has been arrested for allegedly posing as a senior Union Health Ministry official and duping six people of Rs 15 crore on the pretext of providing work orders for Covid vaccine transportation, police said on Thursday. Umesh Batra (49) was arrested by the Economic Offences Wing of the Delhi Police. Batra used to work for a construction company but his financial situation took a hit during the lockdown and he resorted to cheating people after joining hands with the kingpin behind the scam Harmenn Sabherwal, Govind Tulshyan and three other people, all of whom have been arrested, they said. Police said a probe was initiated after several complaints were received from people who claimed to have been duped of Rs 3-4 crore on the pretext of providing work orders for transportation of Covid vaccines. After a preliminary enquiry, a case was registered and an investigation taken up. Six complainants came forward and the total amount they were duped off came out to be Rs 15 .

FTX's Bankman-Fried charged with fraud; could face up to 115 yrs in prison

U.S. prosecutors charged Sam Bankman-Fried, the founder and former CEO of cryptocurrency exchange FTX, with a host of financial crimes and campaign finance violations on Tuesday, alleging he played a central role in the rapid collapse of FTX and hid its problems from the public and investors. The indictment says that, beginning in 2019, Bankman-Fried intentionally devised a scheme and artifice to defraud FTX's customers and investors, diverting their money to pay expenses and debts at his crypto hedge fund, Alameda Research, and to make lavish real estate purchases and large political donations. Bankman-Fried was arrested Monday by Bahamian authorities at the request of the U.S. government, which charged him with eight criminal violations, ranging from wire fraud to money laundering to conspiracy to commit fraud. He was also charged with making illegal campaign contributions, a notable charge as Bankman-Fried was one of the largest political donors this year. The indictment is on to

Ex-FTX CEO Sam Bankman-Fried arrested in Bahamas as US files charges

More than 100 FTX-related entities filed for US bankruptcy protections on Nov. 11. The firm and Bankman-Fried are facing investigations in the US and the Bahamas

Top Headlines: Ex-FTX CEO arrested, CPI inflation eases in Nov, and more

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Ashneer takes a dig at media as BharatPe sues him, family for fraud

'Come on Press: Ek story kitni baar bechoge! Saal ke shuru mein bhi same - end mein bhi same,' said Ashneer Grover

Ex-Theranos president Ramesh Balwani gets 13-year prison term in fraud case

Former Theranos Inc President and Chief Operating Officer Ramesh "Sunny" Balwani was sentenced to 13 years in prison for defrauding investors and patients of the company

Find gold import and smuggling link, says FM Nirmala Sitharaman

The remarks came against the backdrop of a substantial quantity of gold seized between April last year and March this year

TN professor loses Rs 23 lakh in online scam promising job in Singapore

A Tiruchy-based professor, who was unemployed after returning from Saudi Arabia during Covid-19, lost Rs 23.5 lakh to an online scam

SAT relief for Bombay Dyeing and Wadias in Sebi market ban case

Tribunal stays order restraining company and promoters from capital markets for 2 years

Fake call centre cheating US citizens busted in Maharashtra; 16 arrested

Thane police have busted a fake call centre which allegedly duped US citizens after offering them loans and arrested 16 people in this connection, an official said on Sunday. Acting on a tip-off, the police raided the call centre located in Wagle Estate area of Maharashtra's Thane city on the intervening night of Friday-Saturday and nabbed the people working there, including three women, senior police inspector V B Murtadak said. He said the accused would contact people in the US and offer them loans. After obtaining their bank account details, the accused would siphon off funds from their accounts, the official said. An agent coordinating in the US would collect the money and transfer it to India through 'hawala' after taking his share from it, the police said. Hawala denotes illegal transaction of funds by skirting the legal banking channels. The 16 people arrested include the call centre owners - Siddesh Sudhir Bhaidkar (33) and Sania Rakesh Jaiswal (26), the official said. A

Fake call centre in Gurugram duping foreigners busted; 9 arrested

Police have busted a fake call centre in Gurugram that has been allegedly duping US nationals using cryptocurrency on the pretext of providing them federal grants ranging from USD 9,000 to 34,000, officials said on Wednesday. A joint team of CM flying squad and Gurugram police conducted a raid on Tuesday night and nabbed nine people, they said. Satyendra alias Sam, Ankis Sachdeva, residents of Delhi, Abhisawan Sabarwal, Eklavya, Vishal Vishwakarma, natives of UP, Thomsang, Chokhauni, Magoi Ganglui, natives of Manipur were arrested on Tuesday night, they said. Police said they have recovered Rs 1.5 lakh cash, four laptops, and three CPU from their possession. The fake call centre was duping US nationals on the pretext of offering a grant on behalf of Federal Grant Washington DC between USD 9,000 and USD 34,000 and duped USD 200 to USD 1,600 in Google gift cards by redeeming, police said. Deputy superintendent of police (DSP) Inderjeet Yadav (CM squad Gurugram) said based on a tip-o

Sukesh Chandrasekhar: A jailed conman who never stopped duping people

He is accused of running an extortion racket worth Rs 200 crore from the inside of Tihar jail. He has also duped people on the pretext of promising them jobs

Officials arrest mastermind behind fraudulent shell firms with China links

Indian authorities said they had arrested a man who had masterminded the creation of many shell companies linked to China and appointed dummy directors to run the fraudulent businesses

Scamsters posing as Adar Poonawala dupe Serum Institute of over Rs 1 crore

An FIR was launched against some unidentified persons for cheating the Serum Institute of India for more than Rs 1 crore, said the officials

Allahabad HC rejects gangster Mukhtar Ansari's bail plea in ambulance case

The Allahabad High Court's Lucknow bench rejected the bail plea of gangster-turned politician Mukhtar Ansari in a case of alleged fraud in the registration of an ambulance

Banking frauds of over Rs 100 cr see significant decline in FY22

Frauds in the banking sector involving sums of over Rs 100 crore have declined significantly, with banks reporting cases worth Rs 41,000 crore in FY22 compared to Rs 1.05 trillion in the previous year

US charges Indian-origin tech entrepreneur in $45mn investment fraud

An Indian-origin entrepreneur has been arrested and charged by federal prosecutors in an alleged $45 million investment fraud scheme that targeted more than 10,000 people