Frauds Classification News Today

Last year, the highest court had ruled that a borrower must be given a hearing before labelling the account as fraud. Now, CBI, which is probing many of these cases, insist that the SC verdict stands for all fraud accounts - new as well as old cases - but banks assert that the SC ruling cannot be given retrospective effect to cover borrowers listed as frauds before the ruling.

REL said in a regulatory filing that in March 2023, RFL, achieved a key milestone when it completed a One-Time Settlement (OTS) with 16 lenders through organic collections. The company paid more than Rs 9,000 crore to the lenders

The Delhi High Court had ordered the removal of the ‘fraud’ tag from RFL after it had filed a writ petition with respect to declaration of RFL’s account as ‘fraud’ exposure by the lead bank.

Court-directed move signifies a positive turn for Religare Finvests future.

State Bank of India (SBI), a key lender to Religare Finvest Limited (RFL), has expunged RFLs record, previously marked as a fraud, from the Central Fraud Registry database. This action follows a court order dated December 18, 2023, issued by the Delhi High Court instructing SBI to revoke the fraud

The Delhi High Court has recently quashed the decision of State Bank of India (SBI) declaring Religare Finvests account as “fraud” and including it on the Central Fraud Registry of Reserve Bank of...

Nominal Index [Citations: 2023 LiveLaw (Ker) 361-376]Punjab National Bank & Anr. v. Central Bureau of Investigation & Ors. 2023 LiveLaw (Ker) 361The Oriental Insurance Company Ltd v. Abdul Khader 2023...

The Kerala High Court has directed the Central Bureau of Investigation (CBI) to take over the investigation of a case involving Punjab National Banks former senior Manager, accused of cheating and...

While some reports had initially said that the Bombay HC had stayed the effect of the RBI circular, the bench of Justices G.S. Patel and Neela Gokhale, the court's order said this was not the case.

It was reported that the HC had stayed the effect of the circular till September 11, when it hears the petitions.