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Finance Minister urges fintech startups to tackle digital fraud, emphasizing innovation and global market opportunities, with a call to support MSMEs.

Fintech Urged to Combat Digital Fraud: Sitharaman

Finance Minister Sitharaman urges fintech startups to develop anti-fraud measures, focusing on innovation and global opportunities, while supporting finance growth.

Nirmala Sitharaman urges fintech startups to innovate against digital fraud, highlighting growth and global opportunities.

Finance Minister Nirmala Sitharaman on Wednesday asked fintech startups to come out with solutions to deal with the rising incidence of digital arrests, cheating by fly-by-night operators, and other kinds of cyberfrauds.
Lauding the success of fintechs, the Finance Minister said they have helped in speeding up financial inclusion, and taking the payment system to even the far-flung areas of the country.
Speaking at the Digital Payments Awards 2025 Ceremony here, Sitharaman said it is important to ensure that startup companies come up with solutions so that people are not arrested at home digitally, or fly by night operators don't take away their money.
Another major threat, she pointed out, is 'deep fake', which is causing a lot of damage to the public in large.
"Today, we should take care of addressing them so we need a set of fintech companies which are constantly working to give solutions for the newer challenges which are arising," Sitharaman said.
She also called upon the fintech sector to further expand the digital lending facilities to the key MSME sector.
Sitharaman further said Indian fintech innovations have the potential to become global public goods that can benefit other emerging and developed economies. This will open new markets for our firms.
International merchant payments through UPI are now accepted at select merchant outlets in seven countries, including Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka and the UAE.
"Our players must aim to export our successful models abroad and capture global markets. We have the talent, we have the market scale, and we have the proven solutions," she said.
This, she said, will open up new markets for domestic firms.
Indian fintech market is projected to grow to over USD 400 billion by 2028-29.
"That's not too far away. Just three years. Reflecting on an anticipated annual growth of 30 per cent. The scale of opportunity is immense. I firmly believe its best chapters are yet to be written.
"Together, let us &lsquo;Innovate, Include, and Inspire&rsquo;. Innovate new solutions fearlessly, include every citizen in your vision, and inspire the world with what India can achieve," she said.
Noting that India now actually accounts for almost half of all real-time digital transactions in the world, she said direct benefit transfer (DBT) has saved a lot money by plugging leakages.
About Rs 44 lakh crore have been transferred through DBT since 2014 and Rs 3.48 lakh crore have been saved.
The Minister said the speed at which innovation is happening in India is just a dream for many other countries.
"Several advanced countries are nowhere close to the kind of momentum our fintech companies have achieved, not just in terms of progress in their respective areas, but also in creating entirely new paradigms. This is something which is very unique of the Indian fintech sector," she said.
A World Bank study noted that through Digital Public Infrastructure (DPI), India achieved an 80 per cent financial inclusion rate in just six years.
Some observers who have gone through this report have said that this feat would have otherwise taken nearly 50 years, Sitharaman said.

HDFC's CEO Sashidhar Jagdishan petitions court to dismiss fraud allegations from Lilavati Trust. Legal proceedings pending.

HDFC CEO in Legal Battle Over Fraud Claims

Sashidhar Jagdishan, HDFC Bank CEO, contests fraud allegations by Lilavati Trust in court. Claims involve alleged embezzlement and misuse of funds.

HDFC's CEO seeks court intervention over fraud claims from Lilavati Trust, which accuses him of fund misappropriation. HDFC denies these allegations.

HDFC Bank's Managing Director and Chief Executive Officer Sashidhar Jagdishan has approached the Bombay High Court, seeking quashing of the FIR registered against him based on the financial fraud allegations made by the Lilavati Trust, which oversees the Mumbai-based Lilavati Hospital.
The plea was mentioned before the court on Wednesday and will be heard in due course of time.
The FIR stems from a magistrate court's order directing the police to investigate the charges of alleged financial fraud.
The Lilavati Kirtilal Mehta Medical Trust (LKMM Trust) has alleged in the complaint that of the Rs 14.42 crore misappropriated by its trustees, Rs 2.05 crore were received by Jagdishan.
It also claimed that the offer of Rs 1.5 crore disguised as Corporate Social Responsibility (CSR) funds to hospital staff shows the intent to destroy evidence and obstruct justice.
Despite judicial findings and multiple complaints, HDFC Bank failed to act, violating Section 166 of the Companies Act and SEBI governance mandates, the Trust alleged.
The bank, however, has denied the allegations, calling it "outrageous and preposterous".

A Delhi man was apprehended for defrauding a woman of Rs 13 lakh with a fake DMRC job offer. The arrest followed a complaint on the cybercrime portal. Authorities recovered original certificates and highlighted the importance of verifying job offers.

Delhi Job Scam: Fake DMRC Offer Leads to Arrest

Delhi police arrested a man involved in a Rs 13 lakh job scam with a fake DMRC offer. The investigation used advanced techniques to trace the suspect. This case highlights the need for careful verification of job opportunities to avoid fraud.

Delhi man held for Rs 13 lakh DMRC job fraud

A Delhi man was arrested for scamming a woman with a fake DMRC job offer, costing her Rs 13 lakh. The scam involved a fraudulent letter and led to a cybercrime complaint, resulting in the suspect's arrest and recovery of the victim's certificates.

A man has been arrested in northwest Delhi for allegedly duping a woman of over Rs 13 lakh by falsely promising her a job in the Delhi Metro and sending her a forged appointment letter via a fake DMRC email ID, an official said on Wednesday.
The accused, identified as Bhupender Guru (27), allegedly lured Manjesh Bijarinya with the promise of securing a job for her in the Delhi Metro Rail Corporation (DMRC), police said in a statement.
Over time, she was allegedly duped into transferring Rs 13.21 lakh to Guru. She also alleegdly handed over her original academic certificates, believing the job offer to be genuine.
"She received an email carrying what appeared to be an official DMRC appointment letter. However, it was later discovered to be a forged document sent from a fake email ID impersonating the corporation," Deputy Commissioner of Police (Northwest) Bhisham Singh said in a statement.
Realising she had been cheated, the woman filed a complaint on the NCRP (National Cyber Crime Reporting Portal), which was registered at the cyber police station. A case was lodged under relevant sections of the BNS and an investigation was launched.
The investigation faced initial hurdles as the accused was communicating solely via social media and was not residing at the address mentioned in his documents. However, the police tracked his digital footprint using open-source intelligence and technical tools, he said.
"After multiple leads and surveillance efforts, the accused was located and arrested in Sultanpuri. The team also recovered the original mark sheets of the victim from his possession," the DCP said.
During sustained interrogation, Guru allegedly confessed to the crime, police said.

Two men arrested in South Delhi for allegedly defrauding a retired BSF officer of over Rs 24 lakh. Investigations reveal a network using VoIP calls.

BSF Officer Defrauded Rs 24 Lakh, Two Arrested

In a major case, South Delhi police arrested two men for allegedly defrauding a retired BSF officer of Rs 24 lakh through intricate cyber scams.

Delhi police bust ₹24 lakh investment fraud

Officers detained two men for scamming a retired BSF officer of Rs 24 lakh using VoIP calls, linked to 'Naitik Traders' account.

Two men were arrested in south Delhi for allegedly duping a retired BSF officer of over Rs 24 lakh by luring him with promises of high returns through investments, an official said on Wednesday.
The accused were identified as Neeraj Verma (33) and Ravi Verma (30), both residents of Faridabad in Haryana.
&ldquo;The complainant, a retired BSF inspector residing in Pushp Vihar, filed an online complaint alleging he had been cheated of Rs 24,54,216 by unidentified persons in the name of block trades, IPOs, and share market profits,&rdquo; Deputy Commissioner of Police (South) Ankit Chauhan said.
A case was registered on August 9, 2024, and an investigation was launched, he said.
During the probe, it was found that the accused contacted the complainant using Voice over Internet Protocol (VoIP) calls.
An analysis of the money trail revealed that the accused transferred the amount received from the victim to an account registered under the name 'Naitik Traders', linked to Ravi, the officer said, adding that he was apprehended from Ballabhgarh following technical surveillance.
Based on his disclosures made during interrogation, his associate Neeraj was also arrested.
Two mobile phones, a cheque book, and three bank kits that were used in the crime were recovered from their possession.
Neeraj, who studied up to Class 10, told the police that he came across an advertisement on social media promoting income through the use of corporate accounts for gaming-related transactions, the DCP said.
He then contacted Ravi and received instructions from a handler in Mumbai, following which he obtained GST and Udyam registrations and opened several bank accounts under a fake business.
Neeraj provided Rs 1 lakh to open these accounts and shared the details with the handler, who used them to conduct cyber frauds.
Neeraj allegedly earned a 2 per cent commission on transactions, which he split with Ravi.
The transactions primarily involved the buying and selling of USDT cryptocurrency on a platform, the police said.
Further investigation is underway to identify other associates and trace the handler.

Jitendra Sharma, 29, arrested in Maharashtra for Rs 48 lakh fraud using a fake trading app. He posed as a finance representative and used shell companies and deceptive accounts for transactions. Linked to multiple complaints, police continue to investigate the network.

Maharashtra Fraudster Caught in Rs 48 Lakh Scam

Jitendra Sharma, from Maharashtra's Palghar district, duped investors of over Rs 48 lakh using a fraudulent trading app. He leveraged shell companies and several bank accounts to carry out transactions, evading detection. The police are actively investigating further.

Maharashtra man arrested for Rs 48 lakh cyber fraud

Jitendra Sharma, 29, was arrested in Maharashtra for defrauding investors of over Rs 48 lakh with a fake trading app.

A 29-year-old man was tracked down and held in Maharashtra for allegedly defrauding multiple investors of over Rs 48 lakh in Outer North Delhi, police said Tuesday.
The accused, Jitendra Sharma, who was apprehended from Vangaon in Maharashtra&rsquo;s Palghar, posed as a representative of a financial services company and lured his victims with a fake trading application.
&ldquo;Sharma operated as the managing director of a private company and provided his company&rsquo;s bank accounts for the fraudulent transactions in exchange for commission," Deputy Commissioner of Police (Outer North) Nidhin Valsan said, adding that his bank accounts were linked to 46 complaints registered on the National Cybercrime Reporting Portal (NCRP).
A case was registered on March 17 following a complaint lodged by Vinay Singhal. During the probe, three similar complaints emerged, revealing how the victims were duped into transferring funds via a fake trading application mimicking the company's interface.
&ldquo;The accused used shell companies and purchased dormant bank accounts to move money quickly before it could be traced. He had earlier been arrested in a similar cyber fraud case in Faridabad and was out on bail,&rdquo; the officer said.
The complainant was directed to download a bespoke trading app that falsely promised high returns. Convinced of its legitimacy, he transferred significant sums to various bank accounts provided by the fraudster.
Sharma was apprehended in a raid carried out on May 16. In the operation, the police seized four mobile phones, a laptop, a watch, Rs 80,000 in cash, two debit cards, two pen drives with transaction data, a company stamp, cheque books, and a bank passbook.
&ldquo;The digital footprint and KYC document analysis were key in tracing the network," Valsan said.
He further said that efforts were underway to identify other members of the racket and recover the defrauded money.

Lilavati Hospital in Mumbai faces a Rs 2,100 crore fraud scandal with trustees accused of embezzlement, severely impacting hospital operations.

Lilavati Hospital Rs 2,100 Cr Fraud Scandal

A massive Rs 2,100 crore fraud scandal at Lilavati Hospital exposes serious embezzlement by ex-trustees, impacting thousands of daily patients.

Massive Rs 2,100 crore fraud uncovered at Lilavati Hospital

Lilavati Hospital faces a Rs 2,100 crore fraud scandal involving ex-trustees. Embezzlement hampers its operations.

A major scandal has engulfed Mumbai's renowned Lilavati Hospital as the Lilavati Kirtilal Mehta Medical Trust has alleged extensive embezzlement of funds by former trustees, amounting to an astounding Rs 2,100 crore.
An FIR was initially filed in July 2024, but the allegations of financial misappropriation date back to 2001.
Fresh complaints have been lodged with Bandra police and the Enforcement Directorate, highlighting how the lack of funds severely impacts the hospital's ability to serve thousands of patients daily.
Parambir Singh, the former Commissioner of Mumbai Police and the current Executive Director of Lilavati Hospital, revealed that the trustees allegedly responsible for these financial discrepancies are currently residing in Belgium and Dubai.
Notably, there are bizarre allegations against them involving practices of witchcraft, with eight urns containing human bones and hair discovered beneath their office flooring. These artifacts have been submitted to the police as evidence.
The irregularities came to light after a forensic audit, launched by a new team of trustees, confirmed massive financial fraud and the misuse of funds. A source described the situation as "the biggest scam ever in the medical sector."
In addition to siphoning off large-scale funds, accusations include illegal financial transactions, fraudulent investments, and kickbacks. Furthermore, another investigation is ongoing into the theft of valuables from the hospital's facility in Gujarat.
The Income Tax department has also filed claims in the High Court for over Rs 500 crore, citing fraudulent expenditures by the former trustees.
Prashant Mehta, Permanent Resident Trustee, stated, &ldquo;The misconduct and financial misappropriation uncovered are a betrayal of the trust's values and pose a direct threat to our hospital's mission. We are dedicated to ensuring accountability for all involved and urge the Enforcement Directorate to take decisive action under the PMLA.&rdquo;
The militant stance by the Trust underscores the seriousness of the situation, marking it as a landmark scandal in India's medical sector. As the investigation continues, all eyes are on the authorities to deliver justice swiftly.

Kiran Patel was arrested by the Jammu and Kashmir police earlier this mont

Fake PMO official arrested in J&K booked for house grab bid in Ahmedabad

Alleged conman from Gujarat Kiran Patel has been booked by the Ahmedabad cops on cheating and criminal conspiracy charges for trying to usurp a senior citizen's bungalow

Kiran Patel was arrested by the Jammu and Kashmir police earlier this month

Alleged conman from Gujarat Kiran Patel, held in Jammu and Kashmir for posing as a top official of the Prime Minister Office (PMO), has been booked by the Ahmedabad cops on cheating and criminal conspiracy charges for trying to usurp a senior citizen's bungalow using the same tactic, an official has said.
Patel, a resident of the Ghodasar area of the city, was arrested by the Jammu and Kashmir police earlier this month from a five-star hotel in Srinagar after the authorities grew suspicious about his activities.
On Wednesday, the Ahmedabad city crime branch lodged a case of cheating (Indian Penal Code section 420), criminal breach of trust (406), criminal conspiracy (120-b) and personating a public servant (170) against the alleged conman, said Deputy Commissioner of Police, Crime, Chaitanya Mandlik, on Thursday.
Patel's wife Malini Patel has been shown as a co-accused in the FIR (first information report), he said.
"As per our information, four FIRs related to cheating have been registered against Kiran Patel in different police stations of Gujarat in the past. Since he is in judicial custody, we will try to bring him here through a transfer warrant," Mandlik said.
In the latest FIR, it is alleged that Patel tried to grab a bungalow in a posh locality in Ahmedabad by winning the trust of its owner through false claims of being a "Class 1 officer in the PMO" and having close relations with politicians.
The complainant, 63-year-old Jagdish Chavda, owns a bungalow in the Shilaj area but wanted to sell it because of personal reasons. Patel approached Chavda in February 2022, claiming to be a real estate agent, and told the owner his property would fetch a good price if it was renovated.
To win Chavda's trust, Patel then identified himself as a "Class-1 officer in the PMO" as well as a partner in a cafe chain.
When Chavda agreed for the bungalow's renovation, Patel, his wife Malini and an interior designer started the work and took Rs 35 lakh in instalments from him, the FIR said.
As renovation was underway, Chavda shifted to his friend's residence in the Shela area. After some time, Chavda learnt that Patel and his wife had put their own name plate outside the bungalow and also did a house-warming ritual as if they were the owners.
When confronted, the Patel couple left the bungalow without finishing the renovation work, following which Chavda and his family moved back into the house, according to the police.
In August 2022, Chavda learnt through a court notice that Patel had filed a civil suit claiming ownership of the property, said the FIR.
In August 2019, a city-based decorator had lodged a complaint in Vadodara against Patel and two others for allegedly duping him of Rs 1 crore.
As per the FIR registered at the Raopura police station in 2019, Patel along with two event organisers - Dipesh Sheth and Dhara Sheth - had approached the complainant, Paritosh Shah, to decorate Navlakhi ground in Vadodara for a Navratri event held in October 2018.
While the trio paid nearly Rs 50 lakh to Shah in various instalments for the work done, they started giving excuses to clear the remaining bill of Rs 1 crore, as per the FIR.
At one point, Patel even threatened Shah with dire consequences claiming he was politically well-connected. When the trio refused to pay the pending money, Shah lodged a complaint with the Raopura police in August 2019.
A similar complaint of cheating and breach of trust was registered against Patel in Bayad town of Arvalli district in August 2020.
As per the FIR registered by the Bayad police, Patel along with his brother Manish Patel and the latter's wife Darshna had convinced three persons of Bayad to invest their savings in tobacco and cattle feed business for good returns.
In all, the accused took Rs 1.75 crore from one Ashish Patel and two of his friends by promising high returns on their investments, said the police document.
When cheques given by the accused got dishonoured, complainant Ashish Patel and others sought their money back, following which, the trio returned nearly Rs 50 lakh, but refused to pay the remaining sum of Rs 1.25 crore, said the FIR.
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21 indivuduals and entities including Axis asset management company's former chief dealer have been barred by the capital markets regulator SEBI. This in the Axis mutual fund front running case. 

Axis MF front-running case: 30 Cr wrongfully gained, 21 entities banned 

Axis MF front-running case: SEBI says 30 Cr wrongfully gained, 21 entities banned 

21 indivuduals and entities including Axis asset management company's former chief dealer have been barred by the capital markets regulator SEBI. This in the Axis mutual fund front running case.&nbsp;

Capital markets regulator SEBI has passed an interim order in the Axis Mutual fund front-running case. 21 entities &amp; individuals including Viresh Joshi, the former chief dealer of Axis mutual fund, are banned from buying, selling or dealing in the securities market. As per SEBI, over 30 crore was wrongfully gained through front-running activities and has said that this amount is to be impounded.&nbsp;
SEBI has termed this a "well-crafted manipulative scheme of front running" the trades of Axis Mutual fund and that Viresh Joshi 'glaringly abused his employment as a dealer with Axis MF" taking advantage of non-public information about impending orders the AMC, for his personal gains. These illegal trades were carried out during the period September 1, 2021 and March 31, 2022.&nbsp; Joshi had the discretion to decide as to when the orders of Axis MF would be placed. The front-running of trades were executed from trading accounts of the entities and people indirectly connected to Joshi. The ill-gotten gains were then transferred to the bank account of a company, specially incorporated in Dubai on behalf of Joshi. Joshi's brother and father also went to Dubai to set up this company and were also named shareholders.&nbsp;&nbsp; The order goes on to explain how Viresh Joshi exploited the norms of social distancing during the pandemic which allowed him to use a separate dealing room and circumvent the prohibition on usage of a mobile phone while in the dealing room during trading hours.&nbsp;&nbsp;
In its interim order, SEBI says, "There are ample prima facie evidences unearthed during the investigation which visibly demonstrate the the conduct of the Noticees while indulging in front running trades has been misleading and fraudulent in nature which has violated the integrity of the market and caused fraud on the investors causing irreparable injury to the secutrites market".&nbsp; SEBI has also clarified that a number of parallel and separate proceedings involving different entities are in progress. These are at different stages of investigations. The present proceedings involve the front running of trades of Axis MF.&nbsp; Axis Mutual Fund came under the front-running allegation in 2022 and later on sacked two officials including Viresh Joshi following an internal investigation.

Mumbai woman loses Rs 3.68 lakh after being duped on pretext of Valentine's Day gift

Mumbai woman duped for Rs 3.68 lakh on pretext of Valentine's Day gift

The woman, who is married, befriended the man, who introduced himself as Alex Lorenzo, on Instagram last Wednesday, the official from Khar police station said.

The woman, who is married, befriended the man, who introduced himself as Alex Lorenzo, on Instagram on 8 February, police said.

A 51-year-old woman from Mumbai allegedly lost Rs 3.68 lakh after being lured by a man on a social media platform under the pretext of sending her a gift for Valentine's Day, a police official said on Monday.
The woman, who is married, befriended the man, who introduced himself as Alex Lorenzo, on Instagram last Wednesday, the official from Khar police station said.
The man later told her that he had sent her a Valentine's Day gift for which she will have to pay a fee of Euros 750 after receiving the parcel, he said quoting the complainant.
Later, she received a message from a courier company that as the parcel was heavier than the permissible limit, she would have to pay an additional charge of Rs 72,000, which she paid, the official said.
The courier company representatives contacted the woman again saying they had found European currency notes in the parcel and to avoid being charged for money laundering, she would have to shell out Rs 2,65,000. She then paid the sum, he said.
However, when the woman was asked again to pay another Rs 98,000 to get the parcel that the man had sent her, she got suspicious.
When she stopped paying the amount, Lorenzo started threatening her saying he would post her pictures on social media and also share them with her family members, the official said.
The woman subsequently lodged a complaint with the Khar police.
Based on the complaint, the police on Sunday registered an FIR against two unidentified persons under various Indian Penal Code sections including 420 (cheating) and provisions of the Information Technology Act, the official said.
An investigation was on into the case, he added.&nbsp;
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All the listed stocks of the group took a beating after the report, which came just as a Rs 20,000 crore follow-on share sale of Adani Enterprises opened for institutional investors. 

Adani says examining legal options against Hindenburg; US firm stands by its 106-page report

All the listed stocks of the group took a beating after the report, which came just as a Rs 20,000 crore follow-on share sale of Adani Enterprises opened for institutional investors.&nbsp;

Days after a US-based investment research firm, Hindenburg said that its two-year investigation revealed that Adani Group has "engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades", Adani Group says examining legal options against Hindenburg.&nbsp; The Adani Group on Thursday said it is examining legal options to take "punitive action" against Hindenburg Research for its "reckless" attempt to sabotage a mega share sale at the conglomerate's flagship firm - a statement that the US activist investor responded by saying it stands by its report that alleged "brazen" market manipulation and accounting fraud by the group. "The maliciously mischievous, unresearched report published by Hindenburg Research on January 24, 2023, has adversely affected the Adani Group, our shareholders and investors. The volatility in Indian stock markets created by the report is of great concern and has led to unwanted anguish for Indian citizens," Adani Group's lead head Jatin Jalundhwala said in a statement.
The report and its unsubstantiated contents were designed to have a deleterious effect on the share values of Adani Group companies as Hindenburg Research, by their own admission, is positioned to benefit from a slide in Adani shares, he said. The report came just as a Rs 20,000 crore follow-on share sale of Adani Enterprises opened for institutional investors.
"In the 36 hours since we released our report, Adani hasn't addressed a single substantive issue we raised," Hindenburg Research said. "At the conclusion of our report, we asked 88 straightforward questions that we believe give the company a chance to be transparent. Thus far, Adani has answered none of these questions." Stating that it "fully stands" by the report, Hindenburg said it believes any legal action taken against it would be meritless.
"If Adani is serious, it should also file suit in the US where we operate. We have a long list of documents we would demand in a legal discovery process," it said, adding Adani has in its statements referred to its 106-page, 32,000-word report, with over 720 citations and prepared over the course of 2 years, as unresearched.

The quantum of loss is equivalent to four times of the grant an Associate member with ODI status earns every year from the ICC

ICC becomes victim of online fraud, investigation launched

The ICC became a victim of an online fraud and is believed to have been duped to the tune of over $2.5 million through deception.

Here are the details

The quantum of loss is equivalent to four times of the grant an Associate member with ODI status earns every year from the ICC

The International Cricket Council (ICC) became a victim of an online fraud and is believed to have been duped to the tune of over $2.5 million through deception.
According to a report in Cricbuzz, the ICC officials refused to comment but an investigation has been launched into the incident of phishing from a source based in the US.
The total amount of $ 2.5 million is a result of multiple instances of being cheated, the report added.
An official of an Associate board stated that for a full member like the BCCI, $ 2.5 million is not a major amount but the quantum of loss is equivalent to four times of the grant an Associate member with ODI status earns every year from the ICC.
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Kochhar was accused of misusing her position in the ICICI Bank in granting loans to Videocon group promoter Venugopal Dhoot in 2009 and 2011

Videocon loan case: Mumbai court remands Chanda Kochhar, husband in CBI custody till December 26 

Kochhar was accused of misusing her position in the ICICI Bank in granting loans to Videocon group promoter Venugopal Dhoot in 2009 and 2011

A special CBI court on Saturday remanded former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar to the CBI custody till Monday.
They were arrested on Friday in a case linked to alleged irregularities in an over Rs 3,000-crore loan provided to the Videocon Group when she was heading the private sector bank.
Kochchar had to resign from ICICI Bank in 2018 because of this multi-crore scam.&nbsp; Also Watch| <a href="https://www.editorji.com/india-news/local/videocon-loan-case-icici-bank-ceo-md-chanda-kochhar-husband-deepak-kochhar-arrested-1671852298885">Videocon loan case: ICICI Bank CEO-MD Chanda Kochhar, husband Deepak Kochhar arrested</a>

Videocon loan case: ICICI Bank CEO-MD Chanda Kochhar, husband Deepak Kochhar arrested

The CBI has alleged that they were evasive in their responses and did not cooperate in the investigation.

The CBI on Friday arrested former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar in connection with alleged cheating and irregularities in loans sanctioned by the bank to Videocon Group companies, officials said.
They said the Kochhars were called to the agency headquarters and arrested after a brief questioning session.
The CBI has alleged that they were evasive in their responses and did not cooperate in the investigation.
The Kochhars will be produced before a special CBI court on Saturday.
They are likely to be kept in separate lockups on the ground floor of the 11-storeyed agency headquarters after their medical examination.
Sources said that agency is likely to move at a swift pace to file the first charge sheet in the case in which the Kochhars could be named along with Venugopal Dhoot of Videocon Group.
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The CBI had named the Kochhars and Dhoot, along with companies Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Limited, as accused in the FIR registered under IPC sections related to criminal conspiracy and provisions of the Prevention of Corruption Act in 2019, they said.
The CBI had alleged that ICICI bank had sanctioned credit facilities to the tune of Rs 3,250 crore to the companies of Videocon Group promoted by Dhoot in violation of the Banking Regulation Act, RBI guidelines, and credit policy of the bank.

Theranos fraud: Elizabeth Holmes sentenced to 11 years in prison

The closely watched case became an indictment of Silicon Valley, and US federal prosecutors had sought a 15-year jail term for Holmes. She was sentenced to 135 months.

Fallen US biotech star Elizabeth Holmes was sentenced Friday to just over 11 years in prison for defrauding investors with her Silicon Valley start-up firm.
The Theranos founder had been convicted on four felony fraud counts in January for persuading investors that she had developed a revolutionary medical device before the company flamed out after an investigation by The Wall Street Journal.
The closely watched case became an indictment of Silicon Valley, and US federal prosecutors had sought a 15-year jail term for Holmes. She was sentenced to 135 months.
US attorney Stephanie Hinds said the sentence "reflects the audacity of her massive fraud and the staggering damage she caused."
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"For almost a decade, Elizabeth Holmes fabricated and spread elaborate falsehoods to draw in a legion of capital investors, both big and small, and her deceit caused the loss of hundreds of millions of dollars," the prosecutor said in a statement following the judge's decision.
Holmes, who is pregnant, will not have to surrender herself until April next year, ordered US District Judge Edward Davila in a courtroom in San Jose, California.
Holmes's lawyer indicated she will appeal her conviction.
Moments before her sentencing, a tearful Holmes told the court: "I stand before you taking responsibility for Theranos. I loved Theranos. It was my life's work."
She added: "I am devastated by my failings. Every day for the past years I have felt deep pain for what people went through because I failed them."
"I gave everything I had to building our company and trying to save our company."

Fraudsters duped vaccine-maker Serum Institute of India (SII) of more than Rs 1 crore by sending messages in the name of its Chief Executive Officer Adar Poonawalla and asking for transfer of money, Pune Police said on Saturday. 

Fraudsters dupe Serum Institute of Rs 1 cr by asking for money transfer in CEO's name

Satish Deshpande, one of the directors of the SII, received WhatsApp messages from a person who posed as Adar Poonawalla, as per the FIR.&nbsp;

Pune-based Serum Institute of India (SII) has been duped of Rs 1 crore by fraudsters who allegedly posed as the company&rsquo;s chief executive officer (CEO) Adar Poonawalla and sent a WhatsApp message to one of its directors seeking money transfer to various accounts, said the police.
The fraud unfolded between Wednesday and Thursday, said an official of Bundgarden police station.
A First Information Report (FIR) for cheating and offences under the Information Technology Act has been registered against unidentified persons, said senior inspector Pratap Mankar.
Satish Deshpande, one of the directors of the SII, received WhatsApp messages from a person who posed as Adar Poonawalla, as per the FIR.
The sender asked Deshpande to transfer money to certain bank accounts immediately, said the complaint filed by the finance manager of the firm.
Also watch: <a href="https://www.editorji.com/india-news/local/explained-aap-s-big-nutrition-scam-charge-on-shivraj-singh-chauhan-s-govt-1662652723816">Explained: AAP's big 'nutrition scam' charge on Shivraj Singh Chauhan's govt</a>
Believing that it was the CEO who had messaged, company officials transferred Rs 1,01,01,554 online, only to realize later that Poonawalla had never sent any such WhatsApp communication.
Investigation was going on, said inspector Mankar.
The SII, which has a plant near Pune, produces the Covishield vaccine against coronavirus among other vaccines.
With PTI inputs

The EPFO branch in Mumbai has reportedly uncovered a massive fraud that could have losses running into a Rs 1000 cr as per reports. ET reports that staff at a Mumbai suburban office of EPFO allegedly created bogus accounts and transfer funds or settle claims in defunct companies such as Jet Airways. An internal inquiry is underway to ascertain what the actual loss to provident fund body is. 
Unnammed sources told ET that PF accounts of many pilots or crew members of Jet Airways were allegedly misused to siphon off funds, which reportedly benefited some EPFO officials working at Kandivali office.This is not the first case of fraud at this EPFO branch. EPFO’s Kandivali office was also mired in another fraud case in February when the Central Bureau of Investigation (CBI) filed an FIR against eight EPFO employees who reportedly siphoned off Rs 21.5 crore via 817 migrant workers’ bank accounts.
 

EPFO Fraud Revealed: losses estimated at up to Rs 1,000 cr: reports

EPFO Fraud Revealed: losses estimated at up to Rs 1,000 cr

EPFO fraud unearthed 

The modus operandi is said to be creating bogus accounts and transfer funds

The EPFO branch in Mumbai has reportedly uncovered a massive fraud that could have losses running into a Rs 1000 cr as per reports.&nbsp; ET reports that staff at a Mumbai suburban office of EPFO allegedly created bogus accounts and transfer funds or settle claims in defunct companies such as <a href="https://www.editorji.com/business-news/jet-airways-ready-for-take-off-in-just-a-month-1658907379141">Jet Airways</a>. An internal inquiry is underway to ascertain what the actual loss to provident fund body is.&nbsp;
Unnamed sources told ET that <a href="https://www.editorji.com/business-news/personal-finance/new-wage-code-your-salary-pf-and-work-timings-can-change-from-today-1656650444342">PF</a> accounts of many pilots or crew members of Jet Airways were allegedly misused to siphon off funds, which reportedly benefited some EPFO officials working at Kandivali office. This is not the first case of fraud at this EPFO branch. EPFO&rsquo;s Kandivali office was also mired in another fraud case in February when the Central Bureau of Investigation (CBI) filed an FIR against eight EPFO employees who reportedly siphoned off Rs 21.5 crore via 817 migrant workers&rsquo; bank accounts.
Read More:- <a href="https://www.editorji.com/business-news/financial-fraud-on-the-rise-zerodha-sends-warning-1659598243087">Financial fraud on the rise, Zerodha sends warning</a>

Assam Police arrested two persons in Karimganj district on Friday for allegedly posing as CBI officers in order to extort money.

Two fake CBI officers arrested for extorting money from businessman in Assam 

On August 18, the police received a complaint from a businessman from the Patharkandi area who had received an extortion call demanding Rs 2 lakh from a 'CBI officer'.

Assam Police arrested two persons in Karimganj district on Friday for allegedly posing as CBI officers in order to extort money.
The arrested persons were identified as Dilwar Hussain and Rashid Ahmed.
Partha Pratim Das, Additional Superintendent of Police of Karimganj district, said that, on August 18, they had received a complaint from a businessman from the Patharkandi area.
"The businessman had received an extortion call and the person who used to impersonate himself as a CBI officer had demanded ₹ 2 lakh. Immediately we tracked the mobile phone number and launched an operation and apprehended two persons namely Dilwar Hussain and Rashid Ahmed. Rashid Ahmed had used the mobile phone of Dilwar Hussain and impersonated himself as a CBI officer," Mr Das said.
Police registered a case against the duo. Further investigation is underway.
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A fraud  that is unmatched in India, hit by it 17 banks that were defrauded of Rs 34,000 cr allegedly by the promoters of Dewan Housing Finance Corporation Ltd (DHFL), Kapil Wadhawan and Dheeraj Wadhawan.It exploded in 2019, when digital platform 'Cobrapost' claimed to have unearthed what it titled - 'India's biggest financial scam' perpetuated as per their expose by the then promoters of the company.  Cobrapost claimed that the scam has primarily been pulled off through grants of loans and advances to shell companies and by using other means leaving a large consortium of banks led by Union Bank with bad debt of over Rs 31,000 cr. A lot is at stake as this news breaks as DHFL is a listed NBFC in the business of lending money especially to promoters who are reportedly engaged in slum rehabilitation, housing development and other real estate businessCobrapost then went on to give pages worth of investigative material supporting their claim of a massive loan fraud. Lenders obviously panic and call for a special meeting and on  February 1, 2019 appointed KPMG to conduct a "special review audit" of DHFL from April 1, 2015 to December 31, 2018. Reportedly, KPMG, in its audit, red-flagged diversion of funds in the garb of loans and advances to related and interconnected entities and individuals of DHFL and its directors. 
The promoters of erstwhile DHFL, Kapil and Dheeraj Wadhawan are currently in jail in connection with the cases registered by CBI and the Enforcement Directorate for the alleged fraud caused to Yes Bank n connivance with the bank's cofounder Rana Kapoor who is also lodged at Taloja jail on the outskirts of Mumbai.
 

DHFL fraud: Yes Bank to PM Housing Scheme, Rs 34,000 cr scam explained

DHFL fraud: Yes Bank to PM Housing Scheme, Rs 34,000 cr scam detailed

CBI has booked former promoters of Dewan Housing Finance Corporation Ltd (DHFL), Kapil Wadhawan and Dheeraj Wadhawan

A fraud&nbsp; that is unmatched in India, hit by it 17 banks that were defrauded of Rs 34,000 cr allegedly by the promoters of Dewan Housing Finance Corporation Ltd (DHFL), Kapil Wadhawan and Dheeraj Wadhawan. It exploded in 2019, when digital platform 'Cobrapost' claimed to have unearthed what it titled - 'India's biggest financial scam' perpetuated as per their expose by the then promoters of the company.&nbsp; Cobrapost claimed that the scam has primarily been pulled off through grants of loans and advances to shell companies and by using other means leaving a large consortium of banks led by Union Bank with bad debt of over Rs 31,000 cr.&nbsp; A lot is at stake as this news breaks as DHFL is a listed NBFC in the business of lending money especially to promoters who are reportedly engaged in slum rehabilitation, housing development and other real estate business Cobrapost then went on to give pages worth of investigative material supporting their claim of a massive loan fraud.&nbsp; Lenders obviously panic and call for a special meeting and on February 1, 2019 appointed KPMG to conduct a "special review audit" of DHFL from April 1, 2015 to December 31, 2018. Reportedly, KPMG, in its audit, red-flagged diversion of funds in the garb of loans and advances to related and interconnected entities and individuals of DHFL and its directors.&nbsp; Auditor Grant Thornton also in its 98-page report reportedy detailed the mode of operation of "round tripping" of funds through fake loans which focuses on 91 entities wherein the auditor found that no collateral or security was obtained before the grant of these loans. In total, 2.60 lakh "fake and fictitious" home loan accounts were created and over Rs 11,000 cr was 'disbursed'.
The promoters of erstwhile DHFL, Kapil and Dheeraj Wadhawan are currently in jail in connection with the cases registered by CBI and the Enforcement Directorate for the alleged fraud caused to Yes Bank n connivance with the bank's cofounder Rana Kapoor for allegedly involving kickbacks for investing in DHFL. Rana Kapoor is also lodged at Taloja jail on the outskirts of Mumbai.
To add to that agency has now unearthed a scam linked to the Pradhan Mantri Awas Yojana (PMAY). According to the CBI, Kapil and Dheeraj Wadhawan created "fake and fictitious" home loan accounts amounting to over Rs 14,000 crore and availed Rs 1,880 crore in interest subsidy from the Government of India. The CBI has named DHFL, Kapil Wadhawan, Dheeraj Wadhawan along with 13 others and they have been booked on charges of cheating, fraud and under relevant sections of the Prevention of Corruption Act.

Around a year after claiming that OneCoin would be the "Number One cryptocurrency worldwide", the company's founder Dr Ruja Ignatova vanished without a trace. And now, Ignatova, who called herself "cryptoqueen", has been added to the FBI's Most Wanted List.
She is accused of masterminding a massive scam worth $4 billion, or around ₹26,000 crore. The Federal Bureau of Investigation is offering up to $100,000 for information leading to her arrest.
To evade arrest, Ignatova is believed to have changed her appearance, possibly through plastic surgery. She has been missing since 2017, when she boarded a flight from Bulgaria to Greece.
Ignatova went on the run after bugging her boyfriend's house over suspicion that he was cooperating with the FBI, which turned out to be true.
ALSO WATCH | WhatsApp scams target IAS, police officers: 3 types of frauds, precautions explained
With massive hype, OneCoin had managed to secure over 30 lakh investors from more than 100 countries. But how exactly did the scam work?
Investigators have called the case a Ponzi scheme with a "virtual twist". Basically, Ignatova's company sold OneCoin tokens which were worthless. Customers were promised high returns with low risk.
An exchange to convert OneCoin into real currency was never set up. Additionally, OneCoin was not backed by crypto-technology like blockchain, which is a decentralised digital ledger.
ALSO WATCH | Beware of massive Crypto scam, here is what you need to know
Customers were also told to encourage people they knew to buy OneCoin. In return, these customers were given commission for selling the cryptocurrency.
Ponzi schemes usually collapse when fresh customers dry up, and the flow of money stops, as the main product has no real value. To keep investors enthused, Ignatova also claimed that an IPO was in the pipeline, but it never occurred.&nbsp;
Some arrests have taken place in the case. In 2019, Ruja Ignatova's brother Konstantin was arrested by the FBI. He reportedly pleaded guilty and struck a deal to cooperate with the government.
Along with Konstantin Ignatov, US corporate lawyer Mark Scott was convicted for laundering $400 million for OneCoin. However, the prominent face of the company remains at large.
Ruja Ignatova was born in Bulgaria in 1980. She speaks Bulgarian, English, and German. She studied law at Oxford, and also has a PhD from Konstanz university. She worked with consultancy firm McKinsey &amp; Company before setting up OneCoin in 2014.
Ignatova made big claims about OneCoin, even calling it the "Bitcoin killer". However, OneCoin could not be traded, and could not be used for buying things.
Here are some of the other lies Ignatova told her victims.
The company claimed that OneCoin's value was based on market supply and demand. However, investigators said that the value was actually decided arbitrarily by Ignatova and the other conspirators.
Another fake claim was that OneCoin was secured by a private blockchain, as opposed to a public blockchain like other cryptos. Investigators said that there was no blockchain at all. The company also said that the crypto was mined via servers, but investigators said that the crypto was not mined at all.
The crypto market is going through a low phase these days, with investors worried about inflation, recession, and geopolitical tension. However, the digital assets periodically see a wild rise in value, attracting investors in large numbers.
But cases like OneCoin should act as a cautionary tale for investors looking to make easy money. With crypto regulations yet to catch up, people need to be careful about where they put their hard-earned cash.

₹26,000 crore crypto scam: OneCoin founder had plastic surgery done to evade FBI? | Ruja Ignatova

USA's Federal Bureau of Investigation (FBI) is offering up to $100,000 for information leading to OneCoin founder Ruja Ignatova's arrest.

Around a year after claiming that OneCoin would be the "Number One cryptocurrency worldwide", the company's founder Dr Ruja Ignatova vanished without a trace. And now, Ignatova, who called herself "cryptoqueen", has been added to the FBI's Most Wanted List.
She is accused of masterminding a massive scam worth $4 billion, or around ₹26,000 crore. The Federal Bureau of Investigation is offering up to $100,000 for information leading to her arrest.
To evade arrest, Ignatova is believed to have changed her appearance, possibly through plastic surgery. She has been missing since 2017, when she boarded a flight from Bulgaria to Greece.
Ignatova went on the run after bugging her boyfriend's house over suspicion that he was cooperating with the FBI, which turned out to be true.
ALSO WATCH | <a href="https://www.editorji.com/crime-news/whatsapp-scams-target-ias-police-officers-3-types-of-frauds-precautions-explained-1656348489821" target="_blank">WhatsApp scams target IAS, police officers: 3 types of frauds, precautions explained</a>
With massive hype, OneCoin had managed to secure over 30 lakh investors from more than 100 countries. But how exactly did the scam work?
Investigators have called the case a Ponzi scheme with a "virtual twist". Basically, Ignatova's company sold OneCoin tokens which were worthless. Customers were promised high returns with low risk.
An exchange to convert OneCoin into real currency was never set up. Additionally, OneCoin was not backed by crypto-technology like blockchain, which is a decentralised digital ledger.
ALSO WATCH | <a href="https://www.editorji.com/business-news/beware-of-massive-crypto-scam-here-is-what-you-need-to-know-1656310069965" target="_blank">Beware of massive Crypto scam, here is what you need to know</a>
Customers were also told to encourage people they knew to buy OneCoin. In return, these customers were given commission for selling the cryptocurrency.
Ponzi schemes usually collapse when fresh customers dry up, and the flow of money stops, as the main product has no real value. To keep investors enthused, Ignatova also claimed that an IPO was in the pipeline, but it never occurred.&nbsp;
Some arrests have taken place in the case. In 2019, Ruja Ignatova's brother Konstantin was arrested by the FBI. He reportedly pleaded guilty and struck a deal to cooperate with the government.
Along with Konstantin Ignatov, US corporate lawyer Mark Scott was convicted for laundering $400 million for OneCoin. However, the prominent face of the company remains at large.
Ruja Ignatova was born in Bulgaria in 1980. She speaks Bulgarian, English, and German. She studied law at Oxford, and also has a PhD from Konstanz university. She worked with consultancy firm McKinsey &amp; Company before setting up OneCoin in 2014.
Ignatova made big claims about OneCoin, even calling it the "Bitcoin killer". However, OneCoin could not be traded, and could not be used for buying things.
Here are some of the other lies Ignatova told her victims.
The company claimed that OneCoin's value was based on market supply and demand. However, investigators said that the value was actually decided arbitrarily by Ignatova and the other conspirators.
Another fake claim was that OneCoin was secured by a private blockchain, as opposed to a public blockchain like other cryptos. Investigators said that there was no blockchain at all. The company also said that the crypto was mined via servers, but investigators said that the crypto was not mined at all.
The crypto market is going through a low phase these days, with investors worried about inflation, recession, and geopolitical tension. However, the digital assets periodically see a wild rise in value, attracting investors in large numbers.
But cases like OneCoin should act as a cautionary tale for investors looking to make easy money. With crypto regulations yet to catch up, people need to be careful about where they put their hard-earned cash.

A 50-year-old Indian-origin tech entrepreneur has been arrested in the US for an alleged investment scheme that defrauded more than 10,000 victims of over USD 45 million and netted him several luxury cars and real estate.
Neil Chandran, of Las Vegas in Nevada, was arrested on Wednesday in Los Angeles, the Department of Justice said.
According to the indictment, Chandran owned a group of technology companies that he used in a scheme to defraud investors by falsely promising extremely high returns on the premise that one or more of his companies, operated under the banner of “ViRSE,” was about to be acquired by a consortium of wealthy buyers.
Chandran’s companies — which included Free Vi Lab, Studio Vi Inc., ViDelivery Inc, ViMarket Inc, and Skalex USA Inc, among others — developed virtual-world technologies, including their own cryptocurrency, for use in the companies’ own metaverse.
The indictment alleges that Chandran caused other individuals to make various materially false and misleading representations to investors, including that investors in his companies would soon receive extremely high returns when one or more of those companies was purchased by a group of wealthy buyers.
In fact, according to the indictment, there was no such buyer group that was about to purchase the companies for the claimed returns; a substantial portion of the funds was misappropriated for other business ventures and the personal benefit of Chandran and others, including the purchase of luxury cars and real estate; and there were no prominent billionaires involved in purchasing Chandran’s companies.
Chandran is charged with three counts of wire fraud and two counts of engaging in monetary transactions in the criminally derived property.
If convicted, Chandran faces up to 20 years in prison for each of the wire fraud counts and up to 10 years in prison for each count of engaging in unlawful monetary transactions.
The indictment also alleges that 100 different assets — bank accounts, real estate, and luxury vehicles, including 39 Tesla vehicles — are subject to forfeiture as proceeds of the fraud.
US Marshals and the FBI are seizing most of the assets pending the resolution of the criminal case.

US: Indian-origin tech entrepreneur held for USD 45 million investment fraud

Neil Chandran, of Las Vegas in Nevada, was arrested on Wednesday in Los Angeles, the Department of Justice said.

A 50-year-old Indian-origin tech entrepreneur has been arrested in the US for an alleged investment scheme that defrauded more than 10,000 victims of over USD 45 million and netted him several luxury cars and real estate.
Neil Chandran, of Las Vegas in Nevada, was arrested on Wednesday in Los Angeles, the Department of Justice said.
According to the indictment, Chandran owned a group of technology companies that he used in a scheme to defraud investors by falsely promising extremely high returns on the premise that one or more of his companies, operated under the banner of &ldquo;ViRSE,&rdquo; was about to be acquired by a consortium of wealthy buyers.
Chandran&rsquo;s companies &mdash; which included Free Vi Lab, Studio Vi Inc., ViDelivery Inc, ViMarket Inc, and Skalex USA Inc, among others &mdash; developed virtual-world technologies, including their own cryptocurrency, for use in the companies&rsquo; own metaverse.
The indictment alleges that Chandran caused other individuals to make various materially false and misleading representations to investors, including that investors in his companies would soon receive extremely high returns when one or more of those companies was purchased by a group of wealthy buyers.
Also Watch| <a href="https://www.editorji.com/business-news/stock-market-manipulator-faces-380-years-in-jail-1651147967130" target="_blank">Stock market manipulator faces 380 years in jail</a>
In fact, according to the indictment, there was no such buyer group that was about to purchase the companies for the claimed returns; a substantial portion of the funds was misappropriated for other business ventures and the personal benefit of Chandran and others, including the purchase of luxury cars and real estate; and there were no prominent billionaires involved in purchasing Chandran&rsquo;s companies.
Chandran is charged with three counts of wire fraud and two counts of engaging in monetary transactions in the criminally derived property.
If convicted, Chandran faces up to 20 years in prison for each of the wire fraud counts and up to 10 years in prison for each count of engaging in unlawful monetary transactions.
The indictment also alleges that 100 different assets &mdash; bank accounts, real estate, and luxury vehicles, including 39 Tesla vehicles &mdash; are subject to forfeiture as proceeds of the fraud.
US Marshals and the FBI are seizing most of the assets pending the resolution of the criminal case.

fraud

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