Fraud Briefing

A curated intelligence snapshot of fraud incidents, regulatory actions, and emerging threat patterns detected in the past 24 hours across India's BFSI sector.

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Regulatory and Compliance

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RBI penalised Canara Bank Rs 41.80 lakh for failing to upload KYC records to the Central KYC Records Registry (CKYCR) within prescribed timelines, and for incorrectly classifying accounts as inoperative despite qualifying transactions.

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Entity InvolvedCanara Bank

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New Fraud Typologies and Scams

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Cybercriminals collect victims' facial recordings via fake video calls, fraudulent job interviews, or social media interactions. These recordings are used to create deepfake videos that bypass Video-KYC and facial recognition checks to open fraudulent accounts or authorise transactions.

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Institutional Impact

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Mahender Makhijani (44), controlling a Newport Beach-based firm, was arrested in California on June 11, 2026 for allegedly defrauding a US bank of nearly $100 million by forging title records on real estate loan insurance policies between September 2024 and April 2025. Faces up to 30 years in prison.

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ImpactCross-border document fraud using forged title records; highlights vulnerability of mortgage-backed lending to identity and document manipulation at scale.

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Fraud Briefing

Regulatory and Compliance

RBI fines Canara Bank Rs 41.8 lakh for KYC and inoperative account non-compliance

RBI fines Bandhan Bank Rs 41.8 lakh for KYC non-compliance

MHA I4C issues critical advisory on AI deepfake threats to Video-KYC systems

New Fraud Typologies and Scams

AI deepfake attacks targeting Video-KYC authentication systems at scale

BSNL KYC SIM suspension phishing scam; PIB Fact Check confirms notices are fake

Fake loan app fraud surge in 2026; six apps taken down by Centre in May, more active via sideloading

Institutional Impact

Indian-American arrested in US for nearly $100 million bank fraud using forged mortgage documents

Canara Bank and Bandhan Bank RBI penalties signal KYC compliance failures across the sector

Vedanta Group under ED scrutiny for FEMA violations; multi-location searches completed