The recent crackdown by the police on Kerala-based Non-Banking Financial Company (NBFC) Popular Finance, revealed that it was a Ponzi scheme— where money brought in by new investors was used to pay off the old investors. The firm also used…
Recent Loan Frauds cases in India
1. Chennai: Loan fraud: Gang that stole lakhs nabbed Source: Indian Express The Anti-Bank Fraud Wing of the Central Crime Branch on 6Feb2020 arrested six persons who were running a call centre in Pazhavanthangal (Chennai) and cheated several persons who…
Loan Frauds in India
Loan frauds as a percentage of total banking frauds jumped to 90% in fiscal 2019 from 55% in fiscal 2018 after regulatory standards were changed for banks reporting non-performing assets (NPAs). How to safeguard yourself from such frauds Fraudsters in…
Loan Frauds surge in FY19
Loan frauds as a percentage of total banking frauds jumped to 90% in fiscal 2019 from 55% in fiscal 2018 after regulatory standards were changed for banks reporting non-performing assets (NPAs). Loan frauds increased year-over-year to Rs 64,548 crore in…
How to report a Net Banking, Debit or Credit Card Fraud?
With the increase in the digital way of life, especially when it comes to financial transactions, the risk of financial frauds cannot be ignored. A fraudulent online transaction in one’s bank account, debit or credit card could be because of…
Beware of Lottery Fraud
In the recent past, there has been a spate of fictitious offers sent out to the general public. People have received phone calls, emails, SMS’s, whatsapp messages, and letters etc. telling them that they have won a lottery. They are…
Business Fraud
Business fraud consists of dishonest and illegal activities perpetrated by individuals or companies in order to provide an advantageous financial outcome to those persons or establishments. Also known as corporate fraud, these schemes often appear under the guise of legitimate…
Identity Theft/Fraud
Identity theft, also known as identity fraud, is a crime in which an imposter obtains key pieces of personally identifiable information, such as Social Security or driver’s license numbers, in order to impersonate someone else. Identity theft occurs when someone…
Cheque Frauds in India
Cheque Fraud refers to a category of criminal acts that involve making the unlawful use of cheques in order to illegally acquire or borrow funds that do not exist within the account balance or account-holder’s legal ownership. As per the…
Credit Card Fraud
Credit Card Fraud is a harsh reality of digital age. If you are the owner of a credit or a debit card, there is a non-negligible chance that you may be subject to fraud, like millions of other people around…