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Tag: bank fraud case

  • CBI information cost sheet in opposition to DHFL’s ex-CMD Kapil Wadhawan, 74 others

    By PTI

    NEW DELHI: The CBI has filed a cost sheet in opposition to former Dewan Housing Finance Ltd (DHFL) CMD Kapil Wadhawan and 74 others in reference to a Rs 34,000-crore financial institution fraud case, officers mentioned on Saturday.

    In its cost sheet, filed earlier than a Special CBI courtroom right here, the company has additionally named then director Dheeraj Wadhawan and former CEO Harshil Mehta as accused within the mega-scam case, officers mentioned.

    The company had registered the case in June in DHFL financial institution fraud matter for allegedly defrauding a consortium of 17 banks to the tune of Rs 34,000 crore, making it the largest banking mortgage fraud of the nation, they mentioned.

    In the cost sheet, the company has listed 18 people and 57 firms by means of which funds have been diverted, they alleged.

    NEW DELHI: The CBI has filed a cost sheet in opposition to former Dewan Housing Finance Ltd (DHFL) CMD Kapil Wadhawan and 74 others in reference to a Rs 34,000-crore financial institution fraud case, officers mentioned on Saturday.

    In its cost sheet, filed earlier than a Special CBI courtroom right here, the company has additionally named then director Dheeraj Wadhawan and former CEO Harshil Mehta as accused within the mega-scam case, officers mentioned.

    The company had registered the case in June in DHFL financial institution fraud matter for allegedly defrauding a consortium of 17 banks to the tune of Rs 34,000 crore, making it the largest banking mortgage fraud of the nation, they mentioned.

    In the cost sheet, the company has listed 18 people and 57 firms by means of which funds have been diverted, they alleged.

  • SBI clients hit by textual content phishing rip-off – Here’s how fraudsters function

    Image Source : PTI SBI clients hit by textual content phising rip-off – Here’s how fraudsters function
    Several customers of the State Bank of India (SBI) have been focused with a phishing rip-off the place hackers have flooded them with suspicious textual content messages, requesting them to redeem their SBI credit score factors value Rs 9,870.

    The hyperlink related to the textual content messages redirects the consumer to a faux web site and on the touchdown web page, the consumer is requested to submit private data together with delicate monetary particulars like card quantity, expiry date, CVV and Mpin in a ‘State Bank of India Fill Your Details’ kind.

    According to the investigation by New Delhi-based suppose tank CyberPeace Foundation together with Autobot Infosec Private Ltd, the web site collects knowledge immediately with none verification and is registered by a 3rd get together as an alternative of getting the registrant organisation title of State Bank of India, making it all of the extra suspicious.

    “Moreover, according to SBI, they never communicate with their customers via SMS or emails containing links with regard to the user’s account. Any reputed banking entity also does not use WordPress like CMS technologies on their official website for security reasons,” the muse mentioned.

    The private data sought on the malicious web site is title, registered cell quantity, e mail, e mail password and date of start.

    After the shape is submitted, the consumer is directed to a “thank you” web page.

    “The domain name of the website can be traced to India, and the registrant state was found to be Tamil Nadu,” the report talked about.

    According to the report, it was noticed that the shape takes consumer inputs with out performing primary validation of knowledge sort.

    For instance, the registered cell quantity subject, which ought to solely settle for numerical values additionally accepts textual content enter. This may also be confirmed from the supply code, the place the enter sort for the sector is talked about as ‘textual content’ as an alternative of ‘quantity’ or ‘tel’.

    “The email password field shows the entered password in clear text instead of keeping the characters hidden. A similar source code observation is noted,” it added.

    “The card number field accepts an infinite number of digits instead of only 16 digits, which SBI cards usually have. All these instances of negligence clearly indicate bad coding practice,” the muse mentioned.
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  • Big financial institution fraud! Hyderabad-based firm dupes SBI, different banks for over Rs 4,736 crore

    Image Source : PTI Big financial institution fraud! Hyderabad-based firm dupes SBI, different banks for over Rs 4,736 crore
    The Central Bureau of Investigation (CBI) on Saturday booked Hyderabad-based Coastal Projects Ltd and its administrators in reference to over Rs 4,736 crore financial institution fraud in a consortium of banks led by the State Bank of India (SBI).

    SBI alleged that the accused building firm, through the 5 12 months interval between 2013 and 2018, falsified account books and monetary statements to point out unrealisable financial institution assure quantities as realisable investments, the CBI stated. The firm additionally allegedly gave flawed data on promoters’ contribution, transformed receivables from associated events to investments to siphon off financial institution funds.

    The mortgage account of the corporate grew to become a Non-Performance Asset with retrospective impact from October 28, 2013 and subsequently declared fraud on February 20 final 12 months.

    Searches have been performed on the residential and official premises of the accused at Hyderabad and Vijayawada, which led to the restoration of a number of incriminating paperwork and different materials proof.
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  • Rs 3,269 crore fraud! CBI books Shakti Bhog Foods for duping SBI-led group of banks

    Image Source : FILE PHOTO/PTI The CBI has booked MD and administrators of Shakti Bhog Foods.
    Delhi-based Shakti Bhog Foods Limited was booked by the Central Bureau of Investigation (CBI) on Friday for an alleged fraud of Rs 3,269 crore. The firm, which sells packaged wheat flour, cookies and different objects, has been accused of duping a consortium of 10 banks led by the State Bank of India (SBI). 

    The CBI has booked Kewal Krishan Kumar, MD of the corporate, and different administrators Siddhrath Kumar and Sunanda Kumar, on a grievance lodged by the SBI, officers stated. 

    ALSO READ: Big financial institution fraud! Consortium of banks undergo lack of over Rs 4,837 crore, CBI probe underway

    According to the SBI grievance, the administrators allegedly falsified accounts and cast paperwork to siphon off public funds.

    The 24-year-old firm had grown organically because it ventured into food-related diversification over a decade with a turnover development of Rs 1,411 crore in 2008 to Rs 6,000 crore in 2014, the financial institution stated.

    The development got here to an abrupt halt in 2015 with the account turning right into a Non-Performing Asset (NPA) and it was finally declared a fraud in 2019.

    The account turned an NPA on account of stock losses owing to a steep fall in paddy costs, underutilisation of capital expenditure within the rice and paddy segments and a delay within the tie-up funds to tide over losses, an investigation report by the financial institution on employees accountability had famous in 2017.

    ALSO READ: Bank fraud! CBI recordsdata chargesheet in opposition to 24 accused for alleged lack of over Rs 297 crore to numerous banks

    The forensic audit carried out by the bankers identified that the corporate, in its account books of monetary 12 months 2015-16, confirmed that its stock value over Rs 3,000 crore bought broken because of pests and was bought at considerably low costs.

    This was contradictory to the inventory and receivable audit report, which confirmed that the corporate had a inventory of over Rs 3,500 crore in September 2015, its warehouses had been totally stocked and not one of the stock was out of date or sluggish transferring, the financial institution alleged in its grievance.

    The report additionally stated the corporate had an insurance coverage coverage for cover in opposition to hearth, earthquake and different perils however no claims had been made about inventory getting broken due to pests.

    The accounts additionally didn’t present any receivables owing to a sale of broken shares at low costs, it stated.

    The report additionally identified round-tripping of funds and suspicious funds made by the corporate, in addition to fudging of account books, the officers stated.

    (With Inputs From Agencies)
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