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Private sector banks reported the highest number of frauds, with 24,210 cases, making up 67.1% of total frauds in the 2023-2024 financial year

Frauds in banking sector rises in FY24: RBI Annual report

Private sector banks reported the highest number of frauds, with 24,210 cases, making up 67.1% of total frauds in the 2023-2024 financial year

The number of frauds in banks rose 166 percent year-on-year in the financial year 2023-24 to 36,075, according to the Reserve Bank of India&rsquo;s annual report released on May 30. The numbers were sharply higher than 13,564 reported in FY23.
According to the Reserve Bank of India's annual report, digital payments and card/internet transactions accounted for 80.6% of frauds in fiscal 2024.
The total number of these frauds rose more than four times year-on-year to 29,082. However, the amount involved was relatively small, totaling 1,457 crore rupees.
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Private sector banks reported the highest number of frauds, with 24,210 cases, making up 67.1% of total frauds in the 2023-2024 financial year. Small value card and internet frauds were the most significant contributors to the number of reported frauds.
"Frauds have occurred predominantly in the category of digital payments (card/internet), in terms of number. In terms of value, frauds have been reported primarily in the loan portfolio (advances category)," the report said.
While small value card/internet frauds contributed maximum to the number of frauds reported by the private sector banks, the frauds in public sector banks were mainly in loan portfolio.
Further, an analysis of the vintage of frauds reported during 2022-23 and 2023-24 shows a significant time-lag between the date of occurrence of a fraud and its detection.

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.

Jamaican sprinter Usain Bolt has fired his business manager after losing millions from his account that he invested in a local investment firm in Jamaica.

Usain Bolt fires his Business Manager after Jamaica Fraud case

Usain Bolt has fired his business manager after losing millions from his bank account.

Bolt said that he was baffled how USD 12.7 million of his money has gone missing as authorities are investigating a massive fraud that began more than a decade ago.

Jamaican sprinter Usain Bolt has fired his business manager after losing millions from his account that he invested with a local investment firm in Jamaica.
Bolt said that he was baffled how USD 12.7 million of his money has gone missing as authorities are investigating a massive fraud that began more than a decade ago.
When asked if he was "broke," the retired star athlete laughed.
"I'm not broke, but it's definitely put a damper on me," he said.
"It was for my future. Everybody knows I have three kids. I'm still looking out for my parents, and I still want to live very well."
Bolt's attorneys have given the company until Friday to return the money or face civil and criminal action.
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