Standard format for reporting bank fraud cases on anvil

Last Updated: Sunday, June 28, 2015, 15:40

"Information received from the banks are highly unstructured which makes mining of data contained in the statements very difficult. They also use different narrations for debit and credit entries which are sometimes very cryptic in nature, making it difficult to decipher the nature of transactions and hence the money trail," an official said.

RBI working with Finance Ministry to bring to book loan fraudsters

Last Updated: Saturday, June 27, 2015, 19:42

RBI has prescribed time limits within which certain actions like investigating for fraud should be completed and a decision on whether an account is indeed a fraud or not is made, the Deputy Governor said.

Axis Bank launches debit card with enhanced security features

Last Updated: Wednesday, June 24, 2015, 21:26

Private sector lender Axis Bank Wednesday launched a new debit card, which can be "switched off" for specified time periods, and has also put in fraud protection and personal accidental cover along with the offering.

Finance Ministry reduces penalty for customs duty fraud by 10%

Last Updated: Tuesday, June 23, 2015, 15:02

The penalty in cases of customs duty fraud has been reduced by 10 percent by the Finance Ministry.

ED attaches properties of Gems Cables and Conductors

Last Updated: Friday, June 19, 2015, 19:51

"During investigation under PMLA, proceeds of the crime were identified in the form of movable and immovable properties. Totally, three immovable properties of value of around Rs 6.03 crore and one movable property of value of Rs 4.43 crore held by M/s Gem Cables and Conductors were attached," the release stated.

Sebi bars HBJ Capital from acting as investment advisers

Last Updated: Tuesday, June 16, 2015, 18:29

The regulator said HBJ Capital Services and its promoters /directors have been acting as providing investment advisory services to their clients/investors without obtaining registration from Sebi to act as such and, thereby, have violated norms.

Sebi orders withholding payouts in select Surana trades

Last Updated: Friday, June 12, 2015, 17:11

The Securities and Exchange Board of India (Sebi) had asked the stock exchanges to "to stop payout in the scrip of Surana Solar for June 10 and 11".

India ranks 4th in APAC in terms of resume fraud

Last Updated: Wednesday, May 27, 2015, 00:04

As the employers in India have intensified the recruitment drive in the last quarter, the percentage of discrepancies found in the screening process has also increased year-on-year, according to a recent report.

Panel suggests a new disclaimer for use in insurers' ads

Last Updated: Sunday, May 24, 2015, 11:55

The report has also recommended that there should be greater transparency and clarity to enable policy holders to understand the boundaries of coverage in their policies.

RBI to soon set up Central Fraud Registry

Last Updated: Sunday, May 24, 2015, 10:46

The idea is to set up a structure for quick sharing of information about unscrupulous borrowers and help banks fight bad loans.

Indian among 3 charged with fraud in US

Last Updated: Friday, May 22, 2015, 10:58

The three were each charged with one count of conspiracy to commit wire fraud, which carries a maximum term of 20 years in prison.

Indian entrepreneur charged with fraud in US

Last Updated: Thursday, May 14, 2015, 12:58

The complaint alleges that Ahmed transferred approximately USD 27.5 million in illegal profits to accounts under his control at the expense of investors.