Tag: Fraud

DHFL bank fraud: Delhi court denies bail to bizman Ajay Nawandar

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New Delhi: A Delhi court on Wednesday denied bail to businessman Ajay Ramesh Nawandar in a Rs 34,615-crore bank fraud case involving Dewan Housing Finance Limited (DHFL), and also cancelled the interim bail granted to him earlier.
Special Judge Ashwani Kumar Sarpal noted that the accused had manipulated the medical record in procuring interim bail in the case, and said that the chances of tampering of evidence and influencing public witnesses by the accused were greater.
“After considering the above facts and circumstances, I am of the view that allegations against accused Ajay Nawandar are somehow serious in nature and he being known to the main accused, former DHFL CMD Kapil Wadhawan and former director of the company Dheeraj Wadhawan, intentionally conspired with them for the purpose of concealment, diversion and disposal of the funds of the company and properties purchased from the same which ultimately belonged to banks,” the judge said.
The court said that the accused and his family did not have financial constraints and simple fact that he was having wife behind to be looked into did not create any ground to release him on bail.
“No ground exists to grant bail to this accused and accordingly bail application on merits is rejected. His interim bail granted on August 31, 2022 which was extended from time to time is hereby cancelled,” the judge said.
The judge noted that the accused allegedly entered into conspiracy with main accused Wadhawan brothers in order to dispose of and conceal the proceeds of embezzled funds.
The CBI had conducted searches at Nawandar’s premises and recovered a large collection of uber-luxury watches worth crores of rupees, including Rolex Oyster Perpetual, Cartier, Omega and Hublot Michael Kors, and two paintings worth Rs 33 crore.
The agency said that these valuable items belonged to Kapil Wadhawan and Dheeraj Wadhawan, who allegedly defrauded banks to the tune of Rs 34,615 crore, making it the biggest such case probed by the agency.

These were allegedly purchased using the proceeds of the scam and kept at Nawandar’s premises to evade recovery and seizure by enforcement agencies, the CBI said.
The CBI said that Nawandar was acting as a conspirator aiding and abetting Wadhawans to hide the proceeds of the crime and he was in the process to dispose these items of when he was arrested by the agency.
“During the investigation, it was found that the (DHFL) promoters had allegedly diverted the funds and made investments in various entities. It was also alleged that the promoters had acquired expensive paintings and sculptures worth about Rs 55 crore (approximately) using the diverted funds,” the CBI had said.
The CBI had acted on a complaint from the Union Bank of India (UBI), the leader of a 17-member lender consortium that had extended credit facilities to DHFL to the tune of Rs 42,871 crore between 2010 and 2018.
The bank has alleged that Kapil and Dheeraj Wadhawan, in a criminal conspiracy with others, misrepresented and concealed facts, committed criminal breach of trust and abused public funds to cheat the consortium to the tune of Rs 34,615 crore by defaulting on loan repayments from May 2019 onwards.
An audit of DHFL’s account books showed that the company allegedly committed financial irregularities, diverted funds, fabricated books and round-tripped funds to “create assets for Kapil and Dheeraj Wadhawan”, using public money.
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#DHFL #bank #fraud #Delhi #court #denies #bail #bizman #Ajay #Nawandar
( With inputs from www.siasat.com )

February 1, 2023
Hyderabad: Cyberabad police 3 for loan fraud, cheating public

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Hyderabad: The Cyberabad police’s cybercrime cell apprehended a gang involved in loan frauds. The accused would source bank accounts and SIM Cards on mule identities in Telangana and other states. The gang comprises call center operators, tele callers and suppliers of bank accounts, ATM cards and SIM cards.
According to the Cyberabad police, the arrested persons are Subash Kumar, Shreekant Kumar and Amit.
One of the common methods used by these people is that they put online advertisements for quick loan disbursals using the names of trusted organizations such as Bajaj Finance and mention their contact numbers in the advertisement.
“When somebody clicks on the advertisement or its link, they send them a message or sometimes people call the fraudster’s number given in the advertisement. In the guise of providing a loan, the fraudsters take money from victims on various pretexts like Loan insurance fee, loan agreement charge, GST, Loan processing fee etc.,” said Stephen Raveendra, Cyberabad police commissioner.
He added that people pay up the amount because they think that by paying money, they will get the loans. The money received from victims is taken into mule bank accounts sourced by fraudsters. Later, all payments made by victims are transferred multiple times through various accounts to prevent detection and finally withdrawn, said the officer.
The accused sourced and sold more than 675 mule bank accounts and 725 mule SIM cards and committed fraud.
The Cyberabad police seized 17 debit cards of different banks, three bank pass books, four smartphones and fake loan offer and confirmation letters

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#Hyderabad #Cyberabad #police #loan #fraud #cheating #public
( With inputs from www.siasat.com )

January 31, 2023
Hyderabad: Six men arrested in job fraud case in Cyberabad

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Hyderabad: The Sleuths of Cyber Task Force, Cyberabad, Madhapur Zone Police and Cyber Crime Police conducted raids at Noida, UP and Nalanda, Bihar and apprehended six members of a gang involved in job fraud cases and seized 15 mobiles, a Laptop, a printer, three debit cards and an employees register.
The arrested persons are Sunny Kumar, 22 years, Archana Singh, 27 years, Ruchi Bharathi, 25 years, Shavi Pal, 27 years, Shanti, 22 years and Meena Rajput, 24 years.
According to the police, in the month of October last year 25 cases of job fraud had been reported in Cyberabad limits, and the Telangana State Police Centre of Excellence for Cyber Safety (TSPCC) worked out the clues in all these cases wherein, the accused persons lured and collected money from the victims.
A Cyber Task Force was deployed. The Special Team went to Noida, U.P. and Nalanda, Bihar and identified the call centre and conducted simultaneous raids and apprehended six gang members, said Stephen Raveendra, Commissioner of Police Cyberabad.
The accused persons have taken a flat on rent in the pretext of running a recovery agency of HDFC. On uploading the bio-data of unemployed youth in job portals like Monster.com, etc., for a job, the fraudsters are selecting some of the innocents from the job portal websites and calling them by introducing themselves as executive/manager and assuring for providing job in Multinational Companies with high salaries.
“The fraudsters are asking money from unemployed youth stating various reasons like for Registration, Resume update, conducting interviews etc., The fraudsters are also sending the offer letters of various companies. They are procuring pre-activated SIM cards and cell phones for calling and trapping the victims and also purchasing bank accounts from various banks to transfer the lured amount,” the Commissioner stated.
The gang is conducting interviews through Google Meet. After receiving the money, the fraudsters are impersonating as senior employees of various MNCs and they call the candidate/victim and conduct a telephonic interview.
Once the victim starts responding to the messages/mails of the fraudster believing him to be innocent, the fraudster starts interacting with the victims over mobile phone and through mails of fake mail IDs of various job portals and force the candidates to remit huge cash into the bank accounts.

“After the payments are made into the bank accounts of the fraudster, the fraudster stops responding to the calls of the victim,” he added.
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#Hyderabad #men #arrested #job #fraud #case #Cyberabad
( With inputs from www.siasat.com )

January 30, 2023
Sensex, Nifty go into a tailspin after ‘fraud’ report on Adani group

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Mumbai: Benchmark indices Sensex and Nifty plunged over 1 per cent to close at three-month lows on Friday due to selling in banking, financials, utilities and oil shares triggered by an unfavourable report on Adani group as well as FIIs taking a cautious stance ahead of the Union budget.
Continuing its decline for a second session, the 30-share BSE benchmark tanked 874.16 points or 1.45 per cent, its biggest single day loss in more than a month, to settle at 59,330.90. This is the lowest closing level since October 21.
During the day, Sensex plunged 1,230.36 points or 2.04 per cent to 58,974.70.
The broader NSE Nifty fell 287.60 points or 1.61 per cent to end at a three-month low of 17,604.35, also marking its worst single-day fall since December 23, 2022.
“Indian benchmark equity gauges Sensex and Nifty hit their over three month lows on Friday, dragged by massive selling mainly in Adani group and banking stocks. Adani shares were in the line of the fire following the Hindenburg report accusing the group of serious irregularities,” said Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities.
Vinod Nair, Head of Research at Geojit Financial Services also said that the sharp slump in the Indian market was triggered by an unfavourable research report on Asia’s richest promoter group companies.
“This is also affecting the banking stocks even though the results of the sector are optimistic due to high group lending, indicating potential risk. PSU banks are the most impacted compared to private banks owing to high exposure. The FIIs’ cautious stance ahead of the Union Budget and FOMC meetings also fuelled the collapse.”
From the Sensex pack, SBI fell the most by 5.03 per cent. ICICI Bank by 4.41 per cent, IndusInd Bank by 3.43 per cent, Axis Bank by 2.07 per cent, Kotak Bank by 2.03 per cent, HDFC Bank by 1.96 per cent, Reliance by 1.9 per cent and HDFC by 1.87 per cent.

Bucking the trend, auto stocks Tata Motors and Mahindra & Mahindra closed with gains. Tata Motors, which returned to profitability in the third quarter of FY23, rose the most by 6.34 per cent among Sensex shares. Mahindra & Mahindra advanced 0.71 per cent.
ITC and UltraTech Cement were also among the winners.
In the broader market, the BSE smallcap gauge tanked 1.89 per cent and midcap index fell by 1.29 per cent.
Among sectoral indices, utilities tanked 7.34 per cent, power tumbled 6.79 per cent while oil & gas (5.75 per cent), energy (5.22 per cent), telecommunication (3.79 per cent), commodities (3.27 per cent), bankex (3.06 per cent) and financial services (2.48 per cent) also declined.
FMCG, healthcare and auto ended in the green.
Adani group stocks took a beating falling up to 20 per cent after the US-based investment research firm Hindenburg Research made damaging allegations.
The group’s flagship Adani Enterprises, which launched the Rs 20,000 crore FPO on Friday, tanked 18.52 per cent. Adani Ports plunged 16 per cent, Adani Power by 5 per cent, Adani Green Energy by 19.99 per cent, and Adani Total Gas by 20 per cent.
In two days, the Adani group firms have lost a whopping Rs 4,17,824.79 crore from their market valuation. The market valuation of Adani Total Gas plummeted Rs 1,04,580.93 crore while that of Adani Transmission by Rs 83,265.95 crore.
Adani Enterprises market capitalisation fell by Rs 77,588.47 crore, Adani Green Energy lost Rs 67,962.91 crore and Adani Ports by Rs 35,048.25 crore.
The market valuation of Ambuja Cements declined by Rs 23,311.47 crore, Adani Power by Rs 10,317.31 crore, ACC by Rs 8,490.8 crore and Adani Wilmar by Rs 7,258.7 crore.
Elsewhere in Asia, equity markets in Seoul, Tokyo and Hong Kong ended in the green.
European benchmarks were trading higher during mid-session deals. Markets in the US had ended higher on Thursday.
Stock markets were closed on Thursday on account of Republic Day.
International oil benchmark Brent crude climbed 1.35 per cent to USD 88.65 per barrel.
Foreign Institutional Investors (FIIs) offloaded shares worth Rs 2,393.94 crore on Wednesday, according to exchange data.
“Traders will now gear up for the next 2-big catalysts; interest-rate decision from the Federal Reserve to trickle in on February 1, and the Union Budget for 2023-24 to be presented on the same day,” said Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities Ltd.
(Except for the headline, this story has not been edited by Siasat staff and is published from a syndicated feed.)
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#Sensex #Nifty #tailspin #fraud #report #Adani #group
( With inputs from www.siasat.com )

January 27, 2023
‘Malafide intention’: Adani Group on Hindenburg Research’s allegations of fraud

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Soon after US’s Hindenburg Research investigative report accused Adani Group of the improper wide use of businesses established in offshore tax havens and expressed worry about excessive debt levels, the conglomerate released a statement terming the report as ‘malicious combinations of selective misinformation.’
The statement was released by Adani Group’s Chief Financial Officer (CFO) Jugeshinder Singh who stated the allegations made are stale, baseless and discredited that have been tested and rejected by India’s highest courts.
Pointing that the timings of the report are to undermine the Adani Group’s reputation, the statement read, “The report’s publication clearly betrays a brazen, malafide intention to undermine the Adani Group’s reputation with the principal objective of damaging the upcoming Follow-On-Public Offering from Adani Enterprises.”
It further said that its investors are unperturbed by the report and have full faith and will not be influenced by “one-sided, motivated and unsubstantiated reports with vested interests.”
The firm published an investigative document titled ‘Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History‘ and revealed findings of their two-year investigation presenting evidence that the Rs 17.8 trillion worth Adani group has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades.
According to the report, Gautam Adani, the Adani Group’s founder and chairman, has a net worth of about $120 billion, which he has increased by more than $100 billion in the last three years, primarily as a result of stock price growth in the group’s seven most important publicly traded companies, which have increased by an average of 819 percent during that time.
As a reaction to the announcement, the market capitalization of the seven Adani Group equities fell by 46,086 crore on Wednesday.
On Wednesday, Adani Total Gas lost Rs 12,366 crore, followed by Adani Ports, which lost Rs 8,342 crore, and Adani Transmission, which lost Rs 8,039 crore.

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#Malafide #intention #Adani #Group #Hindenburg #Researchs #allegations #fraud
( With inputs from www.siasat.com )

January 25, 2023
US’s Hindenburg Research alleges fraud in Adani group’s dealings

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Hindenburg Research disclosed short positions in the Adani Group on Wednesday, accusing the conglomerate of the improperly wide use of businesses established in offshore tax havens and expressing worry about excessive debt levels.
The revelation, which comes just days before Adani Enterprises’ (ADEL.NS) $2.5 billion share sale, sent Adani group businesses’ shares tumbling.
It also said that seven Adani listed firms had an 85% downside on a fundamental basis because to what it dubbed ‘sky-high valuations’.
Hindenburg, a well-known U.S. short-seller, stated key listed firms in the group headed by billionaire Gautam Adani have ‘significant debt’ which had put the entire company on a ‘precarious financial footing’.
The firm published an investigative document titled ‘Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History‘ and revealed findings of their two-year investigation presenting evidence that the Rs 17.8 trillion worth Adani group has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades.
Today we reveal the findings of our 2-year investigation, presenting evidence that the INR 17.8 trillion (U.S. $218 billion) Indian conglomerate Adani Group has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades. (2/x)
— Hindenburg Research (@HindenburgRes) January 25, 2023
According to the report, Gautam Adani, the Adani Group’s founder and chairman, has a net worth of about $120 billion, which he has increased by more than $100 billion in the last three years, primarily as a result of stock price growth in the group’s seven most important publicly traded companies, which have increased by an average of 819 percent during that time.
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#USs #Hindenburg #Research #alleges #fraud #Adani #groups #dealings
( With inputs from www.siasat.com )

January 25, 2023
Zomato CEO says aware of fraud at delivery agents’ end, fixing it

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New Delhi: After an entrepreneur complained in a LinkedIn post that a Zomato delivery agent advised him to cheat the company by paying some money directly to him and enjoy the food, the company’s Founder and CEO Deepinder Goyal said he is “aware” of this fraud and is “working to plug the loopholes”.
Vinay Sati posted that a Zomato delivery agent suggested that from next time, pay him Rs 200 or Rs 300 and enjoy food worth Rs 1,000.
“Aap bas mujhe 200rs, 300rs de dena or 1000rs ke khane ke maje lena,” Sati quoted the agent as saying in the post.
The agent allegedly told him that “I will show it to Zomato that you have not taken the food but will also give you the food you ordered”.
“I got goosebumps hearing what scam is happening with Zomato,” posted Sati.
He ordered some Burger King burgers from Zomato and made the online payment.
“And as soon as the delivery boy came after 30-40 minutes, he told me that sir, don’t pay online next time,” said the entrepreneur.
“He said that next time when you will order food worth 700-800rs through COD (cash on delivery) you only have to pay Rs 200 for that.”

Sati said: “Deepinder Goyal ji, now don’t say that you don’t even know that this is happening?”
Goyal replied: “Aware of this and working to plug the loopholes”.
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#Zomato #CEO #aware #fraud #delivery #agents #fixing
( With inputs from www.siasat.com )

January 23, 2023
Arizona’s new attorney general to use election fraud unit to boost voting rights

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A unit created under the former Republican attorney general of Arizona to investigate claims of election fraud will now focus on voting rights and ballot access under the newly elected Democratic attorney general.
The Democratic attorney general, Kris Mayes, told the Guardian that instead of prosecuting claims of voter fraud, she will “reprioritize the mission and resources” of the unit to focus on “protecting voting access and combating voter suppression”. Mayes won the attorney general’s race in November against election denier Abe Hamadah by just 280 votes, a race that went to a state-mandated recount.
“Under my predecessor’s administration, the election integrity unit searched widely for voter fraud and found scant evidence of it occurring in Arizona,” Mayes said in a statement. “That’s because instances of voter fraud are exceedingly rare.”
Mayes also plans for the unit to work on protecting election workers, who have faced threats of violence and intimidation. And she intends for the unit to defend Arizonans’ right to vote by mail, which has been attacked by Republican lawmakers and the state GOP in recent years despite being the most common way Arizonans of all political parties cast their ballots.
In 2019, the Republican-controlled Arizona legislature and then governor, Republican Doug Ducey, added about a half-million dollars in funding for an “election integrity unit” in the attorney general’s office. Since then, the unit has brought a number of legal cases, including charges against four Latina women in a rural part of the state for collecting other people’s ballots, which is illegal in Arizona.
It is not yet clear what will happen to cases currently under way, including the ballot collection charges in Yuma county, Mayes’s office said. A webpage on the attorney general’s website created to allow people to file election complaints for potential investigation is still live.
Until recently, the head of the unit under the previous Republican attorney general, Mark Brnovich, was Jennifer Wright, an attorney who had criticized Maricopa county elections and sent a letter to the county trying to investigate its elections. Wright left the office shortly before Mayes took control.
Since its inception, the unit has come under fire from Democrats who found its very existence unnecessary, called its attorneys into question, and said it played into false claims about elections. Republicans, too, criticized the unit for not going far enough on election fraud. In one notable instance, the unit investigated claims of hundreds of votes cast by people who were dead, finding just one voter among those claimed dead in whose name a ballot was actually cast.

When Brnovich sought funding for the unit, his office defended the move as a way to protect elections and debunk bogus claims of fraud.
Despite several full-time staff employees and hundreds of thousands of dollars in funding annually, the unit has not uncovered any widespread or coordinated voter fraud. Most of the 20 cases it brought over three years target individual, isolated election law violations, like people using a dead relative’s ballot or casting a ballot despite not being eligible to vote.
In an investigation published last year, the Washington Post found that the unit’s work did not strengthen people’s trust in the voting system but instead “deepened suspicions among many of those who deny President Biden won and sapped government resources”.
Brnovich could not be reached for comment on the unit and its fate under Mayes.
Other states led by Republicans have created similar voter fraud units, some with much larger staffs than Arizona’s. A Virginia unit includes more than 20 staff who were shifted from other parts of the attorney general’s office to focus on election issues, and organizations such as the NAACP have struggled to get information on what that unit is doing. In Florida, a new office tasked with election crimes launched by Governor Ron DeSantis has led to the arrest of 20 people who had felony records who erroneously cast ballots while believing they were legally able to vote.
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#Arizonas #attorney #general #election #fraud #unit #boost #voting #rights
( With inputs from : www.theguardian.com )

January 21, 2023
Jammu & Kashmir Govt Sacked Employees For Fraud Recruitment- Know Name Of These Employees Here – Kashmir News
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Jammu & Kashmir Govt Sacked Employees For Fraud Recruitment- Know Name Of These Employees Here
Srinagar, Jan 21: Government has dismissed six employees for secured jobs on fake degrees in the union territory of Jammu and Kashmir, officials said on Saturday.
They told Srinagar based news agency Kashmir Dot Com that six Junior Statistical assistants of the Planning and Monitoring department who had obtained jobs on the basis of ‘fake degrees’ were dismissed from the service by the Lt governor administration.
“It came to the notice of the department that six employees had used fake degrees to obtain the jobs. The verification conducted by the department proved that the degrees obtained by the six employees were fake ,” they said, adding that accordingly appointments were cancelled .
ALSO READ: JKSSB Releases Provisional Selection List For Various posts- Check District Wise List
The dismissed employees were identified as
- Suhail Ahmad Sheikh, a resident of Kachdoora Vehil Shopian,
- Feroz Hamid son of Peerzada Abdul Hamid , resident of Sopore near Bus Stand,
- Gulzar Ahmad Wani son of Ghulam Mohiuddin Wani, a resident of Bustand Kulgam,
- Mehraj ud din Dar son of Mohammad Ramzan Dar, a resident of Sadar Bazar Kulgam,
- Mudasir Ahmad Bhat son of Ghulam Mohi ud Din Bha, a resident of Wani Mohalla Kulgam, and
- Showkat Ahmad Parray son of Mohammad Ramzan Parray, a resident of H N Pora Kulgam.
All the six Junior Statistical Assistants from Kashmir division were selected through Service Selection Board (SSB) of Jammu and Kashmir in the year 2012.
A top official while confirming the development to KDC said “In view of adverse verification report of qualifications in respect of all six Junior Statistical assistants, the appointments were subsequently cancelled ab-initio.” (KDC)

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( With inputs from : kashmirnews.in )
January 21, 2023
CBI Arrests Two Persons Involved In Bank Fraud Case In J&K

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The CBI on Wednesday said that it arrested two then directors of a private company in a case related to bank fraud.
In a statement, issued to news agency—Kashmir News Observer (KNO), a spokesperson said that CBI has arrested two then directors of a private company based at Kathua in the ongoing investigation of a bank fraud case.
The statement reads that a case was registered on 12.02.2020 against the private company and others including its MD, Directors on complaint from SBI, SAM Branch, Ludhiana.
“It was alleged that the accused in conspiracy with unknown officials of State Bank of India, had cheated Bank to the tune of Rs. 87. 88 Crore (total amount with interest of around Rs.121.13 Crore) during the period from 2006 to 2019 by illegally removing machinery and other parts without getting prior permission or without informing the Lender Banks,” it reads.
It reads that the proceeds of such machines, motors etc., had not been deposited in the account. It was further alleged that the accused stealthily removed the imported machinery of Pulp Section and other parts from the factory without the knowledge of the bank.”
It added that it was also alleged that the accused illegally sold machinery parts as scrap and arranged fake invoices to cover up the said illegal sale.
“It was found during investigation that the accused had allegedly diverted funds from the loan account. Both the arrested accused are being produced today before the Court of CJM, Jammu,” it reads—(KNO)

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November 9, 2022