FRAUDULENT CLAIMS
EPF new rules: EPFO issues SOP on how to freeze, defreeze UAN
In order to detect probable situations of suspicious accounts or transactions where there may be a risk of impersonation or fraudulent withdrawals, multiple stages of verification for MIDs, UANs, and institutions will be carried out as part of the SOP. Here is a look at EPFO's latest SOP freezing and defreezing UANs of EPF subscribers.
Hindenburg claims making merely $4 million from $153 billion Adani selloff
Hindenburg admits revenue from Adani shorts, may barely break even. Responds to Sebi's show cause notice, highlights fraud risks, and calls out regulators for neglecting investor protection.
Groww offers user refund after allegations of fund deduction without investment emerge
A Groww user alleged that the platform deducted money without making an investment, prompting Groww to issue a refund and clarification. The company acknowledged an error in the user's dashboard and confirmed no transaction took place. They credited the claimed amount back to the user as a goodwill gesture and requested his bank statement for verification. Groww assured users of its commitment to resolving such issues promptly and transparently, emphasizing no money was deducted. An expert advised careful research before using newer investment platforms.
Workers sue Disney claiming they were fraudulently induced to move to Florida from California
In July 2021, the Disney Parks' chief told workers in California that most white-collar employees would be transferred to the new campus in Orlando to consolidate different teams and allow for greater collaboration. As many as 2,000 workers in digital technology, finance and product development departments would be transferred to the campus located about 20 miles (30 kilometers) from the giant Walt Disney World theme park resort, the company said at the time.
Bihar call center horror: Women lured with fraudulent job offers in Muzaffarpur, trapped and sexually assaulted
A man was arrested in Gorakhpur, Uttar Pradesh for his involvement in a racket that kept young women captive in Bihar's Muzaffarpur district, where they were sexually assaulted under the guise of job offers. The arrest was made by an SIT formed to investigate the case, as per a PTI report.
CBIC cautions public against frauds in the name of Indian Customs
The Central Board of Indirect Taxes and Customs (CBIC) issued an alert regarding fraudulent activities where imposters pose as Indian Customs officials to deceive the public, often through digital means like calls or SMS. CBIC launched a comprehensive awareness campaign urging vigilance and precautionary measures against such scams, emphasizing verification and reporting of suspicious activities
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Trai asks mobile users to report fraudulent calls/ SMSes/ WhatsApp messages to DoT
The telecom regulator in India has urged mobile users to report fraudulent calls, text messages, and WhatsApps from third-party agencies claiming to be the Telecom Regulatory Authority of India (Trai) and threatening disconnections. The regulator stated that Trai does not initiate communications regarding mobile number disconnection and has not authorized any third-party agency to contact customers for such purposes.
New EPF account rules in May: EPFO made these four major changes to the EPF account, claims process in May 2024
New EPF rules: The changes include an extended facility of auto-settlement, multi-location claim settlement, faster New rule for EPF death claim. Let us take a closer at each of these four changes.
Cashless claims to be cleared in 3 hours
Irdai has also mandated the insurer to decide on the cashless authorisation within one hour of receipt of the request.
Fake job offers in India or abroad: How to spot a fraudulent job offer, know the full list of authorised agents for foreign jobs
Fake job offers: India is such a country where millions of young people reside and many of them are searching for a job either within India or abroad. Younger people have aspirations and enthusiasm which fraudsters are using to dupe them with fake job offers. In the recent past many young Indians were taken abroad to work in scam jobs, etc.
Exchanges warn investors of fake trading apps, impostors
Bourses in Mumbai issue warning about social media scams using established brokers' names for high returns.
Govt working to block international spoof calls duping Indians
The Indian Cyber Crime Coordination Centre (I4C) and the Department of Telecom (DoT) are collaborating to block spoof calls originating from outside India, particularly those claiming digital arrests by agencies like the NCB or CBI. They are also partnering with Microsoft to curb the misuse of logos of Indian enforcement agencies by scamsters. Many cases involve callers impersonating law enforcement personnel to extort money, with thousands of Skype IDs created for this purpose.
Frauds by bank employees: Take these steps to ensure branch manager or any other employee does not run away with your money
Fraud by bank employees: Many reports of bank employees defrauding customers of the bank. These are the cases where the bank and its customers both are the victims of fraud by the employee(s). In a recent judgement by the SC, it was said that banks would be held liable for criminal misconduct by its employees.
SBI, ICICI Bank, Axis Bank, PNB, AU Small Finance Bank warn customers about banking frauds; different scams, ways to safeguard yourself
Bank frauds: SBI recently issued a warning about a scam involving the distribution of an Android Application Package (APK) to users under the guise of redeeming SBI reward points and the precautions to take. Let us take a look at some of the frauds that big banks in India have been warning customers about and how one can stay safe.
Consumer panel directs IDFC Bank to pay Rs 1 lakh to man for deducting EMI for loan he didn't avail
A consumer commission in Mumbai has instructed IDFC Bank to compensate a resident of Navi Mumbai with Rs 1 lakh. The bank wrongly deducted EMIs for a loan he never took. The commission ordered the bank to refund the deducted EMIs with interest and provide the compensation for deficient service and the resulting mental and physical distress within 60 days of receiving the order.
New rule for EPF death claim: Now physical claims can be processed without seeding Aadhaar
EPF death claim: The EPFO stated that it has received specific references from field offices indicating that they are unable to seed and authenticate Aadhaar in cases of death of EPF members. Note that Aadhaar details cannot be updated or corrected after a member passes away, which presents challenges for the field offices.
How an ex-Facebook employee stole Rs 40 crore from the company and repeated the fraud at Nike
Former DEI executive Barbara Furlow-Smiles sentenced for embezzling $5M from Facebook and Nike through fake vendors and cash kickbacks. Convicted of wire fraud after orchestrating a scheme involving fake vendors. US Attorney's Office, Northern District of Georgia, led the case.
IRS warns against false tax returns, threatens fines and criminal proceedings. Here are details
Internal Revenue Service or IRS has issued a warning against false filing of tax returns. The penalties could include a steep fine and/or initiation of criminal proceedings.
Man files ITR, finds company with Rs 9 crore turnover opened in his name
Chandan Soni, a resident of Gwalior, discovered that his personal details – PAN card and Aadhaar card – had been misused to create a fraudulent GST number and a fake company in his name. This company, "MG SALES", even showed a fabricated turnover exceeding Rs 9 crore. Now, the Delhi Police's Economic Offences Wing is investigating this identity theft and potential financial crime.
Man live-streams from poll booth in Gujarat, detained for bogus voting
The police in the state's Mahisagar district detained Bhabhor and another man after the opposition complained to the Election Commission with a copy of the video. Though Babhor deleted the video after it drew criticism, the clip had gone viral on social media by then.
GST National Coordination meeting on Friday may discuss tightening noose on fake registrations
Central and state GST officers will convene to discuss various issues, including stricter registration norms to combat fake companies evading taxes. This meeting follows record-high GST collections of Rs 2.10 lakh crore in April, driven by economic momentum and enhanced scrutiny. Among the topics on the agenda are tightening GST registration to deter fraudulent companies and tracking the money trail of GST fraud masterminds.
Misuse of PAN for fake HRA claims under I-T dept radar: What should landlord do in case of a fake claim?
Fake HRA Claims: If a tenant is using someone else's PAN to make a fake HRA claim, then without doubt the tenant would get into trouble, however the individual whose PAN was used as a landlord for this fake HRA claim would also get into trouble with the income tax department.
Telecom Department issues warning as scammers target MS Dhoni fans with fake messages
Scammers are targeting MS Dhoni fans with fake messages on Instagram, pretending to be the cricketer and asking for money. The Department of Telecom has issued a warning, urging people to be vigilant and not fall for these scams. The scammers are using Dhoni's popularity to deceive fans, but the DoT is actively working to protect mobile users from such fraudulent activities.
SEBI warns against fraudulent trading schemes offered by FPIs
The Securities and Exchange Board of India has cautioned against fraudulent trading platforms, claiming to have affiliations with registered foreign portfolio investors and offering trading opportunities to resident Indians.
Vidya Balan files FIR against online impersonator conning people with fake jobs
Vidya Balan has lodged a police complaint against an unidentified individual for creating fake social media accounts in her name, leading to fraudulent activities and false promises of job opportunities. Prompted by a close contact's alert about suspicious communication, Balan denied association with the fraudulent accounts and swiftly took legal action.
Health insurance rule change: Cashless treatment at any hospital from today; how to get it, charges
Till now, a health insurance policyholder can get cashless treatment only at network hospitals with whom the insurance company has tied up. If it is a non-network hospital, the policyholder has to pay the entire amount from his pocket and then go through the cumbersome claim reimbursement process. The General Insurance Council in consultation with general and health insurance companies has launched 'Cashless Everywhere' to extend the cashless treatment at all hospitals. What is the new rule? How to get cashless treatment at any hospital? Know here
Former employee ordered to repay Rs 7 lakh for submitting fake travel bills as reimbursements
The employee, S Abdul Khadar, tampered with bus tickets and submitted fraudulent travel expense claims. Despite receiving a notice, Khadar did not respond, and in 2014, the court ruled in favor of the company. In another news, an employee in Mumbai has been booked for embezzling Rs 35.88 lakh from a company's account.
If you don't have trust in insurance, then what must you do?
Insurance has existed since the earliest forms of civilization, with humans and animals alike forming groups to protect and support each other. Over time, the insurance industry began selling insurance based on fear rather than the underlying principle of collective well-being. Insurance is essentially a mechanism for caring for each other, extending support to people beyond our immediate circles. It is about individuals and communities coming together to mitigate risks and build a well-protected society.
Star Health clashes with Ahmedabad hospitals over 'fraudulent' claims
Star Health and Allied Insurance Company Ltd, the only listed health insurer in India, is facing allegations of fraudulent claims and unjustified suspension of cashless claims from hospitals in Ahmedabad. The insurer has decided to re-evaluate the list of eligible hospitals after serving notices to over 100 hospitals for contract violations and fraudulent claims.
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