Fraud, Scams & Cybercrime

Fraud, Scams & Cybercrime

ASIC Files Criminal Charges Against Ex-APRA Manager for False Documents

By Editors | 06/12/2019

The former APRA senior manager has been criminally charged for providing false documents to the regulator while serving as CEO of a credit union.

Fraud, Scams & Cybercrime

ASIC Takes Legal Action Against Unregistered SMSF Scheme Operators

By Editors | 05/12/2019

Investors were encouraged to roll superannuation monies into a self-managed super fund to invest – by way of a loan – in an unregistered scheme operated a former AMP adviser.

Fraud, Scams & Cybercrime

Major Indian Bourses Suspend Karvy Trading Licences

By Editors | 04/12/2019

BSE, NSE, MCX, MSEI suspend Karvy Stock Broking; NSDL returns to 90% of clients the securities that were illegally pledged at lenders by Karvy.

Fraud, Scams & Cybercrime

Chinese P2P Lenders to Close in Two Years

By Editors | 02/12/2019

Approved lenders can opt to convert to small finance companies in the two year grace period, as authorities moved to shut down the scandal-ridden sector.

Fraud, Scams & Cybercrime

SEBI Probes Exchanges, Brokers for Failure to Detect Karvy Fraud

By Editors | 29/11/2019

An NSE audit found that Karvy Stock Broking pledged 20 million rupees in client securities with various lenders to raise funds for its own use.

Anti-Money Laundering

SAFE Penalises JD.com Unit for Illegal Overseas Transfers

By Editors | 28/11/2019

The overseas transfers were reportedly used by mainland residents to participate in online gambling sites tied to popular Macau casinos with international licenses.

PEPs & Sanctions

Singapore Company Director Jailed for North Korea Trade

By Editors | 25/11/2019

The Singapore man was reportedly selling luxury goods to a North Korean shop, shipping the goods via Dalian, and receiving payment via front companies in China and Hong Kong.

Conduct, Culture & Accountability

ANZ, Westpac Face Class Actions Just Days After NAB Settlement

By Editors | 22/11/2019

Law firm Slater and Gordon has launched class actions against ANZ and Westpac over the sale of consumer credit insurance products, on the heels of winning a near A$50m settlement from NAB.

Fraud, Scams & Cybercrime

Former NAB Branch Manager Sentenced for Home Loan Referral Fraud

By Editors | 21/11/2019

Mathew Alwan was permanently banned by ASIC last year and pleaded guilty to ‘intention to defraud’ earlier this year for making false or misleading statements to NAB.