New Delhi, Feb 23 (IANS) The Reserve Bank of India (RBI) on Monday said there is no systemic risk to the banking system and stressed that the Central Bank does not comment on individual banks or regulated entities, as IDFC First Bank revealed the Rs 590-crore fraud at its Chandigarh branch.Addressing a joint press conference after a meeting of the RBI’s central board of directors in the national capital, RBI Governor Sanjay Malhotra said the regulator is closely monitoring the situation but th…
Latest fraud News & Updates
Mumbai, Feb 23 (IANS) Shares of IDFC First Bank hit the 20 per cent lower circuit on Monday after the lender reported fraudulent transactions worth about Rs 590 crore, allegedly committed by its employees at its Chandigarh branch.The stock fell to Rs 66.85, its intra-day low, down 20 per cent. The shares opened 10 per cent lower and later extended their losses. At 10:33 am, shares were trading at Rs 70.10, down 16.06 per cent on the day.The bank said the matter is confined to a set of Haryana go…
New Delhi, Feb 22 (IANS) The Haryana Government on Sunday de-empanelled IDFC First Bank and AU Small Finance Bank from handling government business with immediate effect after an alleged fraud of around Rs 590 crore came to light.In an official circular, the state government said both banks have been barred from carrying out any government-related transactions in Haryana until further orders.It directed all departments, boards, corporations and public sector undertakings to stop using these bank…
New Delhi, Feb 22 (IANS) IDFC First Bank on Sunday disclosed a Rs 590 crore fraud at its Chandigarh branch involving Haryana government accounts, saying four suspected officials have been placed under suspension pending investigation.The Bank said in an exchange filing that it will pursue strict disciplinary, civil and criminal action against the employees and other external individuals responsible, in accordance with applicable law.The filing said that some employees at IDFC First Bank’s Chan…
Ranchi, Feb 20 (IANS) In a major drive against cybercrime, Jharkhand Police arrested 57 accused during a special operation across the North Chotanagpur region, officials said on Friday.The action was carried out on the instructions of Inspector General Sunil Bhaskar, with coordinated raids conducted in multiple districts.The operation focused on suspicious mobile numbers identified through the police’s “Pratibimba” app, which provides technical assistance in tracking and verifying numbers link…
Lucknow, Feb 19 (IANS) The ED attached a movable and three immovable properties, valued at Rs 7.30 crore, in Delhi and Lucknow belonging to Anee Group of Companies in connection with Rs 110 crore fraudulent investment schemes, an official said on Thursday. The Directorate of Enforcement (ED), Lucknow Zonal Office, provisionally attached the properties under the Prevention of Money Laundering Act (PMLA), 2002, in connection with a money laundering case related to Anee Bullion Traders and other…
Ranchi, Feb 16 (IANS) The Enforcement Directorate’s Ranchi Zonal Office filed a chargesheet on Monday before the special court in Ranchi under the Prevention of Money Laundering Act (PMLA), against Maxizone Touch Private Limited and its directors, Chander Bhushan Singh and Priyanka. The case involves a large-scale multi-level marketing fraud that duped 16,927 investors across the country through a classic Ponzi scheme promising unrealistic lifelong monthly returns of 15 per cent, the ED said in …
Panaji, Feb 14 (IANS) The Enforcement Directorate’s Panaji Zonal Office has provisionally attached three immovable properties valued at Rs 2.29 crore under the Prevention of Money Laundering Act (PMLA), 2002, in connection with a major fraud involving Jiwa Mines and Minerals Ltd, officials said on Saturday.The case involves the alleged cheating and criminal breach of trust against China-based Lao Ting Dadi Mobile Components Co Ltd, which was defrauded of approximately Rs 13.42 crore (USD 2.95 …
New Delhi, Feb 14 (IANS) IPO-bound Skyways Air Services Ltd, a Delhi-based air freight forwarding and logistics company, is facing an FIR — filed with the Delhi Wing of the Economic Offences Wing (EOW) by UK-based PG Paper Company Limited – over an alleged “large-scale fraud” to the tune of Rs 480 crore involving nine firms/persons (including Skyways Air Services Ltd).The FIR with EOW Delhi, a copy of which was accessed by IANS, states that the UK-based firm filed the complaint against nine a…
New Delhi, Feb 13 (IANS) A Delhi court on Friday extended the judicial custody of Faridabad-based Al Falah University chairman Jawad Ahmed Siddiqui for 14 days, and the matter will come up for the next hearing on March 27. The court also issued a notice to the Enforcement Directorate (ED) on a plea filed by Siddiqui. He had moved an application seeking documents related to the charge sheet and requested that the material be provided to him.Siddiqui was arrested by the Delhi Police Crime Branch o…