EU loses 168 billion euros in sales tax fraud, errors

Last Updated: Friday, September 4, 2015, 22:40

EU countries lost 168 billion euros (USD 187 billion) in sales-tax revenue in 2013 mostly due to fraud and errors, the European Commission said on Thursday.

Indian-origin man's assets to be freezed in fraud scheme in US

Last Updated: Friday, August 21, 2015, 14:50

A US court has asked federal regulators to freeze the assets of an Indian-origin IIT and Harvard alumnus who has been charged with a fraud scheme in which the investment professional allegedly obtained about USD 65 million in ill-gotten gains.

Citigroup pays $180 mn to settle hedge fund fraud case

Last Updated: Monday, August 17, 2015, 21:44

US securities regulators ordered two Citigroup affiliates Monday to pay $180 million to settle charges that they defrauded investors by falsely claiming a pair of hedge funds were low-risk.

Indian descent investment adviser admits to $9 million Facebook stock fraud

Last Updated: Friday, August 14, 2015, 09:05

An investment adviser of Indian descent has admitted to a $9million-fraud involving Facebook stock Thursday, the Federal Bureau of Investigation announced.

Indian-American charged in $1.9 million fraud scheme

Last Updated: Tuesday, August 11, 2015, 09:43

Yashvant Patel, 59, has been charged with four counts of mail fraud and four counts of making false statements in documents required to be kept under federal laws. The indictment seeks forfeiture from Patel of USD 1.9 million.

British oil company investigated for corruption in Somalia

Last Updated: Thursday, August 6, 2015, 22:14

An oil company chaired by a former leader of Britain`s ruling Conservative party is being investigated for alleged corruption in Somalia, claims the company slammed as "defamatory".

Bill to check ponzi schemes put on hold

Last Updated: Sunday, August 2, 2015, 14:46

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

SFIO to rope in chartered accountants for probe-related works

Last Updated: Sunday, July 26, 2015, 12:15

The Supreme Court-appointed Special Investigation Team (SIT), in its latest report on steps to curb the black money menace, has suggested a more active role for SFIO.

SFIO to rope in chartered accountants for probe-related works

Last Updated: Sunday, July 26, 2015, 12:15

The Supreme Court-appointed Special Investigation Team (SIT), in its latest report on steps to curb the black money menace, has suggested a more active role for SFIO.

Ex-IMF chief Rato refuses to testify on fraud charges

Last Updated: Wednesday, July 22, 2015, 23:18

The ex-head of the International Monetary Fund Rodrigo Rato refused to answer a judge`s questions Wednesday over the latest in a string of fraud charges against him, a source close to the case said.

ED attaches land worth Rs 1,000 cr in US in loan fraud case

Last Updated: Friday, July 3, 2015, 00:28

For the first time ED had taken such an action in USA, an official said.

Frauds can't be wished away; banks among easy prey: RBI

Last Updated: Sunday, June 28, 2015, 16:15

"More often than not, the frauds lead to tighter regulations. These aim at bringing in both corrective and preventive measures," he said, while adding that banks must follow three KY Principles, Know its Customer, Know its Employee and Know its Partner, to check frauds.