State lender Punjab National Bank paced losses in the Nifty Bank Index on Monday after it disclosed another incident of fraud amounting to 38 billion rupees ($553 million), roughly one year after it suffered through the country’s costliest banking scandal. Shares of the New Delhi-based lender lost 11% in Mumbai, making it the worst performer …
India State Lender Plunges After Uncovering Fresh $554 Million Fraud Read More »
Police in India have arrested two businessmen brothers over alleged embezzlement of more than $330m (£265m) from a financial services company. Shivinder Singh and Malvinder Singh, former promoters of the pharmaceutical giant Ranbaxy, were once counted among the richest businessmen in India. The brothers also owned a popular hospital chain. Three key executives belonging to …
India pharma brothers arrested over ‘$330m fraud’ Read More »
State Bank of India reported fraud of ₹25,400 crore followed by Punjab National Bank of ₹10,800 crore and Bank of Baroda of ₹8,300 crore Public sector banks reported frauds of over Rs 95,700 crore in the first six months of the current financial year, Parliament was informed on Tuesday. Finance Minister Nirmala Sitharaman said that according to the Reserve Bank …
PSBs report Rs 95,700-crore frauds: Are banking frauds on the rise? Read More »
NEW DELHI: Nearly a third of Indian businesses experienced frauds by internal as well as external parties in the last 12 months, with data theft being the top most fraud event, says a report. According to Kroll’s annual global fraud and risk report, 33 per cent of Indian companies suffered reputational damage due to third …
One-third of Indian businesses hit hard by internal, external fraud Read More »
India’s federal police will soon file fresh charges in the $2 billion Punjab National Bank (PNB) (PNBK.NS) fraud case and detail how the alleged wrongdoing was carried out, according to a source with direct knowledge of the matter. In the police’s initial charges, billionaire jeweler Nirav Modi, 21 other people, including PNB officials, and three …
India set to file fresh charges in $2 billion PNB bank fraud case: source Read More »
sahara_2277735f SHARE SHARE SHARE EMAIL SHARE COMMENT RELATED After KKR deal, Radiant eyes hospital buys worth ₹1,500 cr Apex Court takes note of deposit of Rs 710.22 cr by Sahara chief SEBI to e-auction Sahara property in Uttarakhand on July 28 Apex court grants Subrata Roy 10 more days to deposite Rs 709.82 cr A Supreme …
Aamby Valley auction process begins at reserve price of Rs 37,000 cr Read More »
India’s decided to go after Ponzi schemes that take millions of small investors for a ride. The Narendra Modi government is planning to pass a bill in July that will apply stringent regulations to govern credit cooperatives in the country, Reuters reported on May 30. Credit cooperatives in India are typically formed to provide finance and investment opportunities to low-income earners …
India will finally clamp down on Ponzi schemes that dupe millions of poor investors Read More »
Unscrupulous operators have bilked savers of billions of dollars by running pyramid schemes or promoting questionable investments in everything from tree plantations to farming emus, a flightless bird. The most notorious has been Sahara, whose founder Subrata Roy was jailed in 2014 after failing to comply with a Supreme Court order to repay money …
India to crack down on savings scams as Modi backs banking for all Read More »
In a major setback to Subrata Roy, SEBI has found that another Sahara group firm has raised over Rs 14,000 crore in violation of legal norms and has issued a fresh order on Wednesday to the company and its directors to refund the money to investors with 15 per cent annual interest. The order, which …
SEBI orders Sahara Group to refund Rs 14,000 crore to investors Read More »
Lucknow With one more case of bluff pulled in the name of Pradhan Mantri Awas Yojna scheme reported at Cyber Cell of Lucknow Police on April 17, the toll has now reached to 16 complaints. According to the complainant, Aliganj resident Radhey Raman Shukla, he had gone to withdraw money from his bank at Kapoorthala where he …
Another report of fraud in name of PM housing scheme Read More »
