UNC academic scandal explained

The University of North Carolina at Chapel Hill is in the midst of an NCAA investigation into a system of fake classes taken by thousands of students, roughly half of them athletes, that spanned three decades.

Woman Charged Over $3.4 Million Australian ‘Handbag Spree’

Australian police have charged a 21-year-old woman with fraud after she allegedly spent US$3.4 million that her bank mistakenly gave her, with much of the money reportedly lavished on handbags.
The woman, named in Sydney media as Malaysian chemical engineering student Christine Jiaxin Lee, reportedly splashed out on luxury apartment rentals, designer bags and other high-end [...]

Former Argentine President Cristina Kirchner Charged With Fraud

Assets belonging to former Argentine president Cristina Kirchner were frozen on 14th May 2016 after she was charged with damaging national finances by manipulating the Central Bank’s exchange operations during her last months in office.
Federal Judge Claudio Bonadio said it was “evident that the then president gave instructions — which without a doubt were developed [...]

Syndicate Bank Posts Loss Of Rs 2,158 Crore In Q4

State-run Syndicate Bank Ltd reported a fourth quarter net loss of Rs 2,158 crore ($323 million) on sharply higher provisions and also due to a one-off charge on what the bank called a major fraud in three of its branches.
Syndicate Bank said it wrote off Rs 883 crore ($132.10 million) on account of a fraud, [...]

Main accused Ramesh Shivhare arrested by CBI, UP STF

The joint team of Central Bureau of Investigation (CBI) and UP Special Task Force (STF) on May 4 arrested Ramesh Shivhare alias Chandra, one of the main accused in the Madhya Pradesh Professional Examination Board (MPPEB) scam also known as Vyapam scam.
According to reports, Shivhare was wanted in seven cases related to Vyapam scam.
He was [...]

Several names were deleted from siezed documents to save guilty, says Digvijay Singh

Senior Congress leader Digvijay Singh on 22nd April alleged that the original documents seized by Special Task Force (STF) in connection to Vyapam scam were tampered with to save culprits.
Speaking to media at the CBI office in Bhopal, Singh said that several names were deleted from the files and fresh names were added in the [...]

Make Vyapam accused students, job seekers approvers: Digvijay SinghMake Vyapam accused students, job seekers approvers: Digvijay Singh

Students and job applicants who were cheated by those involved in the Vyapam scam should be made approvers in the case by CBI, Congress leader Digvijay Singh on 22nd April demanded and accused the Madhya Pradesh government-appointed STF of “muddling” the probe earlier.
He accused the BJP government of trying to shield the actual offenders in [...]

CBI questions ex-minister Laxmikant Sharma, ex-OSD of MP Governor

Bhopal: Taking its probe in the Vyapam scam further, the Central Bureau of Investigation (CBI) has questioned former Madhya Pradesh education minister Laxmikant Sharma and ex-OSD of MP governor Dhanraj Yadav.
Sharma was expelled from the BJP in June 2014 after he was arrested by the probe into the test-rigging scam.
He was among the among the [...]

Tamil Nadu Elections: Smriti Irani Terms Congress-DMK Alliance As Unholy

Union Minister Smriti Irani on 13th May described the Congress-DMK alliance for the May 16 Assembly polls in Tamil Nadu as an “unholy” one while bringing up the 2G spectrum allocation scam.
“When we look at the unholy Congress-DMK alliance what we find is when people of this country speak about Congress and [...]

The History of Telecom Spectrum in India: The 900MHz Auctions

Sharpening her attack against DMK, Tamil Nadu Chief Minister and AIADMK chief Jayalalithaa on 10th May slammed it for being allegedly involved in “Himalayan corruption” in 2G scam and termed the DMK-Congress alliance, a “coalition of loot.”
“DMK-Congress alliance means it is a coalition of loot. The alliance was punished (in earlier elections) [...]

French Ex-Budget Minister On Trial For Tax Fraud

Former French budget minister Jerome Cahuzac, who resigned in disgrace in 2013 after admitting to having a secret Swiss bank account, goes on trial on February 8 for tax fraud.
The 63-year-old faces up to seven years in jail and two million euros ($2.2 million) in fines if found guilty of stashing offshore [...]

China’s Citic Bank Defrauded of Up To $148 Million

Mid-sized Chinese lender Citic Bank has been defrauded of up to $148 million, the company and media reports said, the second such incident in the industry to come to light in a week.
China Citic Bank Corp. said it was involved in a “risk incident” at its branch in the northwestern city of Lanzhou and [...]

Bank Manager Allegedly ‘Hypnotised’ Into Parting With Rs. 93,000

In a bizarre case of fraud, the police are on a manhunt for a conman with powers of hypnosis after a bank manager claimed he was bewitched into parting with Rs. 93,000. Although he handed over the money to the man himself, he told the police that he had no conrol over [...]

Ex-Bank of Baroda Branch Manager, 14 Others Get 5 Years Jail for Fraud

A special court in Visakhapatnam on October 31,2015 sentenced former branch manager of Bank of Baroda in East Godavari district and fourteen others to five years jail in connection with a Rs. 80.34 lakh fraud.
Principal special judge for CBI cases, P V Jyothirmai, convicted former manager of Bank of Baroda, Yeditha branch, [...]

Corporation Bank to Write Off Rs 532-Crore Loan to REI Agro

State-run Corporation Bank on November 3,2015 said it will technically write-off a Rs 532-crore loan given to REI Agro, which is under the CBI scanner for alleged loan fraud, in the December quarter after making full provisions.
In October, the Central Bureau of Investigation (CBI) had registered a case against Basmati [...]

CBI Probing Alleged Rs 1,000-Crore Scam At State-Run Syndicate Bank

The Central Bureau of Investigation (CBI) on Tuesday said it was investigating alleged fraud at state-run Syndicate Bank amounting to about Rs 1,000 crore ($150 million).
Acting on a complaint from the bank, the CBI has registered cases against five bank officials and four others, it said in a statement.
It said it was [...]

Bitcoin CEO Spent Embezzled Funds on Prostitutes

The head of collapsed Bitcoin exchange MtGox was facing fresh embezzlement charges on October 28 2015, as Japanese media said some of the allegedly stolen funds were spent on prostitutes.
Tokyo police said they had arrested France-born Mark Karpeles, 30, for moving 20 million yen ($166,000) in client money to his bank account, as he faces [...]

CBI Registers Case of Cheating Against Former BCCI Chief AC Muthaiah

The Central Bureau of Investigation (CBI) on October 17,2015 carried out searches at the residence of former Board Of Control For Cricket In India (BCCI) president AC Muthaiah after registering a case of alleged bank fraud of Rs. 274 crore against him and three directors of his First Leasing Company of India.
A CBI spokesperson said [...]

Bank of Baroda Fraud Will be Pursued to Ultimate Conclusion: Rajan

Expressing concern over illegal Rs 6,000 crore transfer of funds through a Bank of Baroda branch, RBI Governor Raghuram Rajan on September 15,2015 said it will be pursued both by the central bank and investigative agencies to the “ultimate conclusion” to ensure that the guilty are made to “pay the price” for it.
He also said [...]

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 [...]

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