Fraud Analysis | News & Analysis

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Fraud Analysis

The U.S SEC fines $1.1bn to Wall Street firms for not adhering to the recordkeeping provisions.

World Fintech News September 30, 2022 0

The Securities and Exchange Commission (SEC) has fined 16 Wall Street firms for long-term non-maintenance of electronic communication which is a violation of U.S federal securities law. Fifteen brokers and one advisor have agreed to pay the penalty of $1.1bn for violating the recordkeeping law

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Fraud Analysis

Data Leaks, Hefty Fines- What is Going on At Morgan Stanley’s Wealth Management Arm?

World Fintech News September 26, 2022 0

In a shocking news, the SEC has imposed a penalty of 35 million USD on Morgan Stanley Smith Barney (MSSB)- the subsidiary of Morgan Stanley. This subsidiary arm is responsible for the wealth management processes and operations of Morgan Stanley. It came to the attention of the SEC that MSSB failed in its statutory duty […]

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Fraud Analysis

ED confiscates more than Rs.2,000 Cr worth of assets in the ABG Shipyard case

World Fintech News September 22, 2022 0

The Enforcement Directorate confiscated assets valued at Rs. 2,747 crores in the Rs.22,842 crore fraud case related to ABG Shipping. The seized assets include a couple of shipyards at Dahej and Surat, ABG’s bank accounts and group companies, commercial and residential properties in Maharastra and Gujarat, and various agricultural lands. Based on an FIR registered […]

Fraud Analysis

RBI tightens the noose on illegal loan apps to thwart digital frauds

World Fintech News September 10, 2022 0

Acting on orders from the government, the Reserve Bank of India is preparing a “white list” of genuine and legal loan apps to root out the fraudulent digital loan apps from the app stores. With the rising incidences of fraud by unregistered lending apps, the central bank has decided to clamp down on money laundering […]

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Fraud Analysis

Enforcement Directorate attaches bank balance worth Rupees 105.32 crore for loan application fraud

World Fintech News August 4, 2022 0

Twelve non-banking financial companies, including Aglow Fintrade Private Ltd, Inditrade Fincorp Limited, and their affiliated companies, have been provisionally attached to the Enforcement Directorate (ED) for Rs.105.32 crore in different bank and payment gateway accounts. Currently, the proceeds of crime total 819 crores; the entire attachment is 264.3 crores. The ED,