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In October 2002, he pleaded guilty to charges of securities fraud, bank fraud, obstruction of justice, and perjury. [59] Ferdinand Ward, financial swindler in the late 1800s; Dina Wein Reis pled guilty to conspiracy to commit wire fraud in May 2011, having duped corporations out of tens of millions of dollars. [60]
The 1992 scam was a systematic fraud committed by Mehta in the Indian stock market which led to the complete collapse of security systems. He siphoned off over ₹1000 crore from the banking system to buy stocks on the Bombay Stock Exchange . [ 3 ]
Kathua rape case; Punjab National Bank Scam: A fraudulent letter of undertaking worth ₹11,600 crore (US$1.77 billion) was issued at the Punjab National Bank branch in Brady House, Mumbai, making the bank liable for the amount. [79] The fraudulent transactions, linked to Nirav Modi, were first noticed by a new employee of the bank. [80]
Under federal law, bank fraud in the United States is defined, and made illegal, primarily by the bank fraud statute in Title 18 of the U.S. Code. 18 U.S.C. § 1344 states: [15] Whoever knowingly executes, or attempts to execute, a scheme or artifice— (1) to defraud a financial institution; or
After 3 years, both banks were put into bankruptcy, a new nationalized bank was created and the assets of the two bankrupt banks and the bank accounts of local account holders were transferred to the new bank and the local depositors were made whole by stealing about $180 million of money belonging foreign depositors, who lost their entire savings.
The SIT froze several bank accounts and is tracking the flow of money to recover the defrauded funds. The investigation revealed that the fraud was perpetrated over some time by systematically siphoning off funds from the corporation's budget earmarked for tribal welfare. [11] [12] [13]
Kotak Mahindra Bank Limited is an Indian banking and financial services company headquartered in Mumbai. It offers banking products and financial services for corporate and retail customers in the areas of personal finance , investment banking , life insurance , and wealth management . [ 6 ]
Following is a list of securities frauds (also called stock frauds or investment frauds): 2003 Mutual-fund scandal: A number of major brokerages and mutual fund firms were accused of various deceptive acts that disadvantaged customers. Among them were late trading and market timing. Various SEC rules were enacted to curtail this practice. [1]