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

4 items

RBI penalised Bank of Baroda for charging interest above contracted rates in certain loan accounts and for failing to upload KYC records to the Central KYC Records Registry (CKYCR) within the prescribed timeline.

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Entity InvolvedBank of Baroda

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New Fraud Typologies and Scams

4 items

S.K. Mandal (26), a school teacher from Jharkhand, created and sold 91 malicious APK files disguised as Mahanagar Gas Limited (MGL) KYC update notifications. Victims who installed the files had banking credentials hijacked, OTPs intercepted, and funds siphoned. Mandal supplied the APKs to organised crime syndicates across states. Police also seized 967 unreleased APKs, averting an estimated Rs 1,000 crore in further fraud.

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Institutional Impact

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CBI filed a supplementary chargesheet in the Mehul Choksi-linked PNB fraud case, adding four new accused. The case - India's largest banking fraud - remains active with ongoing summons and court proceedings.

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ImpactExtends Punjab National Bank's legal exposure and reputational risk; continued case activity signals sustained regulatory scrutiny of the banking sector's largest fraud.

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Sources

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Fraud Briefing

Regulatory and Compliance

RBI fines Bank of Baroda Rs 63.60 lakh for charging above-contracted interest rates and missing CKYCR upload deadlines

RBI fines GIC Housing Finance Rs 3.10 lakh for failing to risk-categorise accounts at the required six-month frequency

ED raids 25+ Dhanbad locations in BCCL-linked coal trade money laundering probe; Rs 1.5 crore cash seized, assets exceeding Rs 150 crore traced

Supreme Court directs Centre to introduce standalone criminal provisions for digital arrest scams and deepfake-aided fraud with asset-freeze powers

New Fraud Typologies and Scams

School teacher from Jharkhand built and sold 91 fake Mahanagar Gas KYC APKs; 2,993 victims lost Rs 63.69 crore across 9,192 fraudulent transactions

Digital arrest scams using forged judicial orders and AI deepfakes of officials have swindled Rs 3,000 crore; Indian citizens lost over $5.5 billion to deepfake-aided fraud across six years

Delhi Police bust Rs 70 crore mule account network spanning 19 states; BioCatch India 2026 confirms 146% surge in SMS scams alongside shift to fewer, higher-value fraud attempts

Sohan Enterprises under probe for Rs 90.25 crore in fake GST invoices generated using fraudulent Aadhaar-linked registrations across Punjab and Varanasi

Institutional Impact

CBI files supplementary chargesheet in Rs 13,578 crore Mehul Choksi-PNB fraud, adding four new accused

Bank of India senior manager sentenced to seven years imprisonment in major fraud case

Consumer forum orders SBI to pay Rs 25,000 penalty for sharing customer account details without consent

BioCatch India 2026: attempted fraud sessions down 12% but average value up 35%; SMS scams up 146% in volume

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