Tag Archives: Money Laundering

Newsbeat

Cybercrime Probe Bank Staff’s Role in Fraud Surge

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 suspicious transactions went unnoticed.

Despite the Telangana Police conducting awareness programs and alerting bank management about these issues, bank staff have continued to neglect proper verification. As a result, criminal charges are now being brought against those involved. Two bank employees in Hyderabad have already been arrested for their role in a major financial fraud.

The investigation also revealed that brokers help fraudsters open these mule accounts using other people’s credentials in exchange for a commission. Some bank officials are suspected of receiving bribes to overlook these fraudulent activities.

Telangana Police have written to the Reserve Bank of India (RBI), urging them to enforce stricter verification procedures for new bank accounts. The police are also conducting awareness programs for bank employees in the state, and coordinating with RBI and local police in other areas to ensure compliance with guidelines.

Source.

ALSO READ | Hyderabad Cybercrime Saves Techie’s Rs 18 Lakh

Newsbeat

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 case. Earlier this year, Piyush Jain was taken into custody.

The Jal Jeevan Mission aims to provide safe drinking water through household taps. The ED probe stems from an FIR filed by the Anti-Corruption Bureau (ACB) which accused Padamchand Jain, Mahesh Mittal (owner of Shree Ganpati Tubewell Company), Piyush Jain and others of bribing government officials to win tenders, get bills approved and cover up irregularities in JJM projects.

The ED alleges the suspects also purchased stolen goods from Haryana for their projects and submitted fake work completion certificates to secure contracts. The agency claims middlemen and property dealers helped siphon off money from the Jal Jeevan Mission.

ALSO READ | Kannada Actor Darshan Arrested in Murder Case

Padamchand Jain and Mahesh Mittal are accused of securing tenders through bribes and fake work completion certificates. Piyush Jain is alleged to have managed the affairs of these companies and received a portion of the illegal earnings.

The ED has conducted searches in Jaipur and Dausa, including the residences and offices of senior Public Health Engineering (PHE) department officials, former Rajasthan minister Mahesh Joshi, and IAS officer Subodh Agarwal.

Source.

Newsbeat

Rahul Gandhi’s anti-corruption campaign faces backlash

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 the sale of tickets and positions.

On Friday, TPCC general secretary and Gadwal ticket aspirant K Vijay Kumar filed a complaint with the Enforcement Directorate, accusing TPCC president A Revanth Reddy of corruption, money laundering, and extortion related to the sale of tickets.

In response to these developments, IT Minister and BRS working president KT Rama Rao commented on Twitter, “While Scamgress scion Rahul Gandhi delivers speeches on corruption, Telangana Congress leaders are resorting to complaints to the Enforcement Directorate about the ‘Note for Seat’ Scam involving TPCC president, who has previously been embroiled in the ‘Vote for Note’ scandal.”

Rama Rao’s remark alluded to the ongoing controversy and raised questions about the Congress party’s commitment to fighting corruption. He further added, “This is probably why Mahatma Gandhi Ji recommended that Congress be disbanded after Independence.”

The incident involving Revanth Reddy is not an isolated case. In the past, Bhongir MP Komatireddy Venkat Reddy had alleged that the then AICC Telangana incharge Manickam Tagore had engaged in the sale of TPCC positions.

Sharing a news report, the IT Minister highlighted, “According to Telangana’s Congress MP Venkat Reddy, one All India Congressman sells the TPCC post while another buys it for ₹50 Crore. And Rahul Gandhi lectures the world on Corruption. Scamgress lives up to its Name.”

The BRS’s accusations against the Congress have put the opposition party in a defensive position. The Congress has denied the allegations, but the controversy has cast a shadow on its anti-corruption campaign.

Analysis

The BRS’s accusations against the Congress are part of a larger political strategy to discredit the opposition party and undermine its support base. The BRS is the dominant political force in Telangana, and it is keen to maintain its hold on power in the upcoming state assembly elections.

The Congress is the main challenger to the BRS in Telangana. The party has been trying to regain its lost ground in the state by focusing on issues such as corruption and unemployment.

The BRS’s accusations against the Congress of corruption have the potential to damage the party’s image and erode its support base. However, the Congress is likely to counter these accusations and try to turn the tide in its favor.

The controversy over the alleged ‘Note for Seat’ scam is likely to have a significant impact on the upcoming state assembly elections in Telangana. The outcome of the elections will depend on how the two main parties, the BRS and the Congress, are able to mobilize their respective support bases and counter the other party’s allegations.

Newsbeat

Nizamabad Police Seize Rs 63.40 Lakh Hawala Cash in Major Bust

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.

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