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Indian banking caught in vicious cycle of loan fraud

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Indian banking caught in vicious cycle of loan fraud: Indians are no longer shocked when a government-controlled bank in India announces a multi-million/billion dollar fraud as such incidents have been on the rise in recent years. The latest one is the $ 2 billion loan fraud on Punjab National Bank, India's second-largest state lender, perpetrated by a high …: Google Alert – Fraud

PNB fraud: Enforcement Directorate raids over 45 locations in 15 cities: The ED on Friday and Saturday also conducted raids at 35 and 21 locations across India respectively in connection with the fraud involving around Rs 11,300 … The action is based on a Central Bureau of Investigation (CBI) case registered against Nirav Modi on Wednesday in connection with a fraud …: Google Alert – Fraud

PNB Fraud: What Has Happened So Far. Ten Things To Know: PNB Rs 11,300 crore fraud has allegedly been perpetrated by PNB staffers Gokulnath Shetty and Manoj Kharat. They are suspected of steering fraudulent loans to companies linked to billionaire jeweller Nirav Modi and entities tied to jewellery retailer Gitanjali, which is led by Modi's uncle, Mehul Choksi …: Google Alert – Fraud

Lender UCO has 2 mln exposure in Indian banking fraud case: Indian banks could take a hit of more than $ 3 billion from loans and corporate guarantees provided to diamond companies at the centre of the alleged fraud at PNB, the tax department has estimated. On Sunday, India's financial crime agency, the Enforcement Directorate, conducted searches at various …: Google Alert – Fraud

Deadline to bring charges in Pilot Flying J fraud conspiracy case approaching: Under the conspiracy law at play in the case, federal authorities would generally have five years from the plot's end to make a case. The Pilot Flying J fraud ended when agents with the FBI and IRS Criminal Investigation raided the Lonas Drive headquarters nearly five years ago. But there are exceptions …: Google Alert – Fraud

PNB Fraud: Officials of other banks under scanner: As per the guidelines, the tenure for the encashment of LoUs for the jems and jewellery sector is usually of 90 days and not 365 days — the maturity period of most of the LoUs linked with the PNB fraud, sources said, adding that the deviation from the usual practice should have raised alarm in the minds …: Google Alert – Fraud

Help – High Risk of Fraud Detected – What To Do?: Hi all,. I've had a sale which has been flagged as having a high risk of fraud for the reasons pasted below. The main problem seems to be regarding the address which is used for both delivery and billing. I looked it up on google maps and originally it appeared to be invalid however I was able to find an …: Google Alert – Fraud

Fraud Fee Earner: View details and apply for this fraud fee earner job in Bolton (BL6) with Keoghs Solicitors on totaljobs. Litigated Fraud Fee Earner – Parklands, Bolton The Fraud Fee Earner will run a reduced caseload of litigated cases on behalf of a cross section of insurance clients.: Google Alert – Fraud

Making of PNB fraud: Why Nirav Modi, Mehul Choksi could effect Rs 11400 crore scam: To understand the PNB fraud case involving Nirav Modi, it is important to know the operational behaviour of banks, particularly the public sector undertakings (PSUs), in India. Suppose an importer like Nirav Modi, plans to purchase diamond and other jewels from a foreign-based exporter and sell it …: Google Alert – Fraud

India's biggest financial fraud is based on a product with no international regulation: India's biggest financial fraud is based on trading in a product that has no international base. Let that sink in. “Standardisation of commodities is already a problem with developing countries – no one will touch which is out of the system,” a financial analyst tells me. Didn't our bankers know this? I started …: Google Alert – Fraud