Tag: FINANCIAL CRIMES
The Reserve Bank of India has fined the UCO Bank for discrepancies in complying with the central bank’s norms on classifying and reporting frauds and on collection of account payee […]
Vakrangee Ltd, the Mumbai-based technology and distribution company, said the ministry of corporate affairs of India has ordered an inspection of its accounts for three years, and that PricewaterHouse will […]
Indian banks will need between $40 bln to $55 bln (Rs 2.8 lakh cr to Rs 3.8 lakh cr) of additional capital to meet the Basel III capital adequacy norms […]
The amount of money swindled by fraudsters from nationalized banks has jumped 359% in four years, RBI data revealed. The trend at nationalized banks is in contrast to that at […]
Fitch Ratings has downgraded the ‘viability rating’ of scam-hit Punjab National Bank by two notches to ‘b’ from ‘bb-‘, citing a sharp rise in loan defaults. However, the bank’s ‘default […]
ICICI Bank said it did not ask its managing director, Chanda Kochhar, to go on leave nor has it appointed any search committee to find her successor. “She is on […]
Manpasand Beverages denied charges that it had denied data to its auditor Deloitte Haskins & Sells, but disclosed the resignation letter of the auditor that contained charges to the effect. […]
Pharma major Strides Shasun denied rumors that its auditors had resigned. The rumors, coming close on the heels of a similar development at Manpasand Beverages, had impacted the company’s share […]
In the first such case in Delhi, tax authorities arrested a city-based father and son duo for issuing input tax credit invoices without supplying anything to their ‘clients’. Under the […]
Reliance Industries said it was not aware of any inquiry into the funds received by entities connected with it or its promoters from Singapore-based Biometrix Marketing. It also said, as […]
Credit rating agency ICRA Ltd downgraded Fortis Healthcare’s outstanding debt obligations of Rs 1,170 cr after the company missed the repayment of a loan. The company’s long term rating for […]
The government of India has set up a “Committee on Phone Frauds” to deal rising instances of theft of money using phone calls and one time passwords. India has seen […]
Punjab National Bank, in the eye of a storm after a couple of employees issued unauthorized credit guarantees worth $2 bln to clients, said it has put in place procedural […]
Fortis Healthcare, which is under the scanner of the Serious Fraud Investigation Office, said one of its independent directors, Joji Gill, stepped down due to ‘personal reasons’. “Ms Joji Sekhon […]
Hospital chain Fortis Healthcare said it received a notice from the Punjab and Chandigarh office of Registrar of Companies asking for information. The company did not clarify what the information […]
Private sector lender IndusInd Bank clarified that it does not have any heavy exposure to the ongoing saga of fraud and crime involving unauthorized letters of comfort issued by an […]
Two key personnel of Gitanjali Ltd — its chief compliance officer and its chief financial officer — resigned last week, regulatory filings on Tuesday showed. While Pankhuri Warange, the chief […]
Allahabad Bank said it is exposed to the tune of $366.87 million to the current incident involving diamond merchant Nirav Modi and the unauthorized Letters of Undertakings he allegedly secured […]
Punjab National Bank, India’s second largest public sector bank, has issued a statement on exactly what happened in the Nirav Modi case that resulted in nearly $1.77 bln of unauthorized […]
Sunil Mehta, MD of Punjab National Bank today denied that billionaire diamond merchant Nirav Modi has offered a concrete proposal to repay the $1.77 bln that he’s accused to embezzling. […]