The malware generally looks like a legitimate app, such as a banking application. When a victim tries to reach their genuine bank app, the attackers gain access to that too.
A top court bench headed by Justice Rohinton F Nariman ordered that all PMLA proceedings pending before a special court in Chennai against Subramanian will remain stayed till further orders.
Enkay Foods Pvt Ltd, who had obtained a loan of Rs 29,87,09, 541 crore for carrying out an import and export business of food products defaulted on the loan payments.
Of the gross proceeds, the department will get a net of Rs 54.84 crore, with the rest being the commission to the auction house Saffronart and the buyers' premium.
Probe revealed the said firms had also defaulted bank loans availed from Andhra Bank and Union Bank of India, Chennai, collectively to the tune of Rs 110 crore.
It is also reported that Kommineni Enterprises, in collusion with UCO bank officials, managed to siphon off funds to the tune of Rs 9 crore.
According to the complaint filed by the zonal manager of the bank, the fraud was executed between 2013 and 2016, when Saroja was serving as the manager of the bank.
The Congress president cited a news report quoting the Reserve Bank of India (RBI) that banks lost Rs 41,167 crore in 2017-18.
The agency, in April this year, had attached assets worth over Rs 1,122 crore, including wind mills and an under-construction hotel, of the company.
It is alleged that the company and its officials fabricated balance sheets to avail a loan, which was not repaid to the bank.
The next time you visit an e-commerce website, be cautious about fake advertisements of products you may come across.
The branch manager is said to have paid a sum of over Rs 1.23 crore from bank funds with the help of his car in order to pay a deposit amount of a lottery prize.
India continued to be the fastest growing big economy during 2018 with its GDP rising at above 7 per cent, after having slipped to 6.7 per cent in the previous financial year.
There has not been any let-up in cases of bank fraud despite measures and a crackdown by the government.
The Economic Offences Wing (EOW) of Crime Branch arrested business correspondent of Bank of India for fraud.