Bank Fraud
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Bank fraud: ED arrests Ahmedabad firm MD with Interpol's help
India | Sep 21, 2019, 08:29 PM ISTSunil Surendrakumar Kakkad, the chief managing director of Sai Infosystem (I) Ltd, was arrested under the Prevention of Money Laundering Act (PMLA) after he was intercepted by the international police agency Interpol in Liberia, it said.
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Bank of India asks account holders to stop using debit cards for cash withdrawal
Business | Sep 13, 2019, 04:19 PM ISTEarlier, in August a video of cloning mechanism installed in Delhi's Canara Bank ATM had widely gone viral on social media. After which several banks including, SBI, HDFC, ICICI and many others had warned its customer of the fraudster.
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ALERT Debit/Credit card holders! Are you WiFi card user? Then this will make you worry about your money
Business | Sep 11, 2019, 10:39 AM ISTDebit /Credit card users alert: Are you a credit or debit card user? Then this news is for you. Almost all banks are now issuing WiFi cards or contactless card for its customers. This type of card does not require to be swiped or dipped in a POS machine or PIN for making payments.
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ALERT! Visit bank ATM for withdrawing cash? You need to watch this ATM fraud video to save your bank details
Business | Aug 28, 2019, 12:02 AM ISTSeveral people have reported of ATM frauds in the past and about the card skimming technique to clone debit/credit cards to withdraw money from remote locations was used. Recently, a group of citizens in Delhi's Arjun Nagar area discovered an ATM kiosk of Canara Bank rigged with card skimming chip and hidden camera.
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SBI issues fraud alert: Advises account holders on how to keep money safe
Business | Aug 07, 2019, 05:10 PM ISTIndia's one of the largest public sector bank has issued a fraud alert for its customer. If you don't follow the advisory you may end up losing your hard-earned money to fraudsters. If you are SBI account holder then you should not ignore this news. Amid growing online fraud, SBI has recently released a warning for its customers and has asked them to stay careful with their bank account details. SBI issued an alert as there have been constant attempts made by fraudsters to steal account holders' money.
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Financial giant Capital One hit by Woman hacker with over 100 million affected in the US
Technology | Jul 30, 2019, 01:03 PM ISTOver 100 million customers were compromised in a massive data breach at the financial giant and credit card issuer Capital One.
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Banks reported 44,016 cases of fraud involving Rs 1,85,624 crore in last 11 years
Business | Jul 09, 2019, 05:41 PM ISTThe year 2016-17 witnessed reporting of 3,927 cases of fraud involving an amount of Rs 25,883.99 crore, which was the highest in the last 11 years, Minister of State for Finance Anurag Singh Thakur said in a written reply to the Rajya Sabha.
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Banks were cheated off Rs 71,543 crore in financial Year 2019
Budget | Jul 04, 2019, 08:27 PM ISTBanks have reported a massive 73 percent increase in incidents of fraud worth Rs 71,543 crore in FY19, a senior Reserve Bank official said Thursday. Till March 2019, the top five, 10 and 100 cases of frauds cumulatively reported constituted 24 percent, 34 percent and 70 percent of all frauds, respectively, a chief general manager with the RBI Jayant Dash said.
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50 raids, 18 cities and Rs 640 crore: CBI’s ‘special drive’ against banking frauds
India | Jul 02, 2019, 08:14 PM ISTCBI carries out 'special operation' against banking fraud accused at 50 locations across country
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Indian Idol contestant cheated of Rs 1.7 lakh on pretext of debit card verification
TV | Mar 19, 2019, 12:49 PM ISTWhile talking to them, the accused obtained their bank details and debt card passwords. He then fraudulently withdrew Rs. 1.7 lakh from Avanti Patel and her sister's accounts.
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London Court issues arrest warrant against Nirav Modi
News | Mar 19, 2019, 08:00 AM ISTLondon Court issues arrest warrant against Nirav Modi
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7 ways to protect yourself from credit, debit card frauds
Mar 06, 2019, 03:45 PM ISTCloning machines at various restraunts can capture the entire data of your card. There are ways you can protect yourself from such frauds.
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Industrialist Vinay Mittal who ‘cheated’ banks of Rs 40 crore extradited from Indonesia
India | Oct 17, 2018, 01:24 PM ISTVinay Mittal's extradition was cleared on September 20, according to the Ministry of External Affairs’ website.
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CVC analyses top 100 bank frauds; shares report with RBI, ED, CBI
India | Oct 16, 2018, 07:15 PM ISTThe report, which has also been shared with the Ministry of Corporate Affairs, carries analysis of large value frauds reported since March 31, 2017.
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Vijay Mallya never wanted to return banks money, says Ex-Attorney General Mukul Rohatgi
News | Sep 14, 2018, 04:17 PM ISTVijay Mallya never wanted to return banks money, says Ex-Attorney General Mukul Rohatgi
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Larger number of bad loans originated during 2006-2008, fraud not discouraged: Raghuram Rajan
Business | Sep 11, 2018, 04:51 PM ISTIn his reply to the Estimates Committee, Rajan said that in such an environment bankers' became over confident started lending large loans 'based on project reports by the promoter’s investment bank, without doing their own due diligence'.
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ED attaches Rs 4,701 crore assets of Gujarat pharma firm Sterling Biotech Group in Rs 5,000 crore bank fraud
India | Jun 01, 2018, 05:24 PM ISTThe ED had registered a criminal case of money laundering against the firm and its promoters, taking cognisance of a CBI FIR in the case made on charges of alleged corruption and conducted around 50 searches around the country.
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Over 23,000 cases of bank fraud worth Rs 1 lakh crore reported in last 5 years: RBI
Business | May 02, 2018, 04:01 PM ISTIn reply to an RTI query, the central bank disclosed that a total of 5,152 cases of fraud were reported in banks from April, 2017, to March 1, 2018.
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Govt notifies rules to operationalise Fugitive Economic Offenders Ordinance
Business | Apr 29, 2018, 01:45 PM ISTThe fugitive economic offenders law comes in the backdrop of alleged fraudsters like Nirav Modi running away from the country after cheating Punjab National Bank to the tune of about USD 2 billion.
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Exporters body writes to RBI, FinMin for reintroduction of LoUs
Business | Apr 22, 2018, 12:26 PM ISTThe body has written to Reserve Bank Governor Urjit Patel and finance ministry seeking reintroduction of the crucial trade finance instruments