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.
What will be the criteria for identification of assets to be sold? It is learnt that the IndianBanksAssociation (IBA) has called for data in respect of consortium lending above ₹500 crore with some riders, such as exclusion of liquidation cases, fraud cases and cases under resolution in IBC where resolution is in sight, from all banks.
Incidentally, in 2019, Avenue 54 was taken over by YesBank after the developer, Sumer Radius Realty, failed to repay a Rs 479-crore loan ...Last month, the Reserve Bank of India approved Piramal Group’s takeover of DHFL for Rs 37,250 crore ... * In May 2020, ED arrested DHFL promoters Kapil and Dheeraj Wadhawan in the Yes Bank fraud case.
Nirav is wanted in India on charges of fraud and money laundering in the estimated US$ 2-billion PunjabNationalBank (PNB) scam case. He is the subject of two sets of criminal proceedings, with the CBI case relating to a large-scale fraud upon PNB through the fraudulent obtaining ...
Although the Payment Systems Regulator is now considering ways to beef up the protection available to victims of certain types of financial fraud, the banks surely need to be doing more than they currently are ... The battle against financial fraud requires banks, customers and the regulator ALL to play their part in fighting the common enemy.
New Delhi, Feb 26 (PTI) The CBI has booked Rohtak-based LakshmiPrecision Screws Limited for an alleged fraud of Rs 176.28 crore involving a consortium of banks and carried out searches at five locations in connection with the case on Friday, officials said.
The civil case revolved around how the bank ... Barclays, one of the few British banks to avoid a bailout in 2008, escaped criminal charges over the 2008 fundraising in 2018 and three former executives were cleared of fraud last year in a case brought by the Serious Fraud Office.
Diamond tycoon Nirav Modi lost his bid Thursday to avoid extradition from Britain to India to face allegations he was involved in a $1.8 billion bank fraud. District JudgeSamuel Goozee ruled in London that the fugitive jeweler has a case to answer before the Indian courts.
Nirav Modi, who is wanted in India on charges of fraud and money laundering in the estimated $2-billion PunjabNationalBank (PNB) fraud case, lost his nearly two-year-long legal battle against extradition on all grounds as Goozee also said that there are no human rights concerns ...
A UK court on Thursday cleared diamantaire Nirav Modi’s extradition to India as it found him guilty of fraud and money laundering in the PunjabNationalBank... • The court said Modi has a case to answer and added he and his brother, Nehal Modi, and others, defrauded the public ...
With a UK court ruling in favour of extradition of fugitive diamond merchant Nirav Modi, wanted in India on charges of fraud and money laundering in PunjabNationalBank (PNB) scam case, Mumbai's ArthurRoad jail has kept a special cell ready to lodge him, an official said on Friday.