US Sends Woman Convicted Over $485 Million Fraud Back to China

A Chinese woman convicted and jailed in the United States for her part in a scheme to steal nearly $500 million from a state-run Chinese bank was sent back to China on September 24, 2015, officials said.
Beijing and Washington have no extradition treaty, but the return was the second in less than a week [...]

Lawyers Fails to Break Ice in Diego Maradona vs Wife Fraud Case

An attempt at mediation has failed between former Argentina football captain Diego Maradona and his ex-wife Claudia Villafane, whom he blames for the disappearance of $6 million from his fortune.
“The mediation session is over,” Villafane’s lawyer Fernando Burlando told reporters. “We will see what Maradona and his counsel want to do. The case may go [...]

3 Indian-Americans Charged With Money Laundering

US authorities have charged three Indian-Americans with a $2.5-million bank fraud and money laundering, media reports said.
Binder Tal (33), Baldev Tal (32) and Shariful Mintu (36) were alleged to have fraudulently obtained loans and lines of credit from banks, credit unions and other lending institutions by providing false information to the lenders about their assets, [...]

Banks Should Ensure Better Compliance to Prevent Data Theft: RBI

With growing dependence on information technology in the banking sector, Reserve Bank of India Deputy Governor H R Khan has said there is a need to ensure better compliance with regulations to prevent data theft and check financial fraud.
“Banks face a difficult challenge in the area of security management. With a growing population of internal [...]

CBI nabs two in Rs 11.61-cr bank fraud

The Central Bureau of Investigation (CBI) in November arrested two accused in connection with its investigation into the alleged fraud at the Indian Overseas Bank.
The CBI had registered a case of fraud on March 19, in which the accused had allegedly availed of credit facilities worth approximately Rs 11.61 crore from the bank using forged [...]

CBI raids Mittal aide’s house in bank fraud case of over Rs 52 cr

Sleuths from the CBI in 2015 raided the residence of Gurinder Kumar Garg, a city-based chartered accountant and associate of controversial advocate Mukesh Mittal, who is under the ED scanner for alleged money laundering, in a case of bank fraud, involving more than Rs 52 crore.
The CBI team, which came from Delhi, also searched the [...]

Corruption, corporate frauds biggest risks in 2014: FICCI survey

Indian businesses have identified corruption, bribery and corporate frauds as the most important risks, ahead of industrial disputes and unrest as well as political instability, a new survey from industry body FICCI has said. Corruption, that was listed in the fourth place in a similar survey FICCI did last year, emerged to the forefront after [...]

5 scams that have tagged as mammoth corporate scams.

1. Securities Scam – 1992
Most commonly termed as Harshad Mehta cheat, the scam came under speculations on 23 April, 1990. Sucheta Dalal, a journalist with Times of India revealed the illicit manner of financing that Mr. Mehta was following.
As India was gradually recognizing the new stock market, Mr. Mehta, a graduate in commerce and a [...]

A Raja Aide Sadiq Batcha’s Family Blames DMK For Death. Posters Dot Perambalur.

Five years ago, the death of Sadiq Batcha, a close aide of then Telecom Minister A Raja had caused quite a stir as the 2G scam allegations had just started gathering steam.
Now, on his fifth death anniversary, posters and homage advertisements at him home town Perambalur and Tamil Nadu’s capital Chennai are tacitly pointing [...]

DMK Leader MK Stalin Sends Legal Notice To Vaiko Over 2G Scam Comment

DMK leader MK Stalin on 26 March send a legal notice to MDMK founder Vaiko for his alleged remarks against the former in connection with the 2G spectrum allocation scam.
In the notice sent to Mr Vaiko through his counsel, Mr Stalin sought “unconditional apology” from the former within three days of receipt of the notice [...]

DMK Slams AIADMK For Not Taking Up Tamil Nadu Issues In Parliament

On a day it came under severe attack from AIADMK in Lok Sabha on the 2G scam, DMK on March 2 slammed its arch rival for not raising issues impacting Tamil Nadu, asking how many times it had stalled Parliament like it was doing now on the Aircel-Maxis issue.
DMK treasurer MK Stalin claimed the state [...]

Enforcement Directorate Concludes Final Arguments In 2G Scam Case

The Enforcement Directorate (ED) on January 16,2016 concluded its final arguments before a special court in the 2G scam related money laundering case in which former Telecom Minister A Raja, DMK MP Kanimozhi and 17 others are facing trial.
Special public prosecutor Anand Grover wrapped up his final arguments contending that the Rs. 200 crore [...]

Ex-Telecom Minister A Raja Concludes His Final Arguments In 2G Scam Case

Former telecom minister A Raja on 12th February concluded his final arguments in 2G spectrum allocation scam case before a special court, claiming there was no evidence to show he was aware of the Rs. 200 crore transaction between DMK-run Kalaignar TV and DB Group firm.
Mr Raja told Special CBI Judge OP Saini that [...]

CBI Concludes Final Arguments In 2G Spectrum Case

The CBI on December 22, 2015 concluding its final arguments in the 2G spectrum allocation scam case in which former Telecom Minister A Raja, DMK lawmaker Kanimozhi and 15 others are facing trial before a special court.
Special public prosecutor Anand Grover made his final submissions in the case after which court has fixed the matter [...]

BJP Attacks Congress Over Corruption, Targets P Chidambaram

With the Rajya Sabha witnessing frequent disruption by the Congress, BJP on December 3 tore into it over alleged involvement of its leaders in corruption cases and also questioned former Finance Minister P Chidambram’s role in 2G scam, raking up recent Enforcement Directorate (ED) raids at firms linked to his son.
Union Minister Nirmala Sitharaman also [...]

Government Probing Many Scams, No Need for Rahul to Challenge Us: BJP

BJP on November 20, mocked Rahul Gandhi over his dare to the Narendra Modi government to arrest him, saying the Centre is already probing a host of alleged scams that occurred under the Congress-led UPA government and there was no need for him to challenge it.
“Government is probing 2G scam, coal scam, CWG scam… [...]

Former Minister A Raja Told Officials That Swan Telecom was Eligible for 2G

The Central Bureau of Investigation (CBI) on 18th November, claimed in a special court that former Telecom Minister, A Raja had told Department of Telecommunications that Swan Telecom Pvt Ltd (STPL) was eligible for grant of 2G spectrum, even though its officials had initially expressed apprehension about its eligibility.
Advancing final arguments in the 2G spectrum [...]

SC rejects Kanimozhi’s plea to quash charges against her

In a blow to the Dravida Munnetra Kazhagam DMK MP Kanimozhi, the Supreme Court on November 3,2015 dismissed her plea to quash charges framed against her in the 2G case after keeping it pending for over two and a half years.
A bench of Chief Justice H.L. Dattu and Justices A.K. Sikri and Rohinton Nariman said [...]

CBI searches residences of retired Vyapam officials

New Delhi: CBI on 30th January carried out searches at seven residential premises of former supervisors of Vyapam examinations who had allegedly tampered answer sheets of some candidates so as to ensure they clear the tests.
The searches were carried out in different places of Madhya Pradesh. CBI sources said the search was conducted based on [...]

MP govt paid Rs 1.25 cr to lawyers to oppose CBI probe, says activist

A member of India chapter of anti-graft NGO Transparency International (TI) on Saturday claimed that Madhya Pradesh government spent Rs 1.25 crore to “hire senior counsels to oppose the petitions demanding CBI probe into Vyapam scam”.
Ajay Dubey, member of TI’s India Board, alleged here that between 2013 and 2015, the state government threw the rules [...]

Vyapam rewards fraud detection, attempts image makeover

Vyapam, which has been known for a massive admission and recruitment scam in Madhya Pradesh, has taken to rewarding teachers who detect fraud in examinations, honouring six of them on 1st January.
Six teachers, who acted as invigilators in various public service examinations in the state, were each given a monetary award ranging from Rs.50,000 to [...]

MP govt paid Rs 1.25 cr to lawyers to oppose CBI probe

A member of India chapter of anti-graft NGO Transparency International (TI) on January 2, claimed that Madhya Pradesh government spent Rs 1.25 crore to “hire senior counsels to oppose the petitions demanding CBI probe into Vyapam scam”.
Ajay Dubey, member of TI’s India Board, alleged here that between 2013 and 2015, the state government threw [...]

Vyapam scan accused former MP minister Laxmikant Sharma released on bail

Vyapam Scam accused former higher and technical education minister Laxmikant Sharma was released on bail on 20th December 2015.
Sharma was to be released from Bhopal central jail on 19th December 2015 but because of the delay in fulfilling formalities, the process was delayed.
The former minister is among the highest government functionaries to be jailed [...]

Names of selected candidates removed from law institute’’s merit list

The Madhya Pradesh Professional Examination Board, (or Vyapam as it is popularly known), which has conducted admission tests for National Law Institute University (NLIU), Bhopal since its inception in 1997, removed the names of those in the the merit list during 2001-07, leaving only the roll numbers, the reply to an RTI query says. Whistleblower [...]

SC issues notice to Home Ministry; MP governor on his way out?

The Supreme Court of 20th November 2015 issued a notice to Ministry of Home Affairs on a PIL seeking removal of Madhya Pradesh Governor Ram Naresh Yadav for alleged complicity in Vyapam scam.
The apex court had also issued a notice to Ram Naresh Yadav.
The MP governor is one of the accused in the scam. His [...]

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