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Tax Frauds Worth Rs 38,000 Crore Detected Last Year

Tax Frauds Worth Rs 38,000 Crore Detected Last Year

Posted On : Tuesday, July 16, 2019, 6:49 PM
The Finance Ministry on Tuesday informed the Parliament the tax officials detected tax frauds worth Rs 37,946 crore in the financial year 2018-19 and Rs 6,520 crore in the April-June 2019 period after the implementation of GST (goods and service tax) regime. The Minister of State for Finance Anurag Thakur, in a written reply to the Rajya Sabha also informed that the cases of availing tax credit by issuing fake invoices were of Rs 11,251 crore in 2018-19 and Rs 2,805 crore in April-June 2019. In the first year of GST implementation, only 5 cases of tax credit availment by fake invoicing were detected by Central GST formations involving an amount of Rs 12.67 crore.
Beware, new mobile malware on the prowl, 15 million devices in India affected

Beware, new mobile malware on the prowl, 15 million devices in India affected

Posted On : Monday, July 15, 2019, 7:05 PM
Check Point Research, the threat intelligence arm of cybersecurity firm Check Point Software Technologies, has discovered a new variant of mobile malware that has quietly infected around 25 million devices, including 15 million mobile devices in India. Disguised as a Google-related application, the malware exploits known Android vulnerabilities and automatically replaces installed apps with malicious versions without users’ knowledge or interaction. Dubbed “Agent Smith”, the malware currently uses its broad access to the devices’ resources to show fraudulent ads for financial gain, but could easily be used for far more intrusive and harmful purposes such as banking credential theft and eavesdropping. This activity resembles previous malware campaigns such as Gooligan, Hummingbad and CopyCat.
3 held for cheating car owners by promising good returns

3 held for cheating car owners by promising good returns

Posted On : Wednesday, July 10, 2019, 11:05 AM
Three persons have been arrested in Maharashtra's Thane district for allegedly cheating private car owners after hiring the vehicles with a promise of good returns. Acting on some complaints, the police launched a probe and found that the accused used to lure people by taking their cars on rent to be used as tourist vehicles. In return, the accused promised good financial returns to the car owners. However, when the car owners neither got the money nor their vehicle, they realised that they were cheated and approached the police. The modus operandi of the accused was to sell these cars and run away with the money.
Man held for cheating people of Rs 52 crore in bitcoin scam

Man held for cheating people of Rs 52 crore in bitcoin scam

Posted On : Saturday, June 29, 2019, 11:49 AM
A person has been arrested in Delhi for allegedly cheating public, including from Telangana and other southern states, to the tune of Rs 52 crore in a bitcoin scam, police said Friday. Ashish Malik, the main accused, was arrested in the national capital based on a complaint lodged by victims. Malik and other accused, involved in the scam, were collecting money online using four different websites, they said. The main accused had allegedly collected nearly Rs 52 crore from about 1,200 depositors across the country. There were about 250 depositors from Telangana and other southern states who had deposited Rs 10 crore, the police said.
‘Significant gap’ in bank fraud occurrence and detection: RBI report

‘Significant gap’ in bank fraud occurrence and detection: RBI report

Posted On : Saturday, June 29, 2019, 11:25 AM
Terming timely recognition an important aspect that can reduce the economic costs of frauds, the Reserve Bank of India said that the country has seen a “significant” gap between occurrence and detection of bank frauds. “The amount involved in frauds that occurred between 2000-01 and 2017-18 formed 90.6 percent of those reported in 2018-19,” the central bank said in its Financial Stability Report (FSR). Giving further insight on the data, the RBI said that the systemic and comprehensive checking of legacy stock of NPAs of public sector banks (PSBs) for fraud during 2018-19 has helped unearth frauds perpetrated over a number of years.
Banking fraud cases on rise in Chandigarh

Banking fraud cases on rise in Chandigarh

Posted On : Monday, June 24, 2019, 6:55 PM
With the rise in digital transactions and their spread to the interiors of the country, complaints related to banking fraud are on the rise in Union Territory of Chandigarh. Statistics reveal that around 50 percent of total registered cyber crime complaints at Cyber Crime Investigation Cell (CCIC), Chandigarh are related to banking fraud. Sources said that with the rise of complaints related to cyber- crime, the staff crunch at CCIC, Sector -17 has impeded cyber-crime investigations. Large numbers of complaints are reported from the victims in Chandigarh but few cases are registered. As per registered complaints, some people in Chandigarh receive phone calls from fraudsters who while being based in states like Jharkhand, Maharashtra, Odisha, Bihar and other states call them up while posing themselves as branch managers or employees of banks. They say that your ATM is blocked and to open it share them ATM’s password. In this way, they dupe those people who share them password of ATM or One Time Password.
He Paid $9,100 To Buy House Online. It Turned Out To Be Strip Of Grass

He Paid $9,100 To Buy House Online. It Turned Out To Be Strip Of Grass

Posted On : Friday, June 21, 2019, 6:01 PM
A Florida man thought he had landed a steal deal after paying $9,100 (approximately Rs. 6.3 lakh) for a villa in Tamarac, only to be told that he had only bought the strip of grass in front of the villa. According to the South Florida Sun-Sentinel, Kerville Holness purchased what he thought was a villa during a Broward online auction. Instead, he got a 1-foot-wide, 100-foot-long strip of land on Northwest 100th Way in Spring Lake- valued at $50 or approximately Rs. 3,500. To add to his woes, Florida officials now say he is stuck with the deal, as state laws do not allow the refund he is seeking. Speaking to the South Florida Sun-Sentinel, Mr Holness said that property appraiser pictures linked to the auction site showed the villa as being the parcel he was bidding on.
Ahmedabad: Nigerian gang exploited 4 banks' lack of verification

Ahmedabad: Nigerian gang exploited 4 banks' lack of verification

Posted On : Tuesday, June 18, 2019, 11:41 AM
Four banks — Kotak 811, RBL, Catholic Syrian and IDFC — have landed in trouble for their failure to physically verify customers under whose names dummy accounts were being opened that has led to over 56 people being duped out of over Rs 2 crore. However, cyber crime cell of Ahmedabad police has deduced that over 4,727 accounts holders' details have already been phished by Nigerian cybercriminals who use it to create dummy accounts and siphon money out of India.
Man held for operating fake websites

Man held for operating fake websites

Posted On : Thursday, June 13, 2019, 5:36 PM
The Cyber Crime unit of the Delhi police arrested a 23-year-old man for operating fake websites by capitalising on ‘Make in India’ campaign and misleading people by offering them free laptops and solar panels. The accused, Rohit Soni, a B.Com graduate, is a resident of Churu in Rajasthan, said the police. Deputy Commissioner of Police (Cyber Crime) Anyesh Roy said Mr. Soni started a blog in 2016 and it became popular. Later, he decided to earn money through the blog. “Mr. Soni created fake websites in the name of new schemes under the Modi government and offered free laptops and solar panels. The accused lured the visitors to click on a link for confirming their application for the freebies,” Mr. Roy said.
ICICI, SBI, HDFC among top 3 banks to report highest number of frauds in 11 years

ICICI, SBI, HDFC among top 3 banks to report highest number of frauds in 11 years

Posted On : Wednesday, June 12, 2019, 6:17 PM
Of over 50,000 frauds that hit banks in India in the last 11 fiscal years, the ICICI Bank, State Bank of India (SBI) and HDFC Bank reported the highest number of cases, according to an RBI data. Of the total 53,334 cases of frauds reported during 2008-09 and 2018-19 fiscal years, involving a whopping Rs 2.05 lakh crore, the highest of 6,811 were reported by the ICICI Bank involving Rs 5,033.81 crore. SBI reported 6,793 fraud cases involving Rs 23,734.74 crore followed by HDFC Banks which recorded 2,497 such cases involving Rs 1,200.79 crore, according to the data given by the central bank.
IMA Jewellery scam: More than 3,000 complaints by teary-eyed investors

IMA Jewellery scam: More than 3,000 complaints by teary-eyed investors

Posted On : Tuesday, June 11, 2019, 9:31 AM
On Monday, several people gathered outside the IMA jewels office could be seen teary-eyed, as they lost hope of getting their hard earned money back. They came from across the city as well as from neighbouring districts. Most of them were women who work in garment factories and private firms. I Monetary Advisory (IMA) Jewels was launched in 2016 when market sentiment was low and demand for jewellery had dropped. IMA Group of Companies is led by Mohammed Mansoor Khan and its second outlet was launched in Jayanagar in 2018. The firm owns bullion trading facilities, educational academies, healthcare services, and a multispeciality hospital, besides hypermarkets.
CBI books two LIC officials for forging insurance policy documents

CBI books two LIC officials for forging insurance policy documents

Posted On : Monday, June 10, 2019, 6:51 PM
Two officials of the Life Insurance Corporation of India have been booked by the CBI for allegedly swindling more than Rs 3 crore by making death claims on the basis of forged documents in 190 insurance policies in which they inserted bank accounts of their acquaintances in place of nominees, officials said. The policy holders, who were alive, did not realise that their policies have been redeemed by the swindlers, they said. The scam went undetected in Kodad branch of Suryapet district, Telangana for nearly 10 years between 2008 and 2018 till an internal audit by the LIC caught the ongoing fraud, the officials said.
Bank fraud touches unprecedented Rs 71,500 crore in 2018-19: RBI

Bank fraud touches unprecedented Rs 71,500 crore in 2018-19: RBI

Posted On : Friday, June 7, 2019, 9:54 AM
Over 6,800 cases of bank fraud involving an unprecedented Rs 71,500 crore have been reported in 2018-19, the Reserve Bank of India has said. A total of 5,916 such cases were reported by banks in 2017-18 involving Rs 41,167.03 crore, it said. As many as 6,801 cases of fraud were reported by scheduled commercial banks and select financial institutions involving an amount of Rs 71,542.93 crore in the last fiscal (increase of over 73 percent in the fraud amount), the Reserve Bank of India (RBI) said in reply to an RTI query filed by this PTI journalist.
Two bizmen held for dealership fraud in Hyderabad

Two bizmen held for dealership fraud in Hyderabad

Posted On : Wednesday, May 29, 2019, 9:24 AM
The Detective Department sleuths on Tuesday arrested two persons for their alleged involvement in a cheating case. According to the police, Santosh Alluri Varma, managing director of My Own Eco Energy Private Limited, Mumbai, and Sarika Shinde Aniruddha, along with others, had cheated a person after collecting Rs 1.40 crore from him on the pretext of providing dealership for bio-diesel fuel stations across Telangana and AP. The company collected Rs 9 lakh to Rs 15 lakh as deposit and taken bank guarantees for Rs 21 lakh to Rs 30 lakh from the victims. After the receipt of the amount, the company failed to provide related equipment and infrastructure, and supply fuel to the victims.
True Caller Leak: Data available on dark web at Rs. 1.5 lakh

True Caller Leak: Data available on dark web at Rs. 1.5 lakh

Posted On : Thursday, May 23, 2019, 10:35 AM
In another case of lackluster security, personal information of several TrueCaller users has been spotted on sale. The data was discovered on the dark web by a cybersecurity analyst who later informed the Economic Times. However, weirdly enough, the Sweden-based caller-identity company has denied that its database has been breached by anyone. The analyst, who has not been named in the report, claimed that TrueCaller users' data has been selling on the dark web marketplaces. The database discovered on the dark web had a particular batch for Indian users, who make up more than half of TrueCaller's global user-base of 250 million. This 'India-specific' database, the analyst said, was selling at a little over Rs. 1.5 lakh.

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