The Central Bureau of Investigation (CBI) has conducted searches at six premises in connection with a large-scale misappropriation fraud allegedly involving IDFC First Bank and AU Finance Bank.
It is alleged that about ?661 crore in eight departments of the Haryana government, besides the Municipal Corporation Chandigarh and CREST Chandigarh, were siphoned off.
The search operations were carried out on Saturday in Chandigarh, Panchkula, and in and around Delhi. They included the residential premises of senior public servants of Haryana cadre, Vipam Consultancy Pvt. Ltd. and its director.
The agency alleged that during investigation evidence has surfaced suggesting that the public servants had colluded with bank officials and facilitated the opening of accounts, transfer of funds and subsequent…
Insurance fraud involves making false or exaggerated claims to an insurance provider.
- Hard Fraud: Someone deliberately causes a loss (e.g., setting fire to a warehouse or staging a car accident) specifically to collect a payout.
- Soft Fraud: More common and often viewed as “victimless” by the perpetrator. It involves exaggerating a legitimate claim, such as overstating the value of stolen items in a home burglary to cover the deductible.