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Jan Dhan accounts “very vulnerable” to frauds: RBI

Jan Dhan accounts “very vulnerable” to frauds: RBI

Raising concerns that Jan Dhan accounts can be misused by 'money mules', RBI Monday warned they are "very vulnerable" to frauds and asked banks to be on guard against such activities.

China blames Taiwan criminals for surge in telephone scams

China is battling an explosion of telecoms fraud that has cost billions of dollars in financial losses and driven some victims to suicide, according to authorities in Beijing who say criminal gangs based in rival Taiwan are behind many of the scams.

RBI tightens provisioning norms for bank frauds

Tightening disclosure norms, RBI has asked banks to disclose fraud cases and make provisions for them not exceeding four quarters from the date during which it has been detected.

China's Bank of Tianjin faces $121 million fraud

China's Bank of Tianjin has been defrauded of more than USD 120 million, it said, the third such giant crime against banks in the country this year.

Raghuram Rajan cautions public against frauds in RBI's name

Raghuram Rajan cautions public against frauds in RBI's name

 Reserve Bank Governor Raghuram Rajan today cautioned the public against any fictitious e-mails in his or the central bank's name demanding money, and asked people not to fall prey to such frauds.

CBI sets up group to deal with financial frauds, loan defaults

CBI sets up group to deal with financial frauds, loan defaults

The CBI Wednesday vowed not to spare scamsters however mighty or rich they may be and announced formation of a working group that will coordinate with various financial institutions to help curb financial frauds.

Bill to check ponzi schemes put on hold

A proposed bill to check fraudulent multi-level marketing (MLM) or ponzi schemes has been put on hold by the government.

QNet case: 2 more company representatives held

Two top representatives of QNet, a Hong Kong-based multi-level marketing company allegedly involved in a Rs 425-crore fraud here, were arrested Wednesday after being picked up from Delhi international airport, police said.

Rs 23 lakh worth fake products under Lenovo brand seized

Fake products under the brand name Lenovo, including laptop batteries and adaptors, valued at Rs 23 lakh, were seized Thursday in raids at three retail shops here.

Sebi to hire tax sleuths to beef up enforcement operations

Sebi to hire tax sleuths to beef up enforcement operations

Armed with powers to carry out search and seizure as well as arrest violators, the market watchdog has been cracking the whip on illegal money pooling activities.

RBI to step up vigilance on banking sector to prevent frauds

Reserve Bank of India (RBI) Deputy Governor R Gandhi on Tuesday said "continuous vigilance and intelligence gathering" would be the central bank's key focus areas to prevent recurrence of frauds.

Inoperative A/c norms should be strictly followed: EPFO

Retirement fund body EPFO has asked its field formations to strictly follow guidelines while settling claims out of inoperative accounts in order to reduce the risk of frauds.

FinMin directs banks to deal firmly with fraud, wilful default

As part of the strategy to contain bad debts, the Finance Ministry has directed all public sector banks to accord top priority to cases of fraud and wilful default and take legal action against those responsible.

To prevent corporate frauds, more needs to be done: EY survey

The findings come at a time when the instances of corporate misdoings and mismanagement are on the rise.

Corporate frauds on the rise, says report

The number of domestic companies witnessing incidences of frauds has increased in the current year, with as many as 71 percent of surveyed companies saying their exposure to such instances rose, says a report.