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VIDEOS ON FRAUD AWARENESS.......
Lessons on my You Tube:CA Narayanarao Kolluru
INTRODUCTION & LESSONS ON FRAUD AWARENESS
https://www.youtube.com/channel/UCUxEc81_IYES2yO1Qo6VPMQ?view_as=subscriber
ADVISE TO FRAUD EXAMINERS
1. Do not rely too quickly on so called best practices.
2.There really is no best practice.
3.People in different organisations are different and situations diff rent.
4.One should understand specifics of each case and a persons' motivations -we can hope to develop a strong support for integrity.
INTERVIEWS IN FRAUD EXAMINATION
INTERVIEWS IN FRAUD EXAMINATION
Once you get them to start talking usually they keep talking .Try to find common interests to talk about.The best planned interviews always take twists and turns and you better be prepared to abruptly change course and style to get the information you are seeking.
Alwaya reserve asking at the end of the interview the following last question which will open a flood of new information by the interviewee:
"DO YOU HAVE ANYTHING ELSE TO SHARE "?
The most important last question !
LINKEDIN- LINK
web sites for reference
STATE BANK OF INDIA LEFT ACCOUNT DATA OF MILLIONS OF USERS-UNPROTECTED:
The Southern District of New York has charged four men with wire fraud, tax fraud, money laundering and various other offences in relation to global law firm Mossack Fonseca & Co, which was at the centre of the Panama Papers scandal.
The individuals charged with conspiracy to commit tax evasion, wire fraud and money laundering conspiracy are:
- Ramses Owen, an attorney at Mossack Fonseca,
- Dirk Brauer, an investment adviser at affiliate Mossfon Asset Management in Panama,
- Richard Gaffey, a partner at an unnamed US-based accounting firm, and;
- Harald Von der Goltz, a German citizen.
Additionally, Owens and Brauer face charges of conspiracy to defraud the US and conspiracy to commit wire fraud.
Gaffey and Von der Goltz are also charged with wilful failure to file a report of foreign bank and financial accounts (FBAR), with the latter facing charges for making false statements as well.
STATE BANK OF INDIA LEFT ACCOUNT DATA OF MILLIONS OF USERS-UNPROTECTED:
Swiss bank UBS fined €3.7 billion in French tax fraud case
STERLING BIO TECH SCAM:
ENFORCEMENT DIRECTORATE FILING
BANK FRAUD AND MONEY LAUNDERING CASES againt the Gujarat based company in a Rs.5700/crores during 2004-2012.
News,Frauds,Scams,Media reports and Bank Frauds
News and Media Reports on-Frauds,Scams and other Financial Matters.
YEAR 2019 :
JUNE 2019 to OCTOBER 2019
BANK FRAUDS HIGHLIGHT DURING THIS PERIOD IN INDIA.
90% of the frauds in India are Bank related.
CHANDA KOCHHAR -PMLA CASE-
KOCHAR IS SUMMONED BY ED-ENFORCEMENT DIRECTORATE ON JUNE 10TH 2019,TO EXPAND THE PROBE INTO THE MONEY LAUNDERING CASE INVOLVING THE ICICI BANK AND VIDEOCON GROUP.
THE AGENCY IS ALSO PREPARING TO ANALYISE THE DETAILS OF THE KOCHAR'S ASSETS ATTACHED UNDER PMLA -PREVENTION OF MONEY LAUNDERING ACT.
KOCHAR BROTHER'INLAW WAS ALSO GRILLED IN THE CASE.
THE CASE RELATES TO A rS.400/BILLION CREDIT GIVEN BY A CONSORTIUM OF 20 BANKS TO VENUGOPAL DHOOT'S VEDIOCON GROUP.
EARLIER A CRIMINAL CASE INTO THE RS.1,875/ CRORE LOANS BY ICICI BANK TO THE CORPORATE GROUP WAS LAUNCHED.THE LOANS WERE GIVEN BY LLEGED IRREGULARITY AND CORRUPT PRACTICES.
THE FOLLOWING COMPANIES ARE INVOLVED AND BEING INVESTIGATED:
1.VEDIOCON INTERNATIONAL ELECTRONICS LIMITED
2.VEDIOCON INDUSTRIES LIMITED
3.SUPREME ENERGY
4.NU POWER RENEWABLES
THESE LOANS OF RS.1,875/WERE SANCTIONED DURING 2009-2011.DECLARED RS.1,730/ AS NON PERFORMING ASSETS IN 2012.
THE ED IS ALSO PROBING MONEY LAUNDERING PRACTICES IN THE FOLLOWING TWO COMPANIES,WHERE ICICI BANK GAVE LOANS.
1.STERLING BIO TECH
2.BHUSHAN STEELS
SWED BANK MONEY LAUNDERING CASE:
Swed bank money laundering case update:
The nominations committe proposed two new board members and called for a extraordinary meeting before June 21st.
There was allegation of Money Laundering of 200 billion Euros between 2007 and 2015.Swed Bank was lin ked to Danske Bank in this deal.Swedbank is one of the major banks in Sweden.It was used for money laundering for a decade .
The allegation was that about 50 custoners who exhibited "Clear warning Signals" of Money Laundering transferred around 40 Billion Kronor between Swed Bank and Danske Bank.
The Money Laundering case is being investigated by authorities in France, Denmark and the US.
APRIL 2019
julian Assange:
Founder of Wikileakes -a non profit international organisation that publishes News leaks and classified media that is provided ny annonymous sources;
He is an Australian Journalist and founder and director of Wiki Leaks a non profit organisation originally initiated in Iceland in 2006.Released about 10 Million documents of classified media and new leaks through anonymous sources.At present he is facing the following issues:
1.In November 2010, Sweden issued an international arrest warrant for Assange, after questioning him months earlier about allegations of sexual assault.SwAged about 47 years and home town Melbourne,Victoria Australia.
eden is now again actively pursing his arrest and exatradiction .
2,.the United States government launched a criminal investigation into WikiLeaks.and seeking his arrest.
3.He breached bail after surrendering to UK Police in 2012 to seek asulum from Euador.He was given assulum and remained for seven years in Embassy of Ecuador in London.
4.Now sweden is again actively pursuing for his extradiction for bringining him to trial for hisb earlier allegation of sexual assualt case.
5.Currently serving 50 weeks in prision since 1st May 2019 in UK for his failure to surrender to court.
Wiki leakes came to attention in the year 2010 after leaking highly confidential and news leaks provided by annonumous sources.
MARCH 2019:
Chanda Kochhar and husband ,may have diverted "Kickbacks" to Tax Heaven.:Enforcement Directora
The ED is following a money trail of money laundering and divertion of funds and alleged kick backs by Former CEO of ICICI Bank and her husband Deepak .The ED is focussing on the trial of kickbacks.
Ex-Fortis Healthcare Promoter Accuses Brother And Others Of Financial Fraud
Grant Thornton opens first IL & FS (Infrastructure Leasing & Financial Services)can of worms,and its Rs.13,000/ Crores worth of fishy deals.It could be linked to the following: irregularities:
1. Conflict of Interest
2. Deviation from banking norms
3.Inadequate Risk Assessment
4.Funds lent to 3rd parties potentially utilized by them to provide funds to certain Group companies of IL & FS.
FEBRUARY 2019:
Chanda Kochhar -Money Laundering Case:
ED QUIZZES C HANDA KOCHHAR FOR 3RD DAY IN A MONEY LAUNDERING CASE:
Ambit of probe expanded: Matrix Group chairman & Ruia’s son-in-law Nishant Kanodia also questioned.
Swiss bank UBS fined €3.7 billion in French tax fraud case
STERLING BIO TECH SCAM:
ENFORCEMENT DIRECTORATE FILING
BANK FRAUD AND MONEY LAUNDERING CASES againt the Gujarat based company in a Rs.5700/crores during 2004-2012.
Cryptocurrency firm CEO,
Gerald William Cotten dies in Jaipur, Rs 1,000 crore may vanish from face of earth .
FORTIS HOSPITALS SCANDAL
Fortis founders alleged to have sphined off Rs.500 Crores.
January 2019:
ICICI BANK
ICICI BANKt SACKS,
CHANDA KOCHAR, EX-MD &CEO,;
she acted-with lasck of due diligence,conflict of interest, in giving loans to VIDEOCON.
CBI books KOCHAR and Vediocon head.
Around Rs,3,250/ crores sanctioned as loans violating RBI norms.Loss to bank Rs.1,730 Crores.
PUNJAB NATIONAL BANK FRAUD : UPDATE
Punjab National Bank-India-Enforcement Directorate has attached a Thailand Based Based Factory worth 13.14 Crores in connection with PNB Fraud,taking total of attachments to Rs.4,765/ crores. Fugative-Mehul Choksi -linked Firm benefited from fraudulent LoUs.
The Ed has registered two separate Money Laundering cases earlier based on FIR registered by the Central Bureau Of Investigation:
1.One against Diamond merchant Nirav Modi,his companies,business partners and associates.
2.Against Mr. Mehul Choksi his companies,associates
ED has moved requests seeking extradition of Mr.Choksi from Bermuda and Mr.Nirav Modi from UK.
JAWAHARLAL NEHRU PORT TRUST <JNPT>- OBC FRAUD: UPDATE
Enforcement Directorate attaches RS.41.87 Crores lying in Bank Accounts in Hong Kong of some Shell Companies in connection with the JNPT-OBC Frasud Case.
As per reports the accused Rajesh Bangawala conspired with the bank officials and fraudulently got transferred Rs.180 crores deposited by the JNPT to a private entity on the basis of forged documents.The amount was further transferred to shell companies controlled by the accused in Hong Kong .
YEAR 2018:
December 2018
Hong Kong shoppers loose HK40 Million to online crooks in 2018 a rise of about 146% rise on last year.
Internet fraudsters duped 1900 Hong Kong Shoppers .The scams involve goods ranging from electronics and concert tickets to whisky and anything.
The goods were sold for less than real prices to attract buyers and the goods were never delivered.
Romance scams also recorded the biggest surge from January to October 2018 in Hong Kong.
Health care fraud Prevention-Illinois-
The initiatives by the Illinois Governor's
health care saved the State more than $218 Million dollops. There are 39 fraud convictions including $27.8 million in recoveries through criminal prosecutions,civil actions, and /or administrative referrals.The task force has saved the state more than $665 million since its inception."Illionois"most vulnerable lose out on critical health care services when criminals take advantage of the State Medicaid system.
Illinois' home health care industry rife with fraud, tainted by unscrupulous physicians .
https://www.chicagotribune.com/news/watchdog/ct-home-health-main-met-20171212-story.html
September 2018:
Fraudsters targeting Indians entering USA on Work Visas and Green Card Holders still continuing:
Law Firm,Cyril Amarchand Mangaldas,Under scanner,in PNB Fraud Probe:
https://economictimes.indiatimes.com/topic/financial-fraud
The status of the Rs.5,000/ crore rupee Bank Fraud by a Gujarat Based Pharma company.It is Vadodara based Sterling Bio Tech.
Japan National Police installing Crypto transaction tracking systems to track the flow of cryptocurrency .
https://news.bitcoin.com/japans-national-police-crypto-transaction-tracking-system/
Thomas Borgen ,CEO of Denmark's largest Bank ,Danske Bank resigned over money laundering operations of the Bank's Estonian Operations from 2015 to 2017, due to slack controls.
http://fortune.com/2018/09/19/danske-bank-ceo-money-laundering-borgen/
AUGUST 2018:
Online bank Monzo reveals the most common cons, from stolen cards to student ‘mules’ .
https://www.theguardian.com/money/2018/jul/07/heres-how-scammers-get-away-with-it
COSMOS Co-operative Bank looses
< 94 > Crores due to Cyber Attacks.
There are rampant Health care frauds and Hospitals by way of drug and Clinical trials with pharma companies and doctors hand and glove.
Ex-Trump Lawyer could be charged with Bank Fraud.The New York Times reported Michael Cohen committed Bank and Tax Fraud exceeding 20 Million via loans obtained by the Taxi Medallion business he owns qwith the family.
INSURANCE AGAINST DATA BREACHES:
With the increasing instances of Data breach and Data Theft it is most prudent to Insure against Data Breaches as at times any amount of controls are breached by the Hackers and Fraudsters causing enormous loss of data and reputation to an organisation.
Paul Manafort Fraud Case:
President Trump's former Campaign chairman Paul Manafort was charged of fraud by disguising income from abroad as Loans and also was held as a cheat who hid much of $60 Million ,he earned from political work.
July-2018:
South Korean Regulator presses Lawmakers to pass crypto Bill Urgently.
$731 Million stolen from crypto exchanges in 2018.
https://www.ccn.com/731-million-stolen-from-crypto-exchanges-in-2018-can-hacks-be-prevented/amp/
DSK Fraud case:Bank of Maharashtra MD gets Bail.According to the police the bank officials have colluded with DSKDL by misusing their powers and authority with a "dishonest and fraudulent Intention" to sanction and disburse the amount under the guise of aloan.
As on December 2016 ,the listed companies on the Indian stock exchanges are approximately 5,622..
SEBI has reported that approximately 3.4% of the Indian companies are involved in earnings manipulations.
FBI is investigating 130 cryptocurrency investigations.
One out of 4 is a victim of online frauds.
RBI Red Flags unsecure ATMs.
Your cloned card can be swiped abroad.
How Block Chain can stop future "Nirav Modis".
RBI tightens bank's statutory auditor's rules,
https://economictimes.indiatimes.com/topic/financial-frauds
https://economictimes.indiatimes.com/topic/financial-fraud
June 2018:
Bank Of Maharashtra CEO executive director booked for role in Rs.3,000 Crore DSK Group default case.
Latest update on PNB FRAUD-NIRAV MODI:
Nirav Modi believed to have fled to Brussels,possibly on a Singapore Passport.
Online OLX Frauds:
Cops warn Online Buyers of raising OLX fraud cases ;cautioned people to physically verify the authenticity of any product before transferring Money.
CHIROPRACTIC FRAUDS:
Medicare needs better controls to prevent Fraud ,Waste, And Abuse, related to CHIROPRACTIC SERVICES.
A Minneapolis man is the latest to be convicted in a highly sophisticated Health Insurance Scam involving a number of twin cities Chiropractic
Clinics.
PONZI SCHEMES:
At least 15 Ponzi schemes are reported in 2018 world wide. 5 % convictions and Guilty pleas.Over 26 newly imposed sentences. All the cases involved defrauding the Investors by promising 12-15% interest
Refer:
http://theponzibook.blogspot.com/2018/05/may-2018-ponzi-scheme-roundup.html
24-04-2018
ID thefts are soaring:UK.
Thieves are looking for an easy way in, from Mobile phone contacts to store cards.As per latest data UK has a growing problem in this area,In 2017 Identity theft reached an all time high with all most 175,000 cases recorded.
Also many a young person is becoming a money mule-money laundering illegally earned money through various accounts for a small amount of cash.
15.04.2018
Do you know,the swindler, Bernard Madoff was sentenced to 150 years prison sentenced for his FINANCIAL SCAM ON WALL STREET !!
SEBI ,After the PNB scam, is to crack down hard on errant CAs,CMAs ,Company Secretaries and Valuers if they are found lacking in their dealings with listed companies.
The task force of shell companies created by Central Government in 2017 has directed the ICAI-institute of chartered accountants of india- to report by monthly reports on CAs operating,certifying and auditing shell companies.
04-04-2018
$3 Billion claim against Pwc by Ukraine's private bank for its seriousand extensive breaches in its audit responsibilities. 2013-2015.
https://www.accountancyage.com/2018/04/04/ukraines-privatbank-files-3bn-claim-pwc/?utm_source=accountancy-age&utm_medium=email&utm_campaign=aa-daily-dose&utm_content=2018-04-05-today-payable-departments-fraud-big-4-social-mobility-3bn-claim-against-pwc&mkt_tok=eyJpIjoiTkdNMVptTmtZV0k0TUdJeSIsInQiOiJNdUZxcVcxQjEzUFdra21pRWZrYmh6anVrUkNRMVBLSzkzWnZiQnFEckVDek5GTVg0K0w2XC9wVlVZZ3FXSFpUTjYzMittcWNYYzNMeVorY1lSSWROSVZ1RVdUY1FBTCszRERBbHdcL0dpVDlkSGlsR3R2cFpuaTZPM0ZnbWFVc1gwIn0%3D
24-03-2018
1.Enforcement directorate raids Nirav Modi's MumbaI residence and seizes jewellery,watches,MF Hussain Paintings worth Rs.26 crore.
only one diamond ring is worth Rs.10 crores.
The central probe agency has filed two money laundering FIRs against Nirav Modi and his uncle
and Gitanjali Gems Promoter Mehul Choksi to probe the alleged over Rs.12,000 crore fraud in the punjab National Bank-PNB.
2.Indian Technomac Director held in Rs.6,000. crores fraud case.This financial fraud one of the biggest in himachal state was being investigated by different departments of Himachal Pradesh for the past four years.
The management allegedly disappeared without paying the wages,EPF,Income -Tax ,Sales Tax,electricity charges amounting to crores of rupees.
Also benami land purchases nd violation of provisions of section 118 of Himachal Pradesh Tenancy and land reform Act,1972.
3.STATE BANK OF INDIA-SBI reported Kanishk Gold ,Nathella Sampath as Fraud accounts in 2017 end.Chennai based jewellery firm Kanishk Gold Pvt. Limited-KGPL as fraud account in November 2017.There was misrepresentation in the financial statements from 2009 and liquidated the primary security.
10-03-2018
PNB lost $431 Million to various Frauds last fiscal year,even before this 2$ Billion Fraud this year to date.
It is further brough to the notice that sate banks in India lost about Rs.19.533 crores in about 2,718 cases to 31st March 2017.
LAXMI COIN-Is this going to be India's first cryptocurrency??
The coin is similar to Bitcoin and can be traded at market cap values.
The official website is:laxmicoin.com.
South Korean Government has banned all Government officials from holding and trading in cryptocurrencies. 06.03.2018
20.02.2018
The Mega Fraud in the case of Rotomac Pens is alleged to be Rs 3,695/crores!!!
19.02.2018
CBI-Central Bureau of Investigation ,has so far questioned 17 officials and seized over Rs.5,700/ Crores worth of assets. CBI is questioning the employees of Nirav Modi along with PNB Officials.It is further alleged that former PNB Official shared Passwords to help Nirav Modi.
More news visit website:
18.02.2018
Rotomac Pens' owner Mr.Vikram Kothari,goes missing after taking Rs.800 Crores Loans from Government run banks.He is alleged to have taken Rs.485/crores from Union Bank and Rs.352/ crores from Allahabad Bank.
17.-2.2018
City Union Bank Loses $2 Million in a Cyber attack from various accounts and could recover half,the monies traced to China,Dubai and Turkey.
17-02-2018-PNB Bank Fraud News
The main suspected accused behind the PNB Fraud is Billionaire Jeweller Mr.Nirav Modi and Mehul Choksi ,Managing Director , Gitanjali Gems Limited.
16-02-2018-Punjab National Bank-Fraud:
The PNB Bank scam now being probed, the fingers point to the Top man who handled the fraudulent account for 7 years.
The fraud again high lights system failures ,collusion and failure on the part of varios inspection audits,Internal auditors and statutory auditors too and weak internal controls.
Now after the scam is out now the postmortem of digging and taking measures and all other investigations,etc are being taken.
14-02-2018
Punjab National Bank-Fraud:
Punjab National Bank detects fraudulent transactions of Over $1.77 Billion.
* Beware of credit card statements.Check all entries thoroughly to make sure that no debits are made for transactions that you have not made;There are instances where there are debits found inadvertently or otherwise and if one does not take action within the time allowed for correction or if one blindly pays off the amount it can never be recovered.
*Google's parent company Alphabet launches new cybersecurity company "Chronicle " that aims to help companies to find and stop CYBER ATTAACKS before they Cause any harm.This will help teams to search,retrieve information and run analysis in "Minutes" than it takes now hours or even days.
YEARS 2016 & 2017.
1.The Cyber Crime scheme that attacks your E-Mail accounts and Bank accounts:For more details refer to:
2.Each shell company must be Investigated instead of simple Name and Shame;For more details go to:
http://www.thehindu.com/opinion/editorial/a-big-broom/article19722919.ece
3.Slovenia’s Financial Watch dog Warns about Virtual Currency Risks: Virtual currencies like Bitcoin are unregulated and prone to risk……
4..India-Pune-Gold fraud- Security with Bank of fake gold: Banks should be cautious while lending against Gold and jewellery:
5..India-Mumbai One should be careful in the usage of Debit and Credit cards at Toll booth-Avoid using the cards and prudent to pay cash. Instance of a man who lost Rs.87,000/ by swiping his card at a toll gate.
http://www.ndtv.com/mumbai-news/card-fraud-man-loses-rs-87-000-after-swiping-at-pune-mumbai-toll-plaza-1749098
6.Credit card frauds -what you need to know:
http://www.huffingtonpost.in/the-conversation/credit-card-fraud-what-you-need-to-know_a_23023782/
7.Guardians of the Internet:
8.Anti corruption sweep in Saudi Arabia:
http://edition.cnn.com/2017/11/05/middleeast/saudi-arabia-anti-corruption-list/index.html
9.Paradise Papers Leak:
http://indianexpress.com/article/india/paradise-papers-indian-corporates-black-money-4923999/
10.Cryptocurrencies: Doomed to fail
https://cointelegraph.com/news/cryptocurrencies-are-doomed-to-fail-but-theres-money-to-be-made
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