Fraud Current Affairs, GK & News

Indian Banks to share data to tackle Fraud

Three Indian Banks- the Bank of India, the Bank of Baroda and the Allahabad Bank- have come together to create a seamless service for the transfer of data which would then be used to tackle frauds. What has happened? The three banks aim to have seamless data sharing to enable them to tackle share data ..

Topics: Bank • Bank fraud • Banking in India • Crime • Financial services • Fraud

T M Bhasin heads CVC committee to examine bank frauds above 50 crore

The Central Vigilance Commission (CVC) has constituted Advisory Board for Banking Frauds (ABBF) to examine bank fraud over Rs 50 crore and recommend action. The panel in its previous avatar called the Advisory Board on Bank, Commercial and Financial Frauds. The 4-member ABBF, which is headed by former Vigilance Commissioner T M Bhasin, has been ..

Topics: Bank fraud • Central Vigilance Commission • Crime • Fraud • Human behavior

Fake Crypto-currency menace on the Rise

The rise of digital penetration in the world has lead to an increase in the instances of cyber crimes and digital fraud in recent years. The latest in this series of frauds has been the instance of a company based out Singapore which has been promoting the fake currencies CryptoRiyal and SmartRiyal.? What has happened? ..

Topics: Cryptocurrency • CryptoRiyal • Digital Banking • digital economy • Fraud • SmartRiyal

Vijay Mallya becomes first Indian business tycoon to be named “Fugitive Economic Offender (FEO)”

Former liquor baron Vijay Mallya has become the first Indian businessman to be declared a Fugitive Economic Offender (FEO) under the newly enacted Fugitive Economic Offenders Act of 2018 by the Special Prevention of Money Laundering Act (PMLA) court in Mumbai. The tag now allows the government to confiscate and sold his properties in alleged ..

Topics: Asset forfeiture • Crime • Fraud • Fugitive Economic Offender • Fugitive Economic Offenders Act • Fugitives • Kingfisher Airlines • Modi administration • Money Laundering • PMLA • Prevention of Money Laundering Act • Vijay Mallya

Lok Sabha passes Fugitive Economic Offenders Bill 2018 to attach & confiscate assets of defaulters

During the monsoon session of Parliament, the Lok Sabha passed the Fugitive Economic Offenders Bill 2018, which will empower authorities to attach and confiscate properties and assets of economic offenders like loan defaulters & fraudsters who flee the country. The bill will replace an ordinance promulgated by President Ram Nath Kovind in April 2018. It ..

Topics: Asset forfeiture • Crime • Fraud • Fugitive Economic Offender • Fugitive Economic Offenders Act • Fugitives • Modi administration • Money Laundering • Scheduled offence

Amardeep Singh Bhatia to be new director of Serious Fraud Investigation Office (SFIO)

Amardeep Singh Bhatia, a 1993 batch IAS officer of Nagaland cadre, will be the new director of Serious Fraud Investigation Office (SFIO). The SFIO is a fraud investigating agency in India, under the jurisdiction of the Ministry of Corporate Affairs, under the Ministry of Corporate Affairs. Bhatia is at present joint secretary in the ministry. ..

Topics: Crime • Fraud • Government • Government of India • Serious Fraud Investigation Office