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The scam involved misappropriation of approximately ₹94 crore (about US$12 million) by the corporation. [3] The funds were illegally transferred from the corporation's accounts at the Union Bank of India MG Road branch to multiple accounts, some of which were linked to fictitious entities.
Whether your bank refunds money lost in a scam depends on several factors: the type of scam, how you sent the funds, the bank’s policies and if you authorized the transaction. Learn more in our ...
• Fake email addresses - Malicious actors sometimes send from email addresses made to look like an official email address but in fact is missing a letter(s), misspelled, replaces a letter with a lookalike number (e.g. “O” and “0”), or originates from free email services that would not be used for official communications.
An overpayment scam, also known as a refund scam, is a type of confidence trick designed to prey upon victims' good faith.In the most basic form, an overpayment scam consists of a scammer claiming, falsely, to have sent a victim an excess amount of money.
The best way to combat bank fraud is to be aware of common scams so you don’t fall victim. To help you get informed, he shared five signs someone is impersonating your bank . 1.
The Serious Fraud Investigation Office (SFIO) is a statutory agency in India tasked with investigating corporate fraud. It operates under the Ministry of Corporate Affairs , Government of India , with the mandate of detecting and prosecuting or recommending prosecution for white-collar crimes .
Phishing scams happen when you receive an email that looks like it came from a company you trust (like AOL), but is ultimately from a hacker trying to get your information. All legitimate AOL Mail will be marked as either Certified Mail , if its an official marketing email, or Official Mail , if it's an important account email.
The bank initially said that two of its employees at the branch were involved in the scam, as the bank's core banking system was bypassed when the corrupt employees issued LOUs to overseas branches of other Indian banks, including Allahabad Bank, Axis Bank, and Union Bank of India, using the international financial communication system, SWIFT.