Fraud

The CBI has registered a case against Mehul Choksi based on a complaint filed by IFCI Limited for allegedly causing a loss of around Rs 22 crores. "It was also alleged that the said Director colluded with the Valuers and got the valuation of the pledged jewels done with exorbitant and inflated value. The diamonds were allegedly of low quality and not real gemstones," shared a CBI official.

Bollywood actress Rimi Sen who has been a victim of fraud filed an FIR against a businessman, who allegedly duped Sen of Rs 4.14 crores. The Khar Police Station in Mumbai registered the case under sections 420 & 409 of IPC. As per the complaint, Raunak Jatin Vyas, who met the actress three years back, proposed an investment scheme, promising good returns, but never started a company. Investigation is underway.

A customer purchased an Apple Watch Series 7 priced at Rs 50,999 from Amazon and received a Chinese counterfeit instead. A Twitter user named Mk Kaur shared Amazon's response to her complaint and revealed that Amazon has refused to return her money. Notably, an Amazon spokesperson recently told that the customer will get her money back along with a gift card worth Rs 1000, as a goodwill gesture.

Deputy commandant with BSF, Praveen Yadav is detained in the scam of Rs 140 crore, in Gurgaon. Yadav acted like an IPS official on deputation on the National Security Guard’s campus in Manesar and conned contractors on the pretext of distributing tenders for construction work on the campus, reported SIT. Police have recovered Rs 13.81 crore in cash, six luxury cars, and gold worth Rs 1 crore from his possession.

The Union Bank of India (UBI) has been imposed a monetary penalty of Rs 1 crore by the Reserve Bank of India (RBI) for not complying with certain provisions of its directions. The directions include RBI (Fraud- Classification, and Reporting by commercial banks and select FIs) Directions 2016 and Guidelines on Sale of Stressed Assets by Banks. The penalty has been imposed as per the Banking Regulation Act 1949.