FRAUD ALLEGATIONS
Fake University students can now sue US government over ICE operation, says court
In a turn of events, U.S. Court of Appeals has ruled that students who were part of a 'fake Michigan University', could now sue the US government for incurred damages because of an operation by the Immigration and Customs Enforcement. What's going to happen next?
Hedge fund’s secret Adani short revealed in blow-by-blow account
A short-seller's report targeting Adani Group led to a $153 bn market value drop. The investigation involved a hedge fund, regulator, and a big Indian bank. US regulators scrutinized hedge fund collaborations and short-selling's impact on market efficiency.
Hedge fund’s secret Adani short revealed in blow-by-blow account
The short-selling scandal involving Hindenburg Research, Adani Group, and Sebi triggered regulatory scrutiny and a US Justice Department probe. The scandal emphasized the importance of market efficiency amidst fraud allegations and regulatory actions.
Who is Rishi Shah: The man who defrauded Goldman Sachs, Google of $1 billion
Rishi Shah, co-founder of Outcome Health, has been sentenced to seven and a half years in prison for orchestrating a $1 billion fraud scheme involving his healthcare advertising startup. The case has impacted major investors and drawn attention to corporate accountability.
Hindenburg faces Sebi scrutiny, Kotak Bank dragged in Adani saga
Adani-Hindenburg Case: Hindenburg Research's disclosure of suspected violations by Sebi regarding Adani Group's short bet led to minimal gains, highlighting challenges foreign investors face under Indian securities rules. The short seller also stated that Kotak Mahindra Bank created and oversaw an offshore fund structure used by its "investor partner" to bet against the conglomerate, providing new details of trades that puzzled investors.
Swipe, Date & Dhokha! How an IAS aspirant's Cafe date via Tinder cost him Rs 1.2 lakh in Delhi
A civil service aspirant's Tinder date at Black Mirror Cafe in East Delhi turned into a scam when Versha, actually Afsan Parveen, abruptly left, leaving him with a bill of Rs 1,21,917. The victim was coerced into paying under threat before reporting the incident to police. Investigations led to arrests of Parveen and cafe owner Akshay Pahwa, revealing a network exploiting men through dating apps in major cities.
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Man arrested in Rs 10,000 cr GST fraud case after nine months on the run
A 31-year-old man, Babar Khan, evading police for nine months, was arrested in connection with a Rs 10,000-crore GST fraud across India. Khan allegedly set up fake firms using stolen or forged ID cards to fraudulently claim input tax credit. Noida police initially busted the gang last year, which operated by registering thousands of companies under false identities to generate e-way bills and claim government benefits.
Indonesia arrests over 100 Taiwanese for alleged cyber fraud
Indonesian police have arrested more than 100 Taiwanese at a villa in Bali over alleged cyber fraud, authorities said Friday. In 2018, Bali Police arrested 103 Chinese nationals, along with 11 Indonesians allegedly working for them, for running a multi-million-dollar cyber fraud syndicate that targeted wealthy businessmen and politicians in China.
US charges 193 people in USD 2.7 billion healthcare fraud
Nearly 200 individuals have been charged in a nationwide operation investigating false health care claims amounting to approximately USD 2.75 billion in losses, according to information from the Department of Justice reported by The Hill on Thursday. The DOJ's 2024 National Health Care Fraud Enforcement Action has led to charges against 193 defendants, including 76 doctors, nurse practitioners, and other licensed medical professionals across 32 federal districts in the country.
Who is Cryptoqueen Ruja Ignatova? Why is there multi-million dollar bounty?
Ruja Ignatova who has been accused in a multi-billion-dollar scam has a $4 million bounty on her head. This has been offered by the FBI which has sought the assistance to locate her. She has accused of selling fake cryptocurrency to the customers of ‘One Coin’ of which she is a co-founder.
Fraudsters force 72-year-old into 13-hour WhatsApp video call; steal Rs 83 lakh from her bank accounts
Dasgupta called back to resolve the issue, only to find herself speaking to someone claiming to be a Mumbai Police officer. "He fabricated a case against me, even providing a fake FIR number and a warrant supposedly issued by the 'CBI' in a 'Mumbai court'," Dasgupta told TOI.
Groww user alleges 'fraud', says app shows mutual fund investment but can't redeem, company denies; what are lessons for MF investors?
Groww faces 'fraud' allegation: A customer's complaint against Groww, has sparked concerns over investment safety via execution-only platforms (EOPs). The investor alleged via social media that investments made through Groww could not be withdrawn despite the app showing them as invested. Groww responded, asserting no deduction occurred and the mutual fund transaction did not take place. The incident underscores broader worries among investors about data reliability on fintech apps. ET Wealth delves into the details surrounding the incident. What could mutual fund investors learn from this incident?
Federal court revives lawsuit against US government over fake university scam
US Court of Appeals for the Federal Circuit has reinstated a proposed class action lawsuit involving 600 students defrauded by fictitious university in student visa scam. The lead plaintiff, from India, seeks to recover funds paid for enrollment, highlighting government's commercial activity. DHS not immune from lawsuit, marking significant legal victory.
Gurgaon couple uses dead fly trick to avoid paying at restaurants. Netizens outraged
A middle-aged couple's shocking scam involving using a dead fly to avoid paying for meals at upscale restaurants has gone viral on the microblogging platform X. Udit Bhandari shared the story, revealing how the couple carries a dead fly, places it in their food, and creates a scene to get their meals for free. The post, which has received close to 2,000 views, sparked widespread outrage and disgust online.
Who is Sanjeev Mukhiya, the mastermind behind the NEET-UG paper leak case
The NEET-UG paper leak scandal has sparked nationwide protests. Investigations identify Sanjeev Mukhiya from Bihar as the alleged mastermind behind the leak. Mukhiya, with a history of exam fraud, is linked to a network spanning multiple states. Authorities are intensifying their search as Mukhiya reportedly fled to Nepal. The controversy has prompted demands for a thorough probe, especially from opposition leader Tejashwi Prasad Yadav.
US prosecutors recommend DOJ criminally charge Boeing as deadline looms
U.S. prosecutors recommend criminal charges against Boeing for allegedly violating a 2021 settlement related to two fatal 737 MAX crashes. The Justice Department must decide by July 7 whether to prosecute. The 2021 deal, which included a $2.5 billion settlement, protected Boeing from a fraud conspiracy charge if it overhauled compliance practices. Prosecutors argue Boeing breached this agreement. Potential resolutions include extending the settlement, new terms, or criminal charges. Boeing, disputing the breach, may accept penalties but resists a guilty plea due to potential business impacts. Families of crash victims urge significant fines and prosecution.
Vijay Mallya attends son Siddhartha Mallya’s lavish UK wedding amidst legal troubles
Fugitive businessman Vijay Mallya was photographed attending his son Siddhartha Mallya's luxurious wedding in the UK, despite facing legal troubles related to a Rs 900-crore loan fraud case. The lavish ceremony took place at Vijay Mallya's $14 million estate in Hertfordshire, attracting close friends and family members for a week-long celebration. The bride, Jasmine, and Siddhartha Mallya exchanged vows in a traditional Christian ceremony.
Enforcing law against paper leak mere whitewash: Congress chief Mallikarjun Kharge
Congress president Mallikarjun Kharge criticized the BJP for not taking action against paper leaks and promoting corruption in the education system, referring to the enforcement of the anti-paper leak law as a 'whitewash'.
Independent candidate moves HC against Shiv Sena candidate Waikar's LS win; alleges fraud
"Due to this incident, some serious concerns have been further raised about the transparency in the electoral process," Shah's plea said. It alleged certain close associates of Waikar, including his daughter, were present in the control room of the polling centre and were using their mobile phones, which is not permitted. The petition, which also sought for HC to call for the CCTV footage of the polling centre, will come up for hearing in due course of time.
Noida man scammed of Rs 20.54 lakh, alleges death threat
A man from Greater Noida, Sandeep Kumar, was scammed of Rs 20.54 lakh in a work-from-home job scam involving rating hotels on Google Maps. An FIR was filed against an unidentified persons under IPC sections 420 and 506, along with IT Act provisions. Kumar fell victim to a scheme where he invested money but couldn't withdraw it, facing death threats when questioning the fraudsters.
Rapper Sean Kingston and mother arrested in Florida: Facing charges of $1M fraud
Rapper and singer Sean Kingston, along with his mother Janice Turner, have been arrested in Florida on charges of committing over a million dollars' worth of fraud. The charges include organized scheme to defraud, grand theft, identity theft, and related crimes. They are accused of stealing money, jewelry, a Cadillac Escalade, and furniture.
Tesla shareholder sues Musk for alleged $7.5 billion insider trading
A Tesla shareholder filed a lawsuit accusing CEO Elon Musk of insider trading by selling over $7.5 billion of Tesla shares before disappointing production numbers were public.
Stock market fraud via WhatsApp, Facebook, Telegram: Two investors lost over Rs 3 crore; how to identify scam and protect yourself
Stock market scams via WhatsApp, Telegram, Facebook or Instagram: Two investors lost over Rs 3 crore in separate scams, highlighting a concerning trend. Fraudsters lure victims via social media with promises of high returns. They use fake profiles, apps, and WhatsApp groups to build trust before blocking withdrawals. Beware social media stock tips promising high returns. It's a scam! Learn how to identify fraudsters and protect yourself. Read for modus operandi and red flags here.
21 international organisations write to CJI for speedy resolution of Adani coal imports case in SC
The letter comes after a report by the London-based Financial Times, citing documents from George Soros-backed Organized Crime and Corruption Reporting Project (OCCRP), alluded to a "fraud" by the Adani Group by selling low-grade coal as high-value fuel in 2013.
Financial Times report against Adani Group is just for noise: Cantor Fitzgerald
Cantor Fitzgerald dismisses recent Financial Times report on Adani Group as market noise, indicating investors' confidence remains intact. Adani Enterprises' shares surged 8.2% following the allegations, marking a tenth consecutive day of market capitalization gains. Adani Group refuted the accusations, citing contractual obligations and rigorous testing processes, while Cantor highlighted discrepancies in the FT report's sources and noted India's growth trajectory as favorable for Adani Enterprises despite controversies.
Adani group m-cap regains $200 bn-mark as company rebuts coal invoicing allegations
While Adani group denied all allegations, the news report was cited by opposition leaders including former Congress president Rahul Gandhi to demand a probe by a joint parliamentary committee into the alleged wrongdoing.
Andhra Pradesh elections: Violence, voter slap video and allegations of election fraud mark polling day
Violent clashes during Andhra Pradesh assembly and Lok Sabha polls led to disruptions, including attacks on candidates and destruction of property. Allegations of biased police conduct and interference were raised by BJP, impacting the election process.
UK court rejects Nirav Modi's fresh bail plea due to 'real, substantial' flight risk
Nirav Modi, a 52-year-old diamond merchant in London, has made a new bail application, but a UK judge rejected it, stating that he still poses a "substantial risk" of absconding justice. The judge accepted the legal team's submission that the long passage of time since the last bail application three and a half years ago constituted a change in circumstances to allow the hearing to go ahead. However, Judge Zani concluded that there remain substantial grounds against bail, as there continues to be a real risk that Modi would fail to attend court or interfere with witnesses.
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