Bankfraud is the use of potentially illegal means to obtain money, assets, or other property owned or held by a financial institution, or to obtain money from depositors by fraudulently posing as a bank or other financial institution. In many instances, bank fraud is a criminal offence. While the specific elements of particular banking fraud laws vary depending on jurisdictions, the term bank fraud applies to actions that employ a scheme or artifice, as opposed to bank robbery or theft. For this reason, bank fraud is sometimes considered a white-collar crime.
Types of bank fraud
Fraudsters may seek access to facilities such as mailrooms, post offices, offices of a tax authority, a corporate payroll or a social or veterans' benefit office, which process cheques in large numbers. The fraudsters then may open bank accounts under assumed names and deposit the cheques, which they may first alter in order to appear legitimate, so that they can subsequently withdraw unauthorised funds.
Khammam MP NamaNageshwara Rao, the TRS floor leader in the Lok Sabha, on Saturday rubbished reports of him quitting the party to join the BJP to protect his business interests in the wake of recent raids by the Enforcement Directorate (ED) on Madhucon Group of Companies owned by his family members in Rs 1,064 crore bank loan fraud case.
KarnatakaBank Ltd has informed the BSE that it has reported to the Reserve Bank of India frauds in the credit facilities extended to two listed companies ... There were 22 lenders under multiple banking arrangement in this case ... In the case of ...
Observing that there is prima facie material to show that absconding diamond trader Mehul Choksi and others in the PunjabNationalBank (PNB) alleged fraud case had caused offences, including destruction of evidence, a special court recently issued another non-bailable warrant against him ... Mehul Choksi PNB Fraud Case.
Absconding businessman Mehul Choksi was running a 'circular trade' with companies propped up by him as pearl suppliers in Hong Kong, through which he had managed to siphon off over Rs 6,345 crore borrowed from PunjabNationalBank, the CBI has alleged in its supplementary charge sheet in the loan fraud case.
The change in custody is being seen as a ray of hope for India which has approached the DominicaHigh Court seeking to be impleaded as a party in the case filed by lawyers of Choksi whose bail plea was earlier rejected. Choksi is wanted in India in a case of loan fraud worth about ₹13,500 crore in the state-run PunjabNationalBank.
Choksi is wanted in India in a case of loan fraud worth about ₹13,500 crore in the State-run PunjabNationalBank.Establishing criminal culpability ... The affidavits, if admitted by the high court, will pave the way for noted lawyer Harish Salve pleading India’s case in Dominica, they said.
Commander Achal Sharma, whose 78-year-old father was defrauded of Rs 6.5 lakh by a phone fraudster on June 8 told News18 that the banks should do more than just blocking the victims card and account after a fraud case is reported ... So far the cyber fraud helpline and its reporting platform has some major public and private sector banks onboard.
The StateBank of India (SBI) has alerted its customers against the increasing cases of online fraud. Issuing an alert through a post on Twitter, the bank put out a warning alerting people where fraudsters dupe people in the name of Know Your Customer or KYC verification. "KYC fraud is real, and it has proliferated across the country.
Jun. 17—The StateBank of India (SBI) has alerted its customers against the increasing cases of online fraud. Issuing an alert through a post on Twitter, the bank put out a warning alerting people where fraudsters dupe people in the ... .
Choksi, wanted in India in connection with the Rs13,500 crore PunjabNationalBank fraud and money laundering case, continues to be the custody of the Domincan authorities, Bagchi said adding that legal proceedings to get him to India were underway. MORE FROM THIS SECTIONSee All ...Premium Premium Maharashtra... TRENDING STORIESSee All ... Premium Kerala ... .