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Mumbai, Three out of five consumers surveyed in India believe it is normal for people to exaggerate income on <keyword id="20243269" type="General" weightage="20" keywordseo="loan-applications" source="keywords">loan applications</keyword>, according to a report on people's attitudes toward first-party <keyword id="20490528" type="General" weightage="20" keywordseo="financial-fraud" source="keywords">financial fraud</keyword>. The survey by global analytics software company FICO stated that more than a quarter (27 per cent) of Indians believe it is normal for people to deliberately misrepresent their income on mortgage applications. "Three in five consumers (63 per cent) think it is OK or normal for people to exaggerate their income on loan applications, significantly more than the global average of 39 per cent," the survey said. More than half (54 per cent) believe it is normal to falsify insurance claims, the global survey which examined 1,000 people in India said. Many Indians consider it fine to exaggerate income on personal loan applications, further complicating financial integrity. Just one third (33 per cent) of consumers believe it is never acceptable to exaggerate income on a personal loan application, while another third (35 per cent) finds it acceptable under specific conditions. "With over 60 per cent of Indian consumers viewing income falsification as acceptable or justified, banks face a very real problem of 'liar loans' that could skew risk assessment and increase bad loan rates," said Aashish Sharma, APAC segment leader for risk lifecycle and decision management at FICO. As many 1,000 Indian adults were surveyed, along with approximately 12,000 other consumers in Canada, U.S., Brazil, Colombia, Mexico, The Philippines, Indonesia, Malaysia, Singapore, Thailand, U.K. and Spain. Globally, attitudes are notably different, with the survey revealing the majority of consumers (56 per cent) firmly reject the idea of exaggerating income on loan applications, viewing it as never acceptable. Just, one in four (24 per cent) consider it permissible in certain circumstances, and only one in seven (15 per cent) view it as a normal practice, the report said. "Many consumers may not see this as harmful behaviour, but it's important to understand that when applying for financial products, applicants typically certify that the information they provide is accurate," Sharma said. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/arkade-developers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113493854.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/arkade-developers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113493854.cms" target="_blank">Arkade Developers IPO allotment – Check allotment status, GMP, listing date and more</a><a href="https://www.businessinsider.in/stock-market/news/western-carriers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113511375.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/western-carriers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113511375.cms" target="_blank">Western Carriers IPO allotment – How to check allotment, IPO GMP, listing date and more</a><a href="https://www.businessinsider.in/tech/mobile/news/iphone-16-series-allows-users-to-wirelessly-restore-the-firmware-using-an-iphone-or-ipad/articleshow/113455048.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-16-series-allows-users-to-wirelessly-restore-the-firmware-using-an-iphone-or-ipad/articleshow/113455048.cms" target="_blank">iPhone 16 series allows users to wirelessly restore the firmware using an iPhone or iPad</a>

Three out of 5 consumers think it's normal to exaggerate income on loan applications: Survey

Prime Minister Narendra <keyword id="19899684" type="General" weightage="20" keywordseo="Modi" source="keywords">Modi</keyword> on Friday said the government is making necessary <keyword id="20861068" type="General" weightage="20" keywordseo="policy-changes" source="keywords">policy changes</keyword>, like removal of <keyword id="20279287" type="General" weightage="20" keywordseo="Angel-Tax" source="keywords">Angel Tax</keyword>, to promote the <keyword id="19945816" type="General" weightage="100" keywordseo="fintech" source="keywords">fintech</keyword> sector, even as he asked the <keyword id="19962476" type="General" weightage="20" keywordseo="regulators" source="keywords">regulators</keyword> to take additional measures to check cyber frauds which can have a crippling impact on startups. Lauding the fintechs for democratising <keyword id="19976433" type="General" weightage="20" keywordseo="financial-services" source="keywords">financial services</keyword>, Modi said the sector, which has attracted USD 31-billion investment in the last 10 years, has played a key role in denting the parallel economy. The Prime Minister was addressing the Global Fintech Fest (GFF) 2024, jointly organised by the Payments Council of India, the National Payments Corporation of India and the Fintech Convergence Council. He said the domestic economy and the capital market are in a celebratory mood at a time when the nation is also going through a festive period. Modi underlined that the government is making all necessary changes on the policy level to assist the fintech sector and gave examples of doing away with Angel Tax, allocating Rs 1 lakh crore to encourage research and innovation in the country and implementing the Digital Personal Data Protection Act. Broadly, fintech refers to entities utilising technologies for providing financial services. Expressing the need to put an end to <keyword id="19901142" type="General" weightage="20" keywordseo="cyber-fraud" source="keywords">cyber fraud</keyword>, he urged the regulators to take major initiatives to boost digital literacy. It is equally important to ensure cyber fraud does not come in the way of the growth of fintech and startups in the country, Modi said. In his speech, the Prime Minister also cautioned about the dangers of a parallel economy for the world. Fintech, he said, has played an impactful role in denting such a system and credited the emergence of transparency. He said that digital technology has introduced transparency in India and gave the example of the implementation of Direct Benefit Transfer used in hundreds of government schemes that has prevented leakages in the system. "Today, people can see the benefits of aligning with the formal banking system," he said. Modi further said the trinity of Jan Dhan, Aadhaar and Mobile have broken down the mentality of 'Cash is King' and made way for approximately half of the <keyword id="20004116" type="General" weightage="20" keywordseo="digital-transactions" source="keywords">digital transactions</keyword> in the world taking place in India. "India's <keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword> has become a major example of fintech in the world," he said, adding that it has enabled 24X7 banking services in every village and city in all weather conditions. Underlining the role of fintech in democratising financial services, the Prime Minister gave examples of readily available loans, credit cards, investments and insurance. He said that fintech has made access to credit easy and inclusive, and gave the example of PM SVANidhi scheme that has enabled street vendors to avail collateral-free loans and further expand their business with the help of digital transactions. "Sustainable <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> is India's priority today," he said and emphasised that the government is creating robust, transparent and efficient systems to strengthen financial markets with advanced technologies and regulatory frameworks. About 800 speakers, including policymakers, regulators, senior bankers, industry captains, and academicians, from India and other countries are participating in the fest.

Removed Angel Tax, taking policy measures to promote fintech sector: PM Modi

New Delhi, The corporate affairs ministry is probing various Chinese companies, especially those with links to loan apps, for alleged violations and some of the investigations are at an advanced stage, according to a senior official. In recent times, Indian authorities have been cracking down on entities that are operating loan apps illegally and the ministry has also been acting against companies and related individuals for hiding beneficial ownership. The senior official told PTI that enquiries by the ministry are going on against various Chinese companies, especially those linked to loan apps, and some of the enquiries are at an advanced stage. The ministry, which is implementing the companies law, is mainly looking at whether frauds have been committed at these companies and some of the cases are being probed by the <keyword id="20001098" type="General" weightage="20" keywordseo="serious-fraud-investigation-office" source="keywords">Serious Fraud Investigation Office</keyword> (SFIO), the official said. Further, the official said that the ministry receives complaints from the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) and the Ministry of Electronics and Information Technology (MeitY), among other entities, following which enquiries are initiated against the companies concerned. While it is difficult sometimes to track the funding sources for some companies, the official said efforts are made to ascertain the beneficial ownership. In January, the Registrar of Companies (RoC), <keyword id="20064135" type="General" weightage="20" keywordseo="nct" source="keywords">NCT</keyword> (National Capital Territory) of Delhi, and Haryana slapped penalties totalling more than Rs 21 lakh on an Indian company and its related individuals as well as entities. The move was part of cracking the whip for hiding the beneficial ownership links to a Chinese group. On February 6, the finance ministry informed <keyword id="19895397" type="General" weightage="20" keywordseo="parliament" source="keywords">Parliament</keyword> that Google has suspended or removed more than 2,200 fraudulent loan apps from its Play Store between September 2022 and August 2023. The government is constantly engaged with the RBI and other regulators and stakeholders concerned to control fraudulent loan apps. RBI has issued regulatory guidelines on digital lending, which aim at firming up the regulatory framework for digital lending while enhancing customer protection and making the digital lending ecosystem safe and sound.

Corp affairs ministry probing Chinese cos linked to loan apps; investigations at advanced stages

<ul class="summary-list"><li>Trump's arguments for overturning his $454M civil fraud verdict received a warm reception Thursday.</li><li>Appellate judges questioned the New York AG's 'mission creep' and lack of 'guardrails' in the case.</li></ul>Lawyers for Donald Trump enjoyed a warm reception in a Manhattan appellate courtroom on Thursday as they argued for the overturning of a <a target="_blank" href="https://www.businessinsider.com/trump-massive-ny-fraud-fine-has-ballooned-during-appeal-2024-9">massive $454 million civil fraud verdict</a> won this year by the New York Attorney General's Office.During a brief but rapid-fire dialogue, four of the five justices on the panel expressed support of Trump's arguments for overturning, or at least modifying, the costly verdict against the former president and his New York-based real-estate and golf-resort empire.One justice went so far as to wonder aloud if the Trump fraud case represents "mission creep," calling into question the AG's use of one of the country's toughest anti-fraud laws."The immense penalty in this case is troubling," that judge, Justice Peter H. Moulton, also said, speaking toward the end of Thursday's hearing in an intermediate-level state appellate court.A second justice suggested the state's present and future attorneys general need firmer "guardrails" in pursuing fraud cases.The AG herself, <a target="_blank" class="" href="https://www.businessinsider.com/letitia-james-takes-verdict-victory-lap-calls-trumps-ego-staggering-2024-2">Letitia James,</a> was not mentioned by name during a tense 45 minutes of arguments. But the tone of much of the judges' questioning suggested most could be open to at least trimming the scope of James' landmark case.The justices also suggested the fraud case's underlying law — New York's AG-empowering <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.nysenate.gov/legislation/laws/EXC/63">Executive Law 63(12)</a> — needed an overhaul.The law, approved by state lawmakers in 1956, lets attorneys general sue anyone who "shall engage in repeated fraudulent or illegal acts " and recover the proceeds of that fraud to "protect honesty and integrity" in the marketplace.In Trump's case, the law empowered James to successfully sue for what a trial-level Manhattan judge eventually agreed was Trump's decade of billion-dollar exaggerations in the <a target="_blank" class="" href="https://www.businessinsider.com/trump-has-stopped-issuing-net-worth-statements-2024-7">annual financial statements</a> used to pocket more than $400 million in loans and profits."You hear, underneath all these questions, the question of mission creep," Moulton said at one point, as he wondered aloud if there needs to be "some limitation on what the attorney general can do in interfering in these private transactions.""Has 63(12) morphed into something that it was not meant to do?" he asked."You know the history of this statute," Justice John Higgitt said at another point, breaking into arguments by an attorney for James, Judith Vale, a deputy solicitor general."The common thread was the AG needs greater powers, as the people's lawyer, to protect consumers, civil rights, and the environment," Higgitt continued."And so, again, with that sort of historical backdrop to this law, how do we draw a line, or at least put up some guardrails, to know when the AG is operating well within her admittedly broad sphere of 63(12), and when she is going into an area that wasn't intended for her jurisdiction?" he added.Vale responded that the law was designed to protect New Yorkers from the kind of fraud and deceptions that <a target="_blank" class="" href="https://www.businessinsider.com/financial-crisis-scariest-moments-2015-9">brought down Lehman Brothers</a> in the financial crisis of 2008."In an ideal world," Vale answered, "the attorney general or somebody else would have gone in and stopped that fraud and illegality" before the public suffered.But where do you draw the line, a fourth justice, Dianne T. Renwick, asked, if there is no imminent risk to the public?Trump attorney D. John Sauer has made this line drawing a central point of his appeal.The appeal argues that James' fraud case wrongly interfered in the decisions of "sophisticated" banks that had been happy to loan Trump money regardless of any exaggerations. <a target="_blank" class="" href="https://www.businessinsider.com/deutsche-bank-trump-haircut-trial-2023-10">Deutsche Bank relied on Trump's financial statements</a> in loaning him $400 million to develop his Chicago skyscraper, his Washington, DC hotel, and his Miami golf resort."We have a situation where there were no victims," said Sauer, who has been Trump's go-to appellate lawyer.Earlier this month, Sauer argued for the overturning of Trump's 2023 sexual-assault and defamation <a target="_blank" class="" href="https://www.businessinsider.com/trump-mimics-harvey-weinstein-arguments-e-jean-carroll-appeal-2024-9">loss to writer E. Jean Carroll</a>, an appeal that has yet to be decided.In April, he successfully argued before the US Supreme Court that former presidents <a target="_blank" class="" href="https://www.businessinsider.com/supreme-court-trump-immunity-case-january-6-2024-4">deserve sweeping immunity</a> from prosecution for their official acts. In November, in the Washington, DC, election-interference prosecution, Sauer argued<a target="_blank" class="" href="https://www.businessinsider.com/judges-skeptical-trump-effort-revoke-jan-6-case-gag-order-2023-11"> Trump's failed appeal</a> of a gag order barring attacks on potential witnesses.Vale, arguing for the AG, noted the financial institutions were, in fact, victimized. She mentioned <a target="_blank" class="" href="https://www.businessinsider.com/donald-trumps-accountants-quit-while-preparing-his-and-melanias-taxes-2022-2">Trump's accountants at Mazars USA</a>, and Deutsche Bank, which <a target="_blank" class="" href="https://www.businessinsider.com/trumps-secret-ugly-breakup-with-deutsche-bank-revealed-2022-10">forced Trump into a "managed exit"</a> from his debts in the aftermath of the AG's initial 2021 fraud revelations."When deceptively hidden risks are injected into the market, that does hurt the counterparties," Vale told the judges."And I will stress, your honor, that this does have harm to the public and the markets," she said of <a target="_blank" class="" href="https://www.businessinsider.com/trump-fraud-continued-despite-attorney-general-probe-2024-2">Trump's persistent financial frauds</a>.It is unclear when the panel will release a decision; a majority of three justices is needed to reverse or revise the verdict of the trial judge, New York Supreme Court <a target="_blank" class="" href="https://www.businessinsider.com/trumps-fraud-judge-declines-to-recuse-himself-over-nothingburger-2024-7">Justice Arthur Engoron</a>.

NY appellate judges voice serious doubts about Trump's $454M civil fraud verdict

Many people around the world invest their hard-earned money in order to increase its value. Investments can be carried out through various channels and online investments are quite popular as they are a convenient way to earn some extra cash. However, the world of online investments is full of <keyword id="19962622" type="General" weightage="20" keywordseo="scammers" source="keywords">scammers</keyword> as well who constantly look out for unsuspecting victims. In many cases, these scammers pose as financial advisors and lure people in their trap. They might even let the victim earn some money to prove their authenticity. Once the victim begins trusting them, the fraudsters show their true colourrs. Something similar happened with a man from Hyderabad, who fell victim to a <keyword id="19901142" type="General" weightage="20" keywordseo="cyber-fraud" source="keywords">cyber fraud</keyword>, losing Rs 8.17 lakh in a deceptive <keyword id="22852878" type="General" weightage="20" keywordseo="online-trading-scheme" source="keywords">online trading scheme</keyword>. The incident highlights the growing menace of <keyword id="19971937" type="General" weightage="20" keywordseo="cybercrime" source="keywords">cybercrime</keyword>, especially in the form of <keyword id="21250548" type="General" weightage="100" keywordseo="investment-scams" source="keywords">investment scams</keyword> that prey on unsuspecting individuals seeking quick profits. <h2>How the scam unfolded</h2>As per a report in New Indian Express, the 40-year-old man was initially contacted through random calls, including messages on Telegram, where he was lured into joining a group that claimed to offer profitable trading opportunities. The scammers added him to social media groups where they showcased the supposed success stories of others who had invested and made significant profits. Encouraged by these (false) success stories, the victim began by investing a small amount of money. To his surprise, he quickly received returns on his initial investment, which further convinced him of the scheme’s legitimacy. This early success was part of the scammers' strategy to build trust and encourage the victim to invest larger amounts. As the victim's confidence grew, he decided to invest more money, even going as far as taking bank loans and borrowing from friends to increase his trading capital. The scammers, posing as experienced traders, provided him with tips and advice, which seemed to be leading to profitable trades. However, as time passed, the victim started noticing irregularities. Despite his trades showing profits, the system would automatically close them, resulting in losses. When he questioned this, the scammers blamed the system’s automated processes and reassured him that his losses could be recovered by investing more. The situation reached a tipping point when the victim was unable to withdraw any funds from the trading app. Growing increasingly concerned, he approached a friend for a loan, explaining his predicament. It was this friend who first alerted him to the possibility that he was being scammed. Realizing the gravity of the situation, the victim immediately filed an online complaint with the cybercrime police. <keyword id="22852879" type="General" weightage="20" keywordseo="Hyderabad-Cyber-Crimes-police" source="keywords" meta.keywordsubtype="org" meta.entityname="Hyderabad Cyber Crimes police" meta.hostid="261" meta.entityid="Hyderabad Cyber Crimes police">Hyderabad Cyber Crimes police</keyword> have registered a case and are currently investigating the matter. According to an official statement, the scammers had manipulated the trading app from the backend, deliberately causing the victim’s trades to close in losses even when they were in profit. The fraudsters continued to pressure the victim to transfer more funds, promising that he could recover his losses by making additional investments. <h2>How to protect yourself from such scams</h2>This incident serves as a stark reminder of the dangers of online investment schemes, particularly those that promise quick and easy profits. Cybercriminals often use sophisticated tactics to build trust with their victims, only to deceive them into losing substantial amounts of money. Thus, if you receive random calls or messages offering investment opportunities, approach them with caution. Scammers often use high-pressure tactics to convince you to invest quickly. If you do decide to invest, before going ahead, research the platform or group thoroughly. Check for reviews, and verify if the platform is registered with relevant financial authorities. In addition to this, be cautious about sharing your financial details or personal information with unknown parties, especially through unsecured communication channels. Also, if you are considering a new investment opportunity, seek advice from trusted friends, family members, or financial advisors. A second opinion can help you avoid making hasty decisions based on false promises.

Hyderabad man uses online trading app to try and earn some extra money, loses Rs 8 lakh

<ul class="summary-list"><li>Billionaire Don Hankey's company underwrote a $175 million appeal bond for Donald Trump.</li><li>Hankey's net worth is estimated at $7.4 billion and he oversees a $22.5 billion automotive empire.</li></ul>Billionaire Don Hankey swooped in on Monday and underwrote a $175 million <a target="_blank" href="https://www.businessinsider.com/donald-trump-posts-bond-after-court-reduction-2024-4">appeal bond for Donald Trump</a>, saving the former president from getting his assets sold out from under him while he appeals his civil fraud case.The 80-year-old oversees Hankey Group, which employs over 3,400 people and whose assets are worth around $22.5 billion, per <a target="_blank" href="https://www.forbes.com/profile/don-hankey/?sh=2ba84a081783">Forbes</a>. The empire consists of eight companies in the automotive, finance, technology, real estate, and insurance industries.Hankey's Knight Specialty Insurance provided Trump's bond on Monday, three days before deadline.It's not the first time Hankey has been financially tied to an entity that's helped Trump out of a potential bind, although the businessman told Bloomberg he didn't do it for political reasons."Yes, I voted for him in the past, but this is a business deal and this is what we do," Hankey said in an <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-02/trump-175-million-bond-arranged-by-billionaire-supporter-s-firm">interview</a> with Bloomberg about the $175 million bond. "I have never met Donald Trump, nor talked to him on the phone."Hankey told the publication that he has also invested in Axos Bank, which <a target="_blank" href="https://www.businessinsider.com/donald-trump-100-million-loan-trump-tower-bank-ceo-donor-2022-3">refinanced Trump Tower in 2022 </a>for $100 million after the previous loan for that amount had been placed on a debt watch list — but that his Axos Bank investment had nothing to do with Trump's bond. Axos Bank CEO Greg Garrabrants has previously donated around $50,000 to Republican campaigns since 2012, with $9,600 in support of Trump, according to <a target="_blank" href="https://www.fec.gov/data/receipts/individual-contributions/?contributor_name=Gregory+Garrabrants&amp;max_date=12%2F31%2F2022">Federal elections records</a>.Hankey's net worth is estimated at $7.4 billion, according to <a target="_blank" href="https://www.forbes.com/profile/don-hankey/?sh=2ba84a081783">Forbes</a> — and it's nearly doubled within the last three years.Hankey grew up a lot worker, washing and polishing cars, and later held a job as a salesman at his father's Ford dealership, which he fully acquired in 1972 and built his empire from, Bloomberg reported.Dubbed the "little-known king of subprime car loans" in his Forbes profile, his largest venture, Westlake Financial Services, operates as a subprime financing company and is <a target="_blank" href="https://www.hankeygroup.com/companies/">worth</a> $16.8 billion in assets, according to the Hankey Group website. Westlake collaborates with car dealerships nationwide to offer loans to people with poor or nonexistent credit.The group also owns a real estate firm, Hankey Investment Company LP. The company owns 488,343 square feet of commercial property and 12 million square feet of urban development land in Southern California, according to the Hankey Group website.The billionaire generated buzz two years ago when he poured a reported $82.5 in financing into Bel Air megamansion <a target="_blank" href="https://www.businessinsider.com/photos-225-million-mansion-the-one-biggest-modern-home-us-2021-9">"The One," developed by Nile Niami</a>. The 105,000-square-foot property contains 21 bedrooms and 42 full bathrooms. It also includes a 4,000-square-foot guesthouse and a long list of luxury amenities including multiple infinity pools, a nightclub, a spa, a beauty salon, a bowling alley, and a movie theater.<div type="image" title="Aerial view of Bel Air Los Angeles neighborhood with mansions and golf course." height="2002" width="3000" msid="108984506" hostid="261" sizebytes="1092766"></div>However, a lack of interest in the property led to financial issues for its developer, Nial Niami's Crestlloyd, which filed for bankruptcy protection. The <a target="_blank" href="https://www.businessinsider.com/500-million-bel-air-unfinished-mega-mansion-2021-9">mansion ended up auctioning</a> for less than half of its expected $500 million worth.Hankey became involved in some of the legal challenges over the property's ownership, but said he got all his capital commitments back after the property <a target="_blank" href="https://labusinessjournal.com/special-editions/wealthiest-angelenos/wealthiest-2023/7-don-hankey-2/">sold</a>, the Los Angeles Business Journal reported.<div type="image" title="&quot;The One&quot; mansion Bel Air" height="2929" width="4500" msid="108984507" hostid="261" sizebytes="1267994"></div>Hankey attended the University of Southern California and currently resides in Malibu.He has been married for 40 years to Debbie Hankey and has four children, <a target="_blank" href="https://www.forbes.com/profile/don-hankey/?sh=b177b3c17839">according to Forbes</a>.

Meet the billionaire 'king of subprime car loans' whose company underwrote Trump's $175 million civil fraud bond

Mumbai, The arrest of ICICI Bank's former Managing Director and Chief Executive Officer (CEO) Chanda Kochhar and her husband Deepak Kochhar by the Central Bureau of Investigation (<keyword id="19896633" type="General" weightage="20" keywordseo="cbi" source="keywords">CBI</keyword>) in a loan fraud case was "without application of mind and due regard to the law", amounting to an "abuse of power", the Bombay High Court has said. A division bench of Justices Anuja Prabhudessai and N R Borkar had on February 6 held the <keyword id="20482859" type="General" weightage="20" keywordseo="kochhars" source="keywords">Kochhars</keyword>' arrest as illegal and confirmed a January 2023 interim order passed by another bench granting them bail. In the order made available on Monday, the court said the CBI has been unable to demonstrate the existence of circumstances or supportive material based on which the decision to arrest was taken. The absence of such circumstances renders the arrest illegal, it said. "Such routine arrest without application of mind and due regard to the law amounts to an abuse of power," the court said. The court also refused to accept the probe agency's contention that the arrest was made as the Kochhars were not cooperating with the probe and said the accused had a right to remain silent during interrogation. "The right to silence emanates from Article 20(3) of the Indian Constitution, which gives an accused the right against self-incrimination. Suffice it to say that exercise of the right to remain silent cannot be equated with non-cooperation," it said in the order. The CBI arrested the couple on December 23, 2022, in the Videocon-ICICI Bank loan case. They immediately moved the high court challenging the arrest and sought for the same to be declared illegal, and by way of interim order, sought to be released on bail. On January 9, 2023, the court, in an interim order, granted the Kochhars bail, noting that the CBI had made the arrest casually and mechanically and without application of mind. In the February 6 order, the bench noted that section 41A of the Criminal Procedure Code (CrPC) was introduced to avoid routine arrests. It cited that this provision restricts the power to arrest when an accused person complies with the notice issued by the police to appear for questioning and mandates that an arrest shall be made only when the police are of the opinion that it is necessary. The court held that while it was within the domain of the investigating agency to interrogate an accused and to arrive at a subjective satisfaction on the issue, the same was not "wholly immune from judicial reviewability". "The court can consider whether the reasons for deprivation of liberty are rational, reasonable or fanciful," it said. The bench further said that the first information report (FIR) against the Kochhars was registered in 2019, and they were summoned for questioning only in 2022. "Despite the gravity of the offence, the petitioners (Kochhars) were not interrogated or summoned for a period of over three years from the date of registration of the crime," it said. From June 2022, the Kochhars have been appearing before the CBI as and when notices under section 41A were issued to them, the bench said. The CBI had claimed that the Kochhars were arrested as they were not cooperating with the probe and that their custodial interrogation was required to unearth the entire gamut of conspiracy. Apart from the Kochhars, the CBI had also arrested <keyword id="20060394" type="General" weightage="20" keywordseo="videocon" source="keywords">Videocon</keyword> group founder <keyword id="20641998" type="General" weightage="20" keywordseo="venugopal-dhoot" source="keywords">Venugopal Dhoot</keyword> in the case. The high court granted him bail in January 2023 in its interim order. The probe agency has alleged that private sector lender ICICI Bank had sanctioned credit facilities to the tune of Rs 3,250 crore to the companies of Videocon Group promoted by Dhoot in violation of the Banking Regulation Act, <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword>'s guidelines, and credit policy of the bank. The CBI had named the Kochhars, Dhoot along with Nupower Renewables (NRL) managed by Deepak Kochhar, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries Ltd as accused in the FIR registered in 2019 under the Indian Penal Code sections related to criminal conspiracy and provisions of the Prevention of Corruption Act. The agency has alleged that the ICICI Bank sanctioned credit facilities to the tune of Rs 3,250 crore to these companies in violation of norms. It further claimed that as a part of quid pro quo, Dhoot made an investment of Rs 64 crore in Nupower Renewables through Supreme Energy Pvt Ltd (SEPL) and transferred SEPL to Pinnacle Energy Trust managed by Deepak Kochhar through a circuitous route between 2010 and 2012.

Chanda Kochhar, her husband's arrest in loan fraud case amounts to abuse of power by CBI: HC

<ul class="summary-list"><li>Interest has been accruing daily while Trump appeals his $454M state fraud judgment in Manhattan.</li><li>Since the judgment was finalized February 23, what he owes has risen by $1 million every 9 days.</li></ul>The small fortune Donald Trump owes the state of New York has grown at breakneck speed, rising <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-now-owes-1m-more-in-interest-on-ny-fraud-judgment-2024-3">by another $1 million in interest every nine days</a> as the former president appeals the $454 million civil fraud judgment set by a Manhattan judge back in February.On Thursday, as his lawyers challenge <a target="_blank" class="" href="https://www.businessinsider.com/trump-civil-fraud-verdict-whats-in-judge-engorons-decision-2024-2">the judgment</a> in an appellate courtroom 40 blocks north of where it was handed down, the amount Trump owes the Empire state will have risen by $24 million.That's $24 million just in post-judgment interest.It's a massive added penalty. (For perspective, Trump's 2016 settlements in three <a target="_blank" class="" href="https://www.businessinsider.com/trump-reached-a-settlement-in-a-trump-university-case-2016-11">Trump University fraud cases</a> totaled $25 million.)When his appellate lawyers, led by D. John Sauer, walk into court at noon on Thursday, Trump's debt to the New York attorney general's office — the total on his owed-ometer — will have reached $478 million.And that's $478 million and counting. For the duration of his appeal efforts, what Trump owes the state of New York will continue to balloon by another $111,984 in interest every day.It's all part of the penalty for what the judge and state officials found was <a target="_blank" class="" href="https://www.businessinsider.com/trump-net-worth-math-even-fuzzier-than-ny-last-alleged-2023-9">a decade of billion-dollar exaggerations</a> in Trump's annual financial statements."The frauds found here leap off the page and shock the conscience," New York Supreme Court Justice Arthur Engoron, who has presided over <a target="_blank" class="" href="https://www.businessinsider.com/trump-fraud-continued-despite-attorney-general-probe-2024-2">the AG's fraud case for more than five years</a>, wrote in his verdict against Trump, his business, and his top executives.Trump has denied any fraud, and his lawyers argue in their appeal that the judgment is unjustified, legally flawed, and excessive.<div type="image" title="An excerpt from the opening argument of Donald Trump's appeal of his New York civil fraud judgment." height="1064" width="1750" msid="113678474" hostid="261" sizebytes="87938"></div>Winning on the state appellate level or, if that fails, <a target="_blank" class="" href="https://www.businessinsider.com/trump-lays-groundwork-for-scotus-challenge-ny-civil-fraud-case-2024-1">in federal court </a>would mean the judgment is reversed, and Trump's massive accumulated debt to <a target="_blank" class="" href="https://www.businessinsider.com/donald-trumps-biggest-worry-is-still-letitia-james-2023-7">Attorney General Letitia James</a> is erased.(After the bench trial, Engoron hit Trump with an initial cash judgment <a target="_blank" class="" href="https://www.businessinsider.com/trump-civil-fraud-verdict-whats-in-judge-engorons-decision-2024-2">of $355 million</a>. That rose to $454 million on February 23, when retroactive interest was factored in, and a 9% annual interest rate was applied going forward.)By winning his appeal, Trump would also dodge <a target="_blank" class="" href="https://www.businessinsider.com/trump-civil-fraud-verdict-whats-in-judge-engorons-decision-2024-2">the judgment's non-monetary punishments</a>, which are many.Trump would escape the constant gaze of the court-appointed fiscal watchdog <a target="_blank" class="" href="https://www.businessinsider.com/trump-organization-judge-orders-watchdog-ny-attorney-general-case-2022-11">monitoring the Trump Organization,</a> Trump's Manhattan-based real-estate and golf-resort empire, since November of 2022.He'd no longer face having a yet-named compliance director preside over all major fiscal decisions.Winning would mean Trump, Donald Trump, Jr., and Eric Trump would no longer face being banned for two years from running Trump Org or any other business in New York state. Gone, too, would be the judgment's three-year ban on Trump and his companies applying for loans from any bank that operates in New York.Trump would also get back<a target="_blank" class="" href="https://www.businessinsider.com/trump-loses-access-to-175m-in-civil-fraud-bond-cash-2024-4"> the $175 million bond</a> — plus more than a million dollars in interest — he had to post in order to hold the AG's office at bay.Losing, though, would deal a significant blow.By appealing, Trump has kept all of these fraud punishments on ice, with the exception of the Trump Org monitoring, which is ongoing. If he exhausts his appeals and loses, those punishments would begin.Losing would also mean the total amount he owes New York — an amount that would reach half a billion dollars if the appeal drags out into the Spring of 2025 — comes due immediately.Read Trump's 116-page appeal <a target="_blank" class="" href="https://www.documentcloud.org/documents/24955615-2022_452564_people-v-trump_trump_appbrief-stamped">here</a>.

Trump's already massive New York civil fraud penalty has grown by $24M in interest ahead of a Thursday court showdown 

<ul class="summary-list"><li>Trump's NY fraud trial judge on Thursday declined to recuse himself over a hallway conversation.</li><li>Trump's lawyers had said Judge Arthur Engoron improperly spoke about the case outside the courtroom.</li></ul>The Manhattan judge who ordered Donald Trump to pay a nearly $500 million fraud judgment has declined — in no uncertain terms — the former president's demand that he recuse himself from the case over a brief hallway conversation.A "nothingburger" over an unsolicited "90-second diatribe," the judge, New York Supreme Court Justice Arthur Engoron said in declining Thursday to step down or hold a hearing on the matter.Engoron is the judge who in February <a target="_blank" class="" href="https://www.businessinsider.com/trump-civil-fraud-verdict-whats-in-judge-engorons-decision-2024-2">ordered Trump to pay back hundreds of millions of dollars</a> in bank loans and profits gained by a decade of fraudulent net-worth statements.The sum owed by Trump accrues another $1 million in interest <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-now-owes-1m-more-in-interest-on-ny-fraud-judgment-2024-3">every nine days,</a> and had reached $471 million by Thursday. The judgment continues to accrue interest but is on hold while Trump appeals. Engoron, meanwhile, continues to supervise <a target="_blank" class="" href="https://www.businessinsider.com/trump-fighting-back-after-bombshell-court-monitor-report-tax-fraud-2024-1">ongoing anti-fraud monitoring</a> at the Trump Organization.Trump's lawyers recently demanded Engoron recuse himself after a lawyer not connected to the case, Adam Leitman Bailey, revealed he had spoken with Engoron about the case outside the courtroom weeks before the judgement.Engoron did not mince words in saying on Thursday that he would not step down over "this 90-second, unsolicited diatribe.""Sometime in or about February of this year, several weeks before I issued the Post-Trial Decision and Order, at the end of the business day, I left my robing room in the courthouse at 60 Centre Street and rode an elevator down to the main floor," Engoron wrote."There, on the outskirts of the famous rotunda, Bailey accosted and started haranguing me about Executive Law 63(12). He did not relay any alleged facts," Engoron wrote."Prior to that that time, I considered Bailey a professional acquaintance and a distant friend. His sudden appearance and vehement speech took me aback, and I simply told him that he was wrong. He trailed after me, still droning on, as I descended the Judge's stairs to the street level. I entered my vehicle without saying another word (except, perhaps, 'goodbye') and departed."Engoron also said he has spent more than three years presiding over Trump's case, and "did not need a landlord-tenant ranting" to teach him anything new or of note."I did not initiate, welcome, encourage, engage in, or learn from, much less enjoy, Bailey's tirade," Engoron added."I did not base any part of any of my rulings on it, as Bailey has outlandishly, mistakenly, and defamatorily claimed," the judge wrote.As a parting shot at Bailey, Engoron said that he had easily forgotten the unpleasant encounter, because, due to the fraud case's notoriety, he is often confronted by members of the public, "at parties, in parks, in restaurants, and on public transportation."Lawyers for Trump and Bailey did not immediately respond to requests for comment.<a target="_blank" class="" href="https://www.documentcloud.org/documents/25002731-nyag-v-trump-engoron-recusal-decision-20240725">Read Engoron's decision here.</a>

Trump's NY fraud judge declines to recuse himself over 'nothingburger' hallway conversation

<ul class="summary-list"><li>Democratic Senators asked Merrick Garland for a special counsel investigation into Clarence Thomas.</li><li>They seek to probe Thomas's ethics and the "serious possibility" of tax fraud from undeclared gifts.</li></ul>Two Democratic senators have called on Attorney General Merrick Garland to open a special counsel investigation into <a target="_blank" href="https://www.businessinsider.com/clarence-thomas-dissent-domestic-violence-gun-ruling-originalism-2024-6">Clarence Thomas</a>.in a <a target="_blank" href="https://www.whitehouse.senate.gov/wp-content/uploads/2024/07/2024-07-03-Letter-to-AG-Garland-re-Special-Counsel-FINAL.pdf">letter</a> released Tuesday, Sens. Sheldon Whitehouse of Rhode Island and Ron Wyden of Oregon requested a probe into potential federal ethics violations and the "serious possibility" of <a target="_blank" href="https://www.businessinsider.com/harlan-crow-yacht-trips-justice-clarence-thomas-tax-report-2023-7">tax fraud</a> by the Supreme Court Justice.Thomas has faced increasing scrutiny over his personal and financial ties to billionaires like right-wing megadonor Harlan Crow, who has treated the justice to lavish international trips, gifts, and tuition for Thomas's grand-nephew, <a target="_blank" href="https://www.businessinsider.com/clarence-thomas-mark-martin-raised-nephew-son-jailed-2024-5">Mark Martin</a>, to attend expensive boarding schools.In August of last year, Thomas updated his 2022 <a target="_blank" href="https://www.businessinsider.com/harlan-crow-clarence-thomas-new-financial-disclosure-flights-scotus-2023-8">financial disclosures</a> to include previously undeclared gifts and vacations from Crow."We do not make this request lightly," the senators wrote: "The evidence assembled thus far plainly suggests that Justice Thomas has committed numerous willful violations of federal ethics and false-statement laws and raises significant questions about whether he and his wealthy benefactors have complied with their federal tax obligations. Presented with opportunities to resolve questions about his conduct, Justice Thomas has maintained a suspicious silence."A spokesperson for Whitehouse directed Business Insider to a press release about the letter, which indicated Whitehouse has for more than a year called for the Judicial Conference to investigate Justice Thomas's "omissions of <a target="_blank" href="https://www.businessinsider.com/clarence-thomas-harlan-crow-supreme-court-documentary-rvs-walmart-2023-4">billionaire-funded gifts</a> and income from his legally required annual financial disclosure reports."A representative for Wyden, the chairman of the Senate's Committee on Finance, told Business Insider that the committee released a <a target="_blank" href="https://www.finance.senate.gov/chairmans-news/justice-thomas-did-not-repay-substantial-portion-of-267230-loan-finance-committee-investigation-reveals-failed-to-report-forgiven-debt-on-ethics-filings-raising-questions-about-tax-compliance">staff memo</a> in October detailing that Thomas had never reported he'd received forgiveness on a $267,230 loan on his ethics forms, which prompted questions about his tax compliance.Following months of the committee's repeated requests for an explanation from Thomas and his attorney that went unanswered, the spokesperson said requesting a formal investigation was the necessary next step.A spokesperson for the Justice Department declined to comment on the letter when reached by Business Insider.Representatives for the Supreme Court did not immediately respond to a request for comment. Thomas has previously denied any wrongdoing, arguing gifts from Crow and others fall under a "<a target="_blank" href="https://www.businessinsider.com/trips-justice-clarence-thomas-took-with-harlan-crow-2024-6">personal hospitality exemption</a>," meaning they don't require disclosure.

Senators ask DOJ to investigate 'serious possibility of additional tax fraud' by Clarence Thomas

<ul class="summary-list"><li>Trump's lawyers defended his $175M civil fraud bond — and Knight Specialty — in court filings.</li><li>The filings show that Trump used cash collateral that's only semi-committed to the bond.</li></ul>Lawyers for Donald Trump are defending the "respected" insurers behind <a target="_blank" href="https://www.businessinsider.com/donald-trump-posts-bond-after-court-reduction-2024-4">his $175 million civil fraud bond</a> in a series of new court filings.The papers, filed in Supreme Court in Manhattan, challenge the need for next Monday's surety hearing, at which Trump's fraud trial judge and lawyers for the state attorney general's office <a target="_blank" href="https://www.businessinsider.com/trump-175-million-appeal-bond-to-be-reviewed-ny-ag-2024-4">will scrutinize both the cash and the company</a> behind the bond.The filings confirm that Trump has used cash, not property, to back the bond."The $175 million bond is collateralized by $175,304,075.95 in cash held in a Charles Schwab account pledged to KSIC, and KSIC has the right to exercise control over that account," Trump's lawyers wrote in the bond's defense.The bond company is able to gain control of the account with two days notice, the lawyers also wrote, suggesting that Trump, and not the bank or the bond underwriters, actually controls the cash.This wording — that the insurer "has the right to exercise control" over the money — appears to fall short of what <a target="_blank" href="https://www.businessinsider.com/trump-needs-500m-cash-for-appeal-bond-ny-fraud-case-2024-3">bond writers usually demand of their cash customers</a>.Usually, underwriters demand an irrevocable letter of credit stating that the money is secure in a bank account and can only be withdrawn after the appeals have ended. Such letters of credit give no wiggle room — the money is "irrevocably" committed to the bond.Attorney General Letitia James is allowed, under New York's <a target="_blank" rel=" nofollow" href="https://law.justia.com/codes/new-york/2022/cvp/article-25/2507/">civil practice rules</a>, to ask for proof that Knight is financially sound and that the bond's collateral is sufficient.The final call on whether the Knight bond sinks or swims will be up to New York Supreme Court Justice Arthur Engoron, who has set a Monday hearing on the matter.On Tuesday, <a target="_blank" href="https://www.documentcloud.org/documents/24549567-nyag-v-trump-engoron-on-surety-mol-20240415">Engoron filed a response </a>giving the AG's office until Friday to respond to the new defense challenge.Trump's bond was underwritten by Knight Specialty Insurance Company, based in Los Angeles, run by billionaire Trump supporter <a target="_blank" href="https://www.businessinsider.com/who-is-don-hankey-net-worth">Don Hankey</a>, a so-called king of subprime car loans."KSIC is a respected, well-capitalized, Delaware-domiciled insurer that has long underwritten surety bonds and other types of insurance placed around the country," Trump's lawyers wrote.Beyond Trump's Schwab account, Knight "independently maintains more than $539 million in assets and $138 million in equity," the filings say.Beyond that, the insurer "has access to more than $2 billion in assets and $1 billion in equity" through its parent company, Knight Insurance Company," the filings say.<a target="_blank" href="https://www.documentcloud.org/documents/24549487-nyag-v-trump-defense-surety-fight-20240415">Read Trump's memorandum of law in support of his $175 million bond here.</a>The attorneys signing the filings include Christopher Kise, Alina Habba, and Clifford Robert, who represented Trump in his 10-week civil fraud trial.Trump needs the bond to be in place while he appeals his big loss in the case.In January, Engoron, found him liable for <a target="_blank" href="https://www.businessinsider.com/trump-fraud-continued-despite-attorney-general-probe-2024-2">a decade of defrauding banks</a> by lying about the net worth of his assets.Without a bond in place, state Attorney General Letitia James <a target="_blank" href="https://www.businessinsider.com/how-a-trump-property-sheriffs-auction-would-work-2024-3">could immediately collect</a> on Engoron's massive judgment against him.Trump's portion of the penalty started out in February at $454 million but has now risen, <a target="_blank" href="https://www.businessinsider.com/donald-trump-now-owes-1m-more-in-interest-on-ny-fraud-judgment-2024-3">due to the judgment's continually-accruing interest</a>, by nearly $6 million, according to <a target="_blank" href="https://docs.google.com/spreadsheets/d/1t0aaiBjLw8eeQkfY61er8OrjFUqxPkvQltEyNVgwx1U/edit#gid=2046816337">a penalty-interest calculator</a> maintained by the Associated Press.

Trump defends 'respected' company behind his $175M civil fraud bond

New Delhi, The government on Monday informed Parliament that <keyword id="6355629" type="General" weightage="20" keywordseo="Google" source="Orion">Google</keyword> has suspended or removed over 2,500 fraudulent <keyword id="6095737" type="General" weightage="20" keywordseo="loan-apps" source="Orion">loan apps</keyword> from its Play Store between April 2021 and July 2022. The government is constantly engaged with the Reserve Bank of India (RBI) and other regulators and stakeholders concerned to control fraudulent loan apps, Finance Minister Nirmala Sitharaman said in a written reply to the Lok Sabha. The matter is also regularly discussed and monitored in the meetings of the Financial Stability and Development Council (FSDC), an inter-regulatory forum under the chairpersonship of the Finance Minister. The objective is to remain proactive, maintain cyber security preparedness with constant vigilance, and take appropriate and timely action to mitigate any such vulnerabilities in the Indian financial system, she said. As part of steps taken to control fraudulent loan apps, she said, the RBI has shared a 'whitelist' of legal apps with the government of India, and this list was shared by the Ministry of Electronics and Information Technology (Meity) with Google, whose app store is the primary source of distribution of digital lending apps. Google has updated its policy regarding enforcement of loan lending apps on the Play Store and has also deployed additional policy requirements with strict enforcement actions for lending apps in India, she added. As per their revised policy, only those apps are allowed on the Play Store which are published by Regulated Entities (REs) or those working in partnership with REs. "Between April 2021 and July 2022, Google also reviewed approximately 3,500 to 4,000 loan lending apps and suspended or removed over 2,500 fraudulent loan apps from its Play Store," she said. The Indian Cyber Crime Coordination Centre (I4C), Ministry of Home Affairs (MHA), has been regularly analysing the digital lending apps proactively. Based on its analysis and complaints reported on the National Cyber Crime Reporting Portal, the I4C team analyses apps on various parameters and reports to Meity apps found suspicious for blocking, she said. To spread awareness against cybercrimes and to safeguard interests of citizens, several steps have been taken by the government, the RBI, and banks, she said. The RBI has formulated conducting of electronic-Banking Awareness And Training (e-BAAT) which has largely focussed on awareness about fraud and risk mitigation, while a Nation-wide Intensive Awareness Programme (NIAP) was carried out in collaboration with the REs. In a separate response, Sitharaman said more than 44.46 crore loans amounting to Rs 26.12 lakh crore (as of November 24, 2023) have been sanctioned to the borrowers under the Pradhan Mantri Mudra Yojana (PMMY) since its inception. Under PMMY, collateral-free institutional credit up to Rs 10 lakh is provided by Member Lending Institutions (MLIs), i.e., Scheduled Commercial Banks (SCBs), Regional Rural Banks (RRBs), Non-Banking Financial Companies (NBFCs), and Micro Finance Institutions (MFIs). Any individual who is otherwise eligible to take a loan and has a business plan for a small business enterprise can avail of a loan under the scheme. Loans can be availed for income-generating activities in the manufacturing, trading, and services sectors, and also for activities allied to agriculture, under three categories, -- Shishu (loans up to Rs 50,000), Kishor (loans above Rs 50,000 and up to Rs 5 lakh) and Tarun (loans above Rs 5 lakh and up to Rs 10 lakh).

You Searched For "loan fraud" and got 12 results

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