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Mumbai Police file fresh FIR accusing Rana Kapoor and Sudhir Valia of ₹1000 crore fraud in asset transfers

Mumbai Police file fresh FIR accusing Rana Kapoor and Sudhir Valia of ₹1000 crore fraud in asset transfers

Mumbai Police’s Economic Offence Wing has registered a fresh FIR against former Yes Bank co-founder Rana Kapoor, investor Sudhir Valia, and unnamed officials, alleging a ₹1,000-crore fraud tied to loan assignment and sale of mortgaged assets. The complaint says Sapphire Land Development secured a ₹150-crore credit facility in September 2016, but recovery rights were transferred to Suraksha ARC within 10 months despite a 36-month repayment period. The FIR also alleges prime properties were sold at undervalued rates without proper NPA classification or independent valuation.

Summarised by Beize from a story on The Economic Times on 16 May 2026
ED freezes Gameskraft assets worth INR 526 crore in PMLA probe into alleged bot led rummy fraud

ED freezes Gameskraft assets worth INR 526 crore in PMLA probe into alleged bot led rummy fraud

The Enforcement Directorate has announced an INR 526.49 crore freeze of movable assets linked to Bengaluru-based real-money gaming platform Gameskraft Technologies Ltd after PMLA searches concluded. The action follows raids across Karnataka and Delhi-NCR between May 7 and May 13. ED claims bank deposits and payment gateway balances, bonds, and fixed deposits were frozen, and it seized INR 3.5 crore in gold, diamond jewellery, bullion, plus INR 11 lakh cash. The agency alleges fraud, including bot-based manipulation, and says proceeds were routed through investments and foreign entities.

Summarised by Beize from a story on Startup Talky on 15 May 2026

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ICE flags 10000 foreign students as OPT fraud suspects including some Indians

ICE flags 10000 foreign students as OPT fraud suspects including some Indians

US Immigration and Customs Enforcement says it has identified 10,000 foreign students, including some from India, accused of abusing the Optional Practical Training (OPT) part of their visas. OPT allows limited US work for up to 12 months, sometimes 24, and can be a path to H-1B sponsorship. ICE acting Director Todd Lyons said investigators found cases involving suspect employers and instances where beneficiaries were “managed” from India, violating rules requiring US training and direction. ICE calls OPT a “magnet for fraud.”

Summarised by Beize from a story on The Economic Times on 14 May 2026
Vance halts 1.3 billion Medicaid funds for California over alleged fraud concerns

Vance halts 1.3 billion Medicaid funds for California over alleged fraud concerns

US Vice President JD Vance ordered the deferral of $1.3 billion in federal Medicaid funds to California, citing fraud concerns. California officials argue the rise in spending is tied to expanded home care services, not misconduct. The state Attorney General says the action is unlawful and will challenge it, following similar moves aimed at other states and healthcare providers.

Summarised by Beize from a story on The Economic Times on 14 May 2026
IPL 2026 scam season here over 600 fake ticket sites and malware streams target fans

IPL 2026 scam season here over 600 fake ticket sites and malware streams target fans

With IPL 2026 under way, cyber criminals are moving fast to exploit fan excitement. Reports say more than 600 fake ticket sites and around 400 malware-linked streaming options are luring viewers with counterfeit passes and “free” broadcasts. The schemes aim to steal sensitive data such as login credentials and even digital currencies, turning match-day hype into real-world risk.

Summarised by Beize from a story on The Economic Times on 13 May 2026
UK launches new campaign urging migrants to check immigration advisers before trusting

UK launches new campaign urging migrants to check immigration advisers before trusting

The UK’s Immigration Advice Authority has rolled out a nationwide campaign to warn people looking for immigration help. It urges migrants to verify that any adviser is officially regulated before handing over documents or money. The effort targets fraud and confusion, using the slogan “Before you trust them, check them,” and points users to a free online Adviser Register.

Summarised by Beize from a story on The Economic Times on 12 May 2026

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NSE withholds ₹78 crore payout after police complaint over alleged unauthorised F and O trades

NSE withholds ₹78 crore payout after police complaint over alleged unauthorised F and O trades

The NSE has withheld ₹78 crore in settlement payouts to more than 3,000 clients through 160 brokers after a police complaint alleged unauthorised Nifty options trades were made from a client’s demat account on May 5. Exchange payouts were frozen while authorities assess the complaint, leaving affected traders and brokers in limbo over settlement delivery.

Summarised by Beize from a story on The Economic Times on 11 May 2026
Indian-American man accused of hiding $2.5 million fraud to keep US citizenship

Indian-American man accused of hiding $2.5 million fraud to keep US citizenship

An Indian-American man, Debashis Ghosh, is facing US denaturalization proceedings after authorities allege he concealed involvement in a $2.5 million investor fraud scheme when applying for citizenship. Prosecutors say he misrepresented his criminal history and continued fraudulent activities even after becoming a citizen in 2012, as part of a push to revoke citizenship obtained illegally.

Summarised by Beize from a story on The Economic Times on 9 May 2026
India sees 117 daily economic offence cases in 2024 as frauds jump sharply

India sees 117 daily economic offence cases in 2024 as frauds jump sharply

Economic offences in Indian cities are rising fast, averaging 117 daily cases in 2024 compared with 86 in 2018. The biggest share comes from forgery, cheating, and fraud—often in the Rs 1–10 lakh range—while bigger scams also continue to surface, pointing to widening financial crime risks.

Summarised by Beize from a story on The Economic Times on 7 May 2026
Police arrest SMS blaster crew after malicious messages hit thousands across Toronto

Police arrest SMS blaster crew after malicious messages hit thousands across Toronto

Toronto police say they have arrested a crew accused of using an SMS blaster to send malicious messages to thousands of people across the city. Authorities call it the first known instance of an SMS blaster being used in Canada, signaling a potential shift in how scams and cyber harassment can scale through mass texting.

Summarised by Beize from a story on TechCrunch on 7 May 2026

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Canada tightens rules for immigration consultants from July 15 to curb fraud and boost transparency

Canada tightens rules for immigration consultants from July 15 to curb fraud and boost transparency

Canada is strengthening oversight of immigration and citizenship consultants starting July 15, introducing new regulations focused on transparency and fraud prevention. The College of Immigration and Citizenship Consultants will be granted greater authority to enforce standards and penalize unethical conduct. The move aims to ensure applicants receive more reliable guidance when planning their move and future in Canada.

Summarised by Beize from a story on The Economic Times on 7 May 2026
Kids are bypassing age checks with a fake mustache raising new safety questions for apps

Kids are bypassing age checks with a fake mustache raising new safety questions for apps

A new survey suggests many kids can bypass age verification systems with little effort, even as age-check rules tighten worldwide. The finding points to weaknesses in common verification approaches and raises concerns for app makers, platforms, and regulators trying to protect minors. The mustache trick underscores how easily some systems can be gamed.

Summarised by Beize from a story on TechCrunch on 6 May 2026
Quantum AI scam promises Rs 40 lakh from Rs 22000 using Nirmala Sitharaman name

Quantum AI scam promises Rs 40 lakh from Rs 22000 using Nirmala Sitharaman name

A viral message is circulating online claiming Finance Minister Nirmala Sitharaman is endorsing a “Quantum AI” investment scheme. The scam pitch promises massive returns from a tiny investment, with claims of zero risk and a government guarantee. Authorities warn such messages are false and are being used to lure unsuspecting investors into fraudulent schemes.

Summarised by Beize from a story on The Economic Times on 6 May 2026
Delhi pushes Census 2027 self count for tenants and migrants as fraud calls surge

Delhi pushes Census 2027 self count for tenants and migrants as fraud calls surge

Delhi authorities have kicked off Census 2027 self-enumeration across Municipal Corporation wards, urging residents including tenants and migrants to register their households online. The process is voluntary and began with the Lieutenant Governor taking part. Officials also warned people about fraud calls asking for sensitive details, noting participants will receive an ID for later door-to-door verification.

Summarised by Beize from a story on The Economic Times on 6 May 2026

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Doctor led NEET racket busted in Delhi NCR extorting Rs 30 lakh and trapping 18 aspirants

Doctor led NEET racket busted in Delhi NCR extorting Rs 30 lakh and trapping 18 aspirants

Delhi Police have busted a doctor-led NEET scam in Delhi NCR, arresting four people including a doctor for allegedly extorting Rs 20-30 lakh from parents by promising guaranteed MBBS admissions. Eighteen aspirants were rescued after being lured with “important exam questions.” The crackdown began after a tip-off from Surat and targeted a sophisticated fraud network ahead of NEET-UG 2026.

Summarised by Beize from a story on The Economic Times on 5 May 2026
RBI warns borrowers of fake loan waiver campaigns charging upfront fees

RBI warns borrowers of fake loan waiver campaigns charging upfront fees

The Reserve Bank of India has cautioned borrowers about misleading loan waiver campaigns that claim to wipe off debts to banks and NBFCs. The regulator says these offers are often fraudulent traps run by dishonest actors who profit through false promises and upfront fees. RBI urges people to stay alert and verify any waiver claims through official channels.

Summarised by Beize from a story on The Economic Times on 4 May 2026
Mobile money hits 2 trillion in 2025 as everyday merchant payments surge worldwide

Mobile money hits 2 trillion in 2025 as everyday merchant payments surge worldwide

Global mobile money transactions crossed $2 trillion in 2025, doubling over four years as activity climbed and usage shifted toward everyday merchant payments, which rose 42%. Providers are also rolling out savings and insurance products to improve profitability, even as regulators tighten rules and fraud risks remain a persistent challenge.

Summarised by Beize from a story on The Economic Times on 3 May 2026
UP Madrasa Attendance Scandal Teachers Allegedly Fake Biometric Marking With Plastic Cards

UP Madrasa Attendance Scandal Teachers Allegedly Fake Biometric Marking With Plastic Cards

A video from Barabanki, Uttar Pradesh has sparked outrage after teachers allegedly used plastic cards to mark attendance instead of completing mandatory biometric verification. In aided madrasas, biometric attendance is required and records are compiled at the district level before salaries are released. Authorities are now expected to examine the footage and the integrity of the monitoring process.

Summarised by Beize from a story on Republic on 2 May 2026

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ED arrests fell but its raids and attachments surged to record 81000 crore in FY26

ED arrests fell but its raids and attachments surged to record 81000 crore in FY26

In its FY26 annual report, the Enforcement Directorate said arrests declined, but enforcement intensity rose sharply. Asset attachments climbed to an unprecedented Rs 81,000 crore, while raids nearly doubled. The agency also restored over Rs 32,000 crore to fraud victims and credited more targeted investigations for faster case closures, alongside increased international cooperation.

Summarised by Beize from a story on The Economic Times on 2 May 2026
HSAMB fires finance chief Rajesh Sangwan in alleged 10 crore fraud, CBI probe ordered

HSAMB fires finance chief Rajesh Sangwan in alleged 10 crore fraud, CBI probe ordered

The Haryana State Agricultural Marketing Board (HSAMB) has dismissed its suspended Controller of Finance and Accounts, Rajesh Sangwan, over alleged involvement in a multi-crore fraud. The claim is being investigated by the Haryana Vigilance and Anti-Corruption Bureau, and the case has now prompted directions for a CBI inquiry, escalating scrutiny inside the state agriculture finance system.

Summarised by Beize from a story on Republic on 1 May 2026
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