Banks (Finance)
The Enforcement Directorate (ED) has filed a chargesheet against former UCO Bank CMD Subodh Kumar Goel and his family members, alleging their involvement in a bank loan fraud case of over Rs 6,200 crore. Goel was arrested in May for his alleged role in sanctioning loans to a Kolkata-based
Banks (Finance)
Austin Capital Bank, a leading digital banking products provider, has introduced the Fort Knox High-Security Savings Account (HSSA), designed to set a new industry standard for protecting consumers' life savings in a vulnerable digital world. The launch coincides with alarming new data from the Federal Trade Commission (FTC) showing
Banks (Finance)
The State of Florida's Office of the Attorney General, led by Attorney General James Uthmeier, has announced the successful takedown of a massive $8.8 million bank fraud ring targeting senior citizens. The investigation revealed a well-organized operation that involved three bank employees in Maryland sharing and selling
Banks (Finance)
Aidan Frier, 26, was sentenced to two and a half years in prison for defrauding his grieving grandfather out of £64,000 after his grandmother's death. The scam began in January 2021 with Frier lying about working under a scholarship scheme and needing money for tuition fees, accommodation
Banks (Finance)
The U.S. Office of the Comptroller of the Currency (OCC) has terminated a 2020 cease-and-desist order against GN Bank in Chicago, citing the lender's compliance with necessary conditions. The OCC also issued prohibition orders against five former bank employees, including individuals who engaged in fraud and internal
Banks (Finance)
A plaintiff, Insight Securities, has alleged that State Street Bank improperly enabled fraudulent transfers of securities owned by the plaintiff's customers. The bank has moved to dismiss the complaint, arguing that the plaintiff's claims are time-barred. The court has allowed the bank's motion, citing
Banks (Finance)
Sarah Ann Haptonstall, a 47-year-old nurse from Onawa, Iowa, was sentenced to 42 months in federal prison for stealing pain medication from nursing home residents, burglarizing multiple residences, possessing a firearm as a felon, and committing bank fraud. Haptonstall had pled guilty to multiple counts, including acquiring and attempting to
Banks (Finance)
The National Company Law Tribunal has made a significant observation that a moratorium under the Insolvency & Bankruptcy Code (IBC) does not prevent a bank from identifying and classifying a fraudulent account. This distinction is crucial as it highlights the bank's administrative discretion in classifying accounts, separate from
Banks (Finance)
Mumbai-based State Bank of India (SBI) has filed a complaint with the Central Bureau of Investigation (CBI) alleging that a Nashik-based private company engaged in shrink wrapper manufacturing has fraudulently diverted funds to the tune of Rs. 7.32 crore. The bank claims that the accused borrower manipulated the books
Banks (Finance)
The Hong Kong Monetary Authority (HKMA) has issued a scam alert related to fraudulent websites and internet banking login screens, which have been reported by China Construction Bank (Asia) Corporation Limited. Banks in Hong Kong do not send SMS or emails with embedded hyperlinks to direct customers to their websites
Banks (Finance)
A senior CID officer has reported that Amit Ghosh, 34, an employee of a private bank, was arrested on Thursday for being part of a group that duped a man out of é 36 lakh by luring him to invest in the stock market. The duping was done through an
Banks (Finance)
A Spanish court has issued a significant ruling ordering a bank to return money defrauded from a customer through smishing, a form of phishing via text message. The court found that the bank's failure to implement adequate cybersecurity measures allowed cybercriminals to carry out multiple fraudulent transactions. The
