LOAN FRAUD
UK team inspects Tihar amid India's extradition push for fugitives like Nirav Modi and Vijay Mallya
Efforts to extradite economic offenders like Nirav Modi and Vijay Mallya from the UK have intensified. A team from Britain's Crown Prosecution Service recently inspected Tihar Jail to assess prison conditions, a crucial factor for UK courts considering extradition requests. India assures that extradited individuals will be safeguarded and treated according to international standards.
PNB signs Rs 21,000 cr MoU with Rajasthan govt under Rising Rajasthan initiative
Punjab National Bank (PNB) has committed Rs 21,000 crore to Rajasthan's Rising Rajasthan initiative, aiming to boost socio-economic progress through its extensive network and digital resources. During a visit to Jaipur, PNB's MD & CEO, Ashok Chandra, distributed 2,000 loan sanction letters to women entrepreneurs and emphasized digital adoption, financial inclusion, and fraud prevention.
US bond market may be too sanguine about underlying fiscal, inflation risks
Some investors are worried about the United States bond market. They see risks from recent market moves. They are concerned about White House pressure on the Federal Reserve. This pressure is for interest rate cuts. Investors also worry about long-term fiscal risks. The bond market's health is a concern. Some think the market is underpricing risks.
BoB flags RCom loan accounts as fraud amid allegations of fund misuse
Bank of Baroda has declared Reliance Communications' loan accounts, along with Anil Ambani, as fraudulent due to alleged fund misutilisation and improper transactions. This action follows similar declarations by SBI and Bank of India. Anil Ambani Group denies the allegations, asserting they will contest the claims in court, citing a consortium of 14 lenders and delayed proceedings.
Reliance Power says co has no impact on its biz operations due to Bank of Baroda's action against Anil Ambani & RCom
Reliance Power clarified that Bank of Baroda's action against Reliance Communications, classifying its loan account as fraudulent, will not impact its operations or financial standing. The classification, also naming Anil Ambani, involves loans from a decade ago. Reliance Power emphasizes its independence from Reliance Communications, noting Ambani hasn't been on its board for over three years.
Sensex jumps over 250 pts, Nifty tops 24,800 as GST optimism drives rally to third day
Indian stock markets continued their upward trend. Sensex and Nifty rose for the third consecutive day. This surge was fueled by optimism surrounding proposed tax changes under GST 2.0. Reliance Industries and HDFC Bank were key drivers of this growth. The BSE Sensex opened higher. The NSE Nifty also saw gains, sustaining the positive momentum throughout the week.
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Reliance Communications shares drop 3% after Bank of Baroda classifies Anil Ambani, RCom loan accounts as ‘fraud’
Reliance Communications' shares dipped after Bank of Baroda declared the company's and Anil Ambani's loan accounts as fraudulent. RCom, currently undergoing Corporate Insolvency Resolution Process, stated the classification pertains to pre-CIRP loans. The resolution professional is reviewing avoidance transactions, with applications pending before the NCLT.
Anil Ambani and Reliance Communications' loan accounts declared 'fraud' by Bank of Baroda
Bank of Baroda has declared the loan accounts of Reliance Communications Ltd. and its former director, Anil Ambani, as "fraud." This decision, communicated in a letter dated September 2, 2025, prompted Reliance Communications to announce that it will seek legal counsel to determine its next steps in response to this classification.
Bank holiday for Onam, Eid-e-Milad: Are banks open or closed in your state tomorrow for these festivals?
Bank holiday: Banks in Kerala will be closed on September 4, 2025 and September 5, 2025, for Onam. Several other states will also observe bank closures on September 5, 2025 for Id-E-Milad and Thiruvonam. While branch services will be limited, digital banking options remain available for most transactions. Customers are advised to plan accordingly for any branch-dependent tasks.
More trouble at IndusInd Bank, ex-CFO seeks removal of board chairman
In a letter to the Prime Minister dated August 26, a copy reviewed by ET, former CFO of IndusInd Bank claimed that he uncovered serious issues in treasury operations that had persisted for more than a decade. Jain said he was the only executive to detect the lapses and had fought a “lone battle” to highlight them.
Over 600 economists back Fed Governor Cook as Trump attempts ouster
Nearly 600 economists have signed an open letter expressing support for Federal Reserve Governor Lisa Cook and US central bank independence, as Cook battles President Donald Trump's attempt to fire her. "Recent public statements about Governor Cook -- including threats of removal and a claim that she has been fired -- have arrived alongside unproven accusations."
Reliance Power, Reliance Infra shares hit 5% upper circuit. A look at Anil Ambani group stocks' 1-year run
Reliance Power and Reliance Infrastructure shares surged to 5% on Tuesday, continuing a two-day rally. Reliance Power shares have seen a sharp rally buoyed by positive developments in its renewable energy business.
Bank fraud case: ED raids in TN, WB, Goa for Rs 637 crore loan fraud
The Enforcement Directorate has launched searches across Tamil Nadu, West Bengal, and Goa. This action relates to a money laundering investigation. The case involves a Chennai-based company and a bank loan fraud of Rs 637 crore. Arvind Remedies and its promoter, Arvind B Shah, are under scrutiny. Raids are being conducted under the Prevention of Money Laundering Act.
Banks step up checks on deposit accounts to thwart mules
Banks are grappling with a surge in fraud linked to deposit accounts, surpassing loan accounts in risk. The rise of mule accounts used for money laundering has prompted stricter KYC processes and enhanced transaction monitoring. The RBI's MuleHunter.AI initiative and increased staff training aim to combat this growing threat, as banks balance customer acquisition with fraud prevention.
How the Fed losing its independence could affect Americans' everyday lives
President Trump's attempt to remove a Federal Reserve governor over alleged mortgage fraud has sparked concerns about the central bank's independence. Economists fear that political influence on the Fed could lead to lower interest rates, higher inflation, and increased borrowing costs. This action, along with potential changes to the Fed's structure, raises questions about its future stability and accountability.
Festive sales hit as brands flag tighter consumer credit lines
Consumer finance availability is tightening due to rising loan defaults and stricter lending practices by banks and NBFCs, impacting sales of high-value items like electronics and luxury goods. Some regions face complete credit blocks due to new laws against coercive recovery, further hindering access to finance for genuine customers.
Fed Governor Cook sues Trump after he attempted to fire her
Federal Reserve Governor Lisa Cook is suing Donald Trump, asserting he lacks the authority to remove her from office. Trump accused Cook of mortgage fraud, a claim she denies. The lawsuit challenges the president's power over the Fed, potentially impacting its independence and the global economy. The case could reach the Supreme Court.
What to know about Lisa Cook, Fed Governor who Trump says he's firing
President Trump declared his intention to fire Federal Reserve Governor Lisa Cook over mortgage fraud allegations, a move she contests, asserting the president lacks the authority. Cook, the first Black woman on the Fed's board, refuses to resign, sparking a conflict over the Fed's independence.
Reliance Power, Reliance Infra, Reliance Communications shares decline up to 5% after BoI flags loan as fraud
Reliance Communications and Reliance Telecom loan accounts, along with directors including Anil Ambani, have been tagged as fraud by Bank of India after a forensic audit flagged diversion of funds. The CBI raided Ambani’s Mumbai home and RCom offices following SBI’s complaint. Ambani denied all allegations, while Reliance Power and Reliance Infra clarified no operational or financial linkages to RCom.
Reliance Power, Reliance Infra shares fall up to 5% even as Anil Ambani distances himself from Rs 2,929 crore fraud probe
Reliance Power and Reliance Infrastructure shares fell after the CBI searched Anil Ambani’s home in a ₹2,929 crore Reliance Communications fraud case. Both firms said the probe has no impact on their operations, while Ambani denied the allegations, noting the transactions date back over a decade when he was a non-executive director.
BoI declares RCom, Anil Ambani loan accounts fraudulent
Bank of India has declared Reliance Communications, its subsidiary Reliance Telecom, and Anil Ambani's loan accounts fraudulent, totaling ₹725 crore. The bank alleges the funds, intended for spectrum purchase, were instead invested in mutual funds and fixed deposits. Anil Ambani denies the allegations, claiming the bank violated natural justice principles and RBI regulations.
Anil Ambani denies ‘fraud’ loan account allegations, says BoI has ‘selectively singled out’ him
Anil Ambani denies allegations regarding Bank of India's classification of Reliance Communications' loan account, claiming he's being unfairly targeted. He asserts his limited role in RCom after 2019 and alleges BoI violated natural justice by withholding documents and denying a hearing. Ambani highlights the ongoing resolution process overseen by a Committee of Creditors.
Reliance Infra, Reliance Power say no biz impact of CBI action on Anil Ambani
Anil Ambani and Reliance Communications are under criminal investigation for alleged fraud following State Bank of India complaints, prompting CBI searches at Ambani's Mumbai residence and Reliance Communications offices. Ambani denies all allegations.
After SBI, Bank of India tags Reliance Comm's loan a/c as fraud, Anil Ambani's a/c included
Following SBI, Bank of India has also declared Anil Ambani, Reliance Communications, and Reliance Telecom accounts as 'fraud' due to loan diversions and non-compliance. BOI's notice, received on August 22, 2025, cites an outstanding loan of Rs 724.78 crore. Previously, SBI and Canara Bank had also classified RCom as fraud for similar reasons.
CBI arrests proclaimed offender Dinesh D Gehlot in bank fraud case
The Central Bureau of Investigation (CBI) has successfully apprehended Dinesh D Gehlot, a proclaimed offender wanted in connection with a high-value bank fraud case dating back to 2004. Gehlot, who had been untraceable since 2024, was located in Noida following meticulous investigation and use of advanced technology. He is now in judicial custody awaiting trial in Mumbai.
CBI books RCom, Anil Ambani in ₹3,000 cr SBI loan fraud case
The CBI has filed a case against Reliance Communications, Anil Ambani, and unnamed public servants for allegedly defrauding State Bank of India of nearly ₹3,000 crore. Searches were conducted at RCom's offices and Ambani's residence following SBI's complaint alleging loan misuse and fund diversion.
Anil Ambani now faces CBI heat in alleged bank fraud case; premises linked to ADAG raided
The CBI has searched Anil Dhirubhai Ambani Group premises concerning an alleged bank loan fraud, following an FIR registration. This action follows the ED's questioning of Anil Ambani in a money laundering probe related to loans taken by Reliance Home Finance, Reliance Commercial Finance, and RCom.
Anil Ambani denies allegations following CBI action in bank fraud case, says he was ‘singled out’
Anil Ambani has denied all allegations of fraud after the Central Bureau of Investigation (CBI) searched his Mumbai residence and Reliance Communications’ offices following a complaint by State Bank of India (SBI). The bank alleged wrongful losses of Rs 2,929 crore linked to loans sanctioned to the telecom company. A forensic audit flagged fund diversion and questionable transactions with group firms. Ambani maintains he was not involved in management decisions and will challenge the charges in court.
SC refuses more time for DHFL’s Dheeraj Wadhawan to surrender in ₹34,000 crore bank fraud case
The Supreme Court has denied Dheeraj Wadhawan's request for more time to surrender. He is accused in a major bank loan fraud. The court had previously cancelled his medical bail. Wadhawan must now surrender. However, the court has directed the CBI and jail authorities to ensure he receives regular medical checkups at AIIMS.
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