#financial crime and fraud

[scamsupdateindia]

ED Arrests Himansh Verma in Rs 1,257 Crore Syndicate Bank Fraud Case

The Enforcement Directorate (ED) has apprehended a significant conspirator involved in the Rs 1,257 crore Syndicate Bank loan fraud. On October 15, Himanshu Verma, also known as Himansh Verma, a resident of Chandigarh, was arrested and subsequently presented before a special court in Jaipur. The judge has remanded Verma to ED custody for 10 days, until October 25.

ED Initiates Money Laundering Investigation

The ED initiated a money laundering investigation under the Prevention of Money Laundering Act, 2002, against officials of the former Syndicate Bank (now Canara Bank) and other suspects. This investigation was based on First Information Reports (FIRs) and a charge sheet filed by the Central Bureau of Investigation (CBI).

Details of the Syndicate Bank Fraud

According to the ED's Jaipur-based Zonal Office, from 2011 to 2016, the main fraudster Bharat Bomb, a Chartered Accountant from Udaipur, Rajasthan, colluded with bank officials to defraud the Syndicate Bank of Rs 1,257 crore through fraudulent loans and fake cheque discounting.

Himansh Verma's Role in the Fraud

The ED's investigation revealed that Himanshu Verma was a key associate of Bharat Bomb, receiving approximately Rs 85 crore in proceeds from the crime. Properties worth Rs 14.88 crore belonging to Verma and his family have been attached by the ED.

"Himanshu Verma received proceeds of crime in various bank accounts he operated and controlled, using complex transactions to place, layer, and integrate the tainted funds," stated the ED.

Verma's Criminal Background and Evasion Tactics

The agency also highlighted that Verma is a hardcore criminal with multiple FIRs registered against him and his family members in various police stations across Punjab and Chandigarh. He is wanted by both the Punjab Police and the CBI.

In an attempt to evade authorities, Verma changed his name to Himansh Verma, obtained a fraudulent police verification report, and secured a new passport under his new name. He traveled abroad via Nepal before the passport authorities canceled his passport upon discovering his criminal background.

Lack of Cooperation with ED Investigation

Despite multiple summonses from the ED, Verma remained uncooperative throughout the investigation, appearing only once.

[clothless-sock]

Nature as it should be

[plethoraworldatlas]

As global billionaires see their wealth soar to record heights, one Vietnamese real estate tycoon was sentenced to death on Thursday in the Southeast Asian nation's largest-ever financial fraud case, part of a government crackdown on corruption.

Tru'o'ng Mỹ Lan, founder of the real estate developer Vạn Thịnh Phát Group, was arrested in October 2022 for illegally controlling and embezzling money from Saigon Commercial Bank (SCB) for a decade after a 2011 merger she arranged.

"Lan embezzled $12.5 billion, but prosecutors said Thursday the total damages caused by the scam now amounted to $27 billion—a figure equivalent to 6% of the country's 2023 [gross domestic product]," according toAgence France-Presse. "The court ordered Lan, 67, to pay almost the entire damages sum in compensation."

The BCCreported that "according to prosecutors, over a period of three years from February 2019, she ordered her driver to withdraw 108 trillion Vietnamese dong, more than $4 billion in cash from the bank, and store it in her basement. That much cash, even if all of it was in Vietnam's largest denomination banknotes, would weigh two tonnes."

AFP spoke with one of the 42,000 victims of the scandal identified by authorities:

Nga, a 67-year-old Hanoi resident... told AFP Thursday that she had hoped for a life sentence for Lan so she could live to fully witness the pain her actions had caused ordinary people. "Many people worked hard to deposit money into the bank, but now she's received the death sentence and that's it for her," said Nga, using a pseudonym to protect her identity. "She can't see the suffering of the people." Nga has so far been unable to retrieve the $120,000 she invested with SCB.

Human rights advocates consider Vietnam to be a global leader in death penalty sentences and executions, though data on the topic are considered state secrets, so precise figures are not known.

[vancilart]

a certified sweetiepie who's never done anything bad to anyone

[mellometal]

I know you’re probably not in the mood for some Dhar Mann shit right now but currently there’s news going on that DM hasn’t been paying his actors and they’re making a protest about it. What do you think about that?

Yeah, I just saw one of the actors talking about her experience with someone on a live stream off of TikTok. I'm considering making a post to discuss that topic. I just need to look more into it, as this is fairly new and I don't know how long this will be going on.

He's violating labor laws, I know that much. Considering his history of committing fraud, I wouldn't be shocked if DM gets in trouble again. Especially considering there are children working under him too. I think he'd get in deeper shit just because of the kids alone. People use the excuse that the actors are under a contract and that "It's show biz!", but they're completely missing the point. It doesn't matter if the actors are contracted or not. It sure as hell doesn't matter if it's "show biz" or not. DM still needs to pay the actors a liveable wage for their time. They have every right to protest. I honestly don't blame them. If he "pays his actors well", like he's claimed, why's he taking vacations to avoid everyone? Seems pretty fishy to me.

He's a multimillionaire. DM is very capable of paying the actors fairly. He's just choosing not to.

[cutiromer0]

Spurs have about 30mil to spend in the Jan window apparently 😐😐😐😐😐

[olganmwriter]

#TuesdayBookBlog The Dish Dog: A Novel by Peter Davidson (@PeterDavidsonAU)

Hi all: I share today the review for a novel whose topic intrigued me, and there were many things I enjoyed, but some aspects that didn’t quite work for me. The Dish Dog: A Novel by Peter Davidson The Dish Dog: A Novel by Peter Davidson Someone is operating the largest stock market insider trading scheme in the history of the United States, that is making millions of dollars in illegal…

[sbrown82]

LMFAOOOOOOO!!!! 

[mmaadvocates]

Navigating Complexities: The Role of a Banking & Financial Lawyer in Today’s Economy

In today’s fast-paced and increasingly complex economy, the role of banking and finance lawyers has become more critical than ever. As financial markets evolve and regulatory landscapes shift, businesses and individuals alike must navigate a maze of legal challenges to protect their interests and ensure compliance. Whether dealing with intricate financial transactions, regulatory compliance, or resolving disputes, the expertise of a banking and financial lawyer is indispensable. Read more: https://medium.com/@mmaadvocates/navigating-complexities-the-role-of-a-banking-financial-lawyer-in-todays-economy-071b1d3c40b2

[robertodivkovic2]

This Scammer Needs to be stopped - Roberto Divkovic

Divkovic, a 32-year-old Austrian national, has been accused of leveraging the reputation of IMP 1991 Plus DOO Beograd to entice investors into a scheme promising lucrative returns on gold trading. However, these promises have proven to be illusory, with many investors left facing significant financial losses. The operation, described by victims and investigators alike as a sophisticated fraud, highlights a troubling vulnerability in the financial system’s ability to safeguard against such deceit. Visit: https://www.pinterest.de/pin/1044624076061992001/

[townpostin]

Mango Woman Loses Rs. 34,500 in ATM Fraud Scheme

Deceptive ‘Assistance’ Leads to Unauthorized Withdrawals at Sakchi ATM Incident highlights growing concerns over ATM security and the sophistication of fraud tactics in Jamshedpur. JAMSHEDPUR – A woman from Mango fell victim to a cunning ATM fraud scheme, losing Rs. 34,500 at a Central Bank of India ATM near Delhi Darbar in Sakchi. The incident occurred on Wednesday night when the victim’s card…

[fawziamlaw]

https://dailygram.com/blog/1299604/the-latest-on-financial-crime-in-the-uae-what-you-need-to-know/

The Latest on Financial Crime in the UAE: What You Need to Know

The United Arab Emirates has a solid framework in place to combat financial crime. It's based on international best practices and is regularly updated to keep up with the latest trends. The UAE has a number of laws that deal with financial crimes. For instance, the Federal Decree-Law No. 20 of 2018 (AML Law) outlines crimes related to money laundering, financing terrorism, and unlawful organizations. 

[newwavenewsandentertainment]

Former CBN Governor Godwin Emefiele Faces Interim Forfeiture of N11.14 Billion in Properties

Former CBN Governor Godwin Emefiele Faces Interim Forfeiture of N11.14 Billion in Properties

Justice Chukwujekwu Aneke of the Federal High Court in Lagos granted an interim forfeiture order on Wednesday, June 5, for properties valued at N11,140,000,000.00 linked to the former Central Bank of Nigeria (CBN) governor, Godwin Emefiele. Details of the Court Order The court order follows a motion ex parte filed by the Economic and Financial Crimes Commission (EFCC). Senior Advocate of…

[forensicfield]

The government is sending out messages to alert people about a new scam. In this scam, fraudsters may impersonate police officers, threaten individuals, extort money, and request KYC/account details. It's important to take note of such details and immediately report any suspected fraudulent communications through the Chakshu facility on www.sancharsaathi.gov.in.

In case you have already lost money (got scammed), then report on 1930 or www.cybercrime.gov.in issued in Public Interest by Govt of India.

Stay informed about your rights, and be safe....

[nakeddeparture]

Barbados is talking about going back to Africa…. Financial Crimes: Banks Deeply Involved in Fraud and Forgery - Ola Olukoyede - Nigeria

https://youtu.be/ScHTqPrRW10

I’ll be doing the homework for you. Naked!!

Like/share/comment/subscribe on YouTube (it costs you nothing). Press the notification bell 🔔. NEW WhatsApp #2527225512

[texasattorney]

Unraveling White Collar Crime in Texas | The Texas Attorney

Delve into the intricate world of white collar crime in Texas. From fraud to embezzlement, our comprehensive guide provides legal insights, current trends, notable cases. Proactive strategies for businesses to safeguard against financial misconduct. Stay informed, stay protected.