Money Laundering

Cybercrime Probe Bank Staff’s Role in Fraud Surge

by
Hyderabad Sees 24% Rise in Cybercrimes in 2023

Cybercrime officials are looking into the involvement of bank staff in the increasing number of fraud cases, where criminals use ‘mule accounts’ to deceive people. Recently, investigators discovered that fraudulent accounts, including current accounts, were being opened in banks in Hyderabad and across India. Basic verification processes were often ignored by bank employees, and large … Read more

Fresh Arrest in Rajasthan Jal Jeevan Scam

by
Fresh Arrest in Rajasthan Jal Jeevan Scam

Enforcement Directorate Makes Fresh Arrest in Rajasthan’s Jal Jeevan Mission Probe Padamchand Jain, owner of Shree Shyam Tubewell Company, has been arrested by the Enforcement Directorate (ED) in connection with its money laundering investigation into alleged irregularities in Rajasthan’s Jal Jeevan Mission (JJM) scheme. This is the second arrest made by the ED in this … Read more

Rahul Gandhi’s anti-corruption campaign faces backlash

by
Rahul Gandhi's anti-corruption

Congress MP Rahul Gandhi’s anti-corruption campaign faces backlash as BRS accuses Congress of ‘Note for Seat’ scam In a twist of political events, as Congress MP Rahul Gandhi intensified his campaign against corruption, the ruling Bharat Rashtra Samithi (BRS) has called on him to acknowledge the alleged widespread corruption within the Congress party, particularly regarding … Read more

Nizamabad Police Seize Rs 63.40 Lakh Hawala Cash in Major Bust

by

Nizamabad: On Wednesday, October 18, 2023, the Task Force police in Nizamabad, India, busted a hawala racket and seized Rs 63.40 lakh from three persons. According to ACP Kiran Kumar, the Task Force personnel raided a house based on reliable information and seized the cash. The currency bundles, all of Rs 500 denomination, were hidden inside a locker in the house. The police registered a case and investigation is underway.

Hawala is an informal money transfer system that is often used to transfer money illegally or without paying taxes. It is based on a network of trusted individuals and businesses who can transfer money without the use of formal banking channels. Hawala can be used for legitimate purposes, such as sending money to family and friends overseas, but it is also often used for illegal activities, such as money laundering and drug trafficking.

Read more