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Two branch employees were involved in the scam, in which the bank's core banking system was bypassed to raise payment notes to overseas branches of other Indian banks (including Allahabad Bank, Axis Bank and Union Bank of India) with the Society for Worldwide Interbank Financial Telecommunication.
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] Richard Whitney, stole from the New York Stock Exchange Gratuity Fund in the 1930s; Whitaker Wright, company promoter, convicted of fraud.
Coal block allocation scam (10 P) F. Fake news in India (1 C, 21 P) Pages in category "Fraud in India" The following 26 pages are in this category, out of 26 total.
The 2010 fake housing loan in India was uncovered by the Central Bureau of Investigation (CBI) in India. CBI arrested eight top-ranking officials of public sector banks and financial institutions, including the LIC Housing Finance CEO Ramchandran Nair, in connection with the scam.
Volkswagen emissions violations, fraud in diesel motors pollution measurements; David Wittig "looting" scandals; Xerox [8] [10] alleged accounting irregularities involving auditor KPMG, causing restatement of financial results for the years 1997 through 2000 and fines for both companies [7]
In February 2005, Moshe Leichner and his son Zvi [49] were sentenced to 20 years in federal prison for running a Ponzi scheme [50] [51] that defrauded hundreds of investors out of more than $95 million [52] for investors of GunnAllen Financial [53] (shut down by regulators in March 2010 for fraud allegations and losses related to another Ponzi ...
Attitudes/rationalization: The attitude of top management toward financial reporting is a critical risk factor in assessing the likelihood of fraudulent financial statements. If the CEO or other top managers display a significant disregard for the financial reporting process, such as consistently issuing overly optimistic forecasts, or they are ...
The biggest money market scam ever committed in India, amounting to approximately ₹ 5,000 crores. The main perpetrator of the scam was a stock and money market broker Harshad Mehta. It was a systematic stock scam using fake bank receipts and stamp paper that caused the Indian stock market to crash. The scam exposed the inherent loopholes of ...