#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.

[handweavers]

the most fucked up thing about being a communist artisan is that most of your "coworkers"/other people selling wares in markets/fairs/whagever self identify as entrepreneurs, or do the same shit without calling themselves that. overhearing shit in whatsapp groups and at work makes me the artisan joker. can we all die

i despise the "small business owner" "entrepreneur" culture/mindset/whatever that artisans as a class have, it really makes me feel sick to my stomach and i can't do it. looking up info for like selling at markets and booth displays and it's all people doing crazy hustler entrepreneur shit and talking about etsy shop SEO and branding toolkits and whatever else. small business networking and pinterest ads and a bunch of other things i block from my brain. which i get as a marxist like those are the interests of this class and how this class gets their bag these days but i really can't do it, i don't have the stomach for it

[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…

[wausaupilot]

Teen accused of stealing more than $151K from Wausau credit union

The charges against Giovani Bekali Lapadat, who lists an Anaheim, Cal., mirror dozens of additional counts filed in multiple Wisconsin counties, court records show.

By Shereen Siewert | Wausau Pilot & Review Giovani Bekali Lapadat booking photo, courtesy of Dane County An 18-year-old man is facing multiple financial fraud charges in Marathon County after allegedly stealing more than $151,700 from a Wausau credit union’s customer accounts over an eight-day span. The charges against Giovani Bekali Lapadat, who lists an Anaheim, Cal., mirror dozens of…

[nationallawreview]

The CTA Filing Deadline is Approaching. Is Your BOIR Filed Yet?

The clock is ticking—just 49 days remain until the one-year filing deadline for the Corporate Transparency Act (CTA)! Entities established before January 1, 2024, must submit a beneficial owner information report (BOIR) by December 31, 2024. The CTA is a new reporting requirement that came into effect on January 1, 2024. The CTA requires any entity created by or registered to do business by the…

[jasminewilson143]

Senior Journalist Mahesh Langa Arrested in Alleged GST Fraud Case in Gujarat

Senior Journalist Mahesh Langa Arrested in Alleged GST Fraud Case in Gujarat Ahmedabad, Gujarat: In a dramatic development that has stirred both the media and political landscapes, Mahesh Langa, a senior assistant editor at The Hindu, was arrested on Tuesday morning by the Detection of Crime Branch (DCB) in Gujarat. Langa, based in Gujarat, was taken into custody along with three others as part…

[scamsupdateindia]

Himansh Verma, Navrattan Group Chairman, Arrested for ₹1,000 Cr Fraud

In a high-profile case, the Nepal police have apprehended Himansh Verma, the Chairman of Navrattan Group of Companies, who is wanted in connection with a ₹1,000 crore fraud case. Acting on information provided by Punjab Police, Nepal police arrested Verma while he was allegedly attempting to flee the country. Verma, who faces multiple fraud charges in India, including three cases in Jalandhar, had previously managed to escape from police custody in Chandigarh.

A Complex Network of Fraudulent Companies

Himansh Verma, reportedly a shrewd operator, established several companies with direct dealings with government entities. His connections extended to influential politicians, granting him a reputation and a network across several cities, including Jalandhar, Chandigarh, and various locations in Maharashtra. His company is under investigation by the Enforcement Directorate (ED) due to its involvement in a ₹1,250 crore financial scam. Furthermore, a Look Out Circular (LOC) was issued against him on January 5, 2022.

Involvement with CBI and Attempt to Escape Abroad

The Central Bureau of Investigation (CBI) has also conducted inquiries into Verma's activities, resulting in an LOC against him. Facing over ten criminal cases, Verma was allegedly planning to escape to a foreign country through Nepal. He has also been implicated in the high-profile Syndicate Bank fraud case of 2016, amounting to ₹1,800 crore. Despite summons from the ED in Jaipur over the past five years, Verma, his mother Chandar Kanta, and his sister Pallavi Verma have failed to appear for questioning.

Extradition Proceedings: Punjab Police to Bring Him Back

Following his arrest, Punjab Police is expected to begin extradition proceedings to bring Himansh Verma back to India. His return is anticipated to expedite the judicial process against him and reveal further insights into the workings of his alleged fraudulent operations.

Declared as a Wanted Criminal by Jalandhar Police

The Jalandhar Commissionerate Police had previously declared Himansh Verma as a wanted criminal and offered a reward of ₹1 lakh for information leading to his capture. Verma, along with his mother Chandar Kanta, was named in a case registered at the New Baradari police station in Jalandhar. His company’s travel agency offices, located in Jalandhar, allegedly defrauded several clients by promising them overseas placements. In 2021, based on multiple complaints, three cases were registered against Verma. His arrest is expected to bring closure to his victims and shed light on the extent of his operations.

Key Points

Accused of ₹1,000 Crore Fraud: Himansh Verma, Chairman of Navrattan Group, was apprehended in Nepal for his alleged involvement in a massive financial scam.

Multiple Cases and LOC: Verma is implicated in numerous cases across Jalandhar, Chandigarh, and Maharashtra, with the ED and CBI issuing Look Out Circulars.

Attempts to Flee Abroad: Facing over ten criminal cases, Verma tried to escape through Nepal to evade arrest.

Reward for Capture: Jalandhar Police had declared Verma as a wanted criminal, offering ₹1 lakh for information on his whereabouts.

This arrest serves as a crucial step toward justice in one of the most significant fraud cases, highlighting the cooperation between Indian and Nepalese authorities in addressing cross-border financial crimes.

[thebiballerina]

Many of you have pointed out that this map is... strange (why is Maryland no longer above water?), and the Canadians in the notes largely seem to agree that these nicknames are inaccurate. This consensus is much the same on the Reddit post this post is sourced from.

But buckle up, folks, because I've just been on a research bender, and this is way weirder than I expected it to be.

The Canadian nicknames actually do all appear on the Wikipedia page, "List of provincial and territorial nicknames in Canada".

Here's where it gets weird.

Most of the nicknames that match this map have the same source on that Wikipedia page. (This is true of Alberta, British Columbia, Ontario, New Brunswick, Nova Scotia, Prince Edward Island, Quebec, Saskatchewan, the Northwest Territories, and Nunavut.)

If you happen to find that highly suspicious (as you should), you might check reference number 4:

"The Nicknames of Places in Canada and the United States". CashNetUSA Blog. 2019-11-18. Archived from the original on 2022-07-02. Retrieved 2022-04-17.

The author of this blog post is none other than Barbara Davidson, who is credited as the artist in this post. The blog includes the map, and I would guess it was where the map was first posted.

Essentially: The sources on the Wikipedia page for these Canadian province/territory nicknames consist of the person who posted this map.

But wait! There's more!

The more is widespread financial crime, by the way. The saga continues under the cut.

What is CashNetUSA, and why does their blog include posts about nicknames for places in the US and Canada? Their website looks extremely sketchy, and reading between the lines on their "About Us" page gives the impression of a predatory lender (online-only edition). If you ever had a personal economics class, you were probably warned against lenders like these.

Let's see what the Better Business Bureau has to say about CashNetUSA. Their average customer rating is 1.1 out of 5 stars! (Admittedly, that is only out of 92 reviews.) They had 331 customer complaints closed in the last 3 years, with only 47 listed as resolved.

This gets even more interesting when you look up CashNetUSA's parent company, Enova International, Inc.

Specifically, when you look up Enova International on the website of the Consumer Financial Protection Bureau (CFPB), a US government agency responsible for enforcing federal consumer financial law.

The CFPB issued an order against Enova in 2019, as it was found to have committed several violations of financial law, including debiting bank accounts without the consent of the customer and granting loan extensions which were then not honored. They paid a $3.2 million penalty for that and were ordered to stop their illegal practices.

On November 15th, 2023, Enova was found to have violated that order and continued to defraud consumers. They now have been fined $15 million and banned from offering short-term loans entirely, along with several other penalties. (Here is the press release about this, and the CFPB listing of the action against the company.)

Now, I haven't even had a chance to verify the supposed sources for the blog post, which so helpfully includes the sources in a Google Sheet linked on the page. I already know at least a few of the sources are unreliable, and some of the links are entirely broken.

I plan on checking up on the sources later, unless someone beats me to it, so stay tuned. But for now, here's a life lesson I have never once imagined myself imparting:

Perhaps predatory lending companies, engaging in repeated illegal practices to defraud money from their customers, are not the ideal source of information about US state and Canadian province/territory nicknames!

Map of nicknames for states and provinces in USA and Canada.

Barbara Davidson, 2019

[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/