Unraveling the Layers of Fraud: Understanding, Detecting, and Combating Deceptive Practices

This article has been written by Pulak Mohanty, a 2nd year BA.LLB Student from Lloyd Law College. Introduction : Fraud, a pervasive and multifaceted crime, poses significant threats to individuals, businesses, and economies worldwide. In this legal article, we delve into the complex world of fraud, exploring its various forms, the detrimental impact it has on victims,…

Unmasking Bank Fraud: Understanding, Preventing, and Combating Financial Deception

This article has been written by Pulak Mohanty, a 2nd year BA.LLB Student from Lloyd Law College. Introduction : Bank fraud, a sophisticated and pervasive crime, poses significant threats to financial institutions and their customers. In this legal article, we delve into the intricate world of bank fraud, examining its different forms, the devastating impact on victims,…

The Rise of Cheque Fraud: Understanding the Threat and Protecting Yourself

This article has been written by Pulak Mohanty, a 2nd year BA.LLB Student from Lloyd Law College. Introduction: In an increasingly digital world, cheque fraud may seem like an outdated concern. However, it remains a persistent and costly threat that individuals and businesses should not underestimate. This article delves into the nature of cheque fraud, explores its…

Security Fraud: Types, Consequences, and Regulatory Measures

This article has been written by Pulak Mohanty, a 2nd year BA.LLB Student from Lloyd Law College.                           Introduction: Security fraud, also known as securities fraud or investment fraud, refers to deceptive practices and activities that manipulate the securities market for unlawful financial gain. This essay explores the various types of security fraud, its consequences for…

The 5 Most Intelligent Crimes Committed In India

Annual government reports from the National Crime Bureau reveal that over 50 lakh crimes are committed in India every year, according to the National Crime Bureau. With a population of over 130 million people and a society beset by economic and social problems, a slew of crimes are reported in the country on a daily basis. Some crimes, on the other hand, stand out for the sheer amount of intelligence and brainpower that went into them. Several crimes in India have raised eyebrows, ranging from exploiting systemic flaws to devising novel methods of evading law enforcement authorities.   A list of the five most intelligent crimes committed in India is presented to you:  Harshad Mehta’s Securities Scam of 1991 was the first of its kind.  In India, a stockbroker known as Harshad Mehta, also known as the ‘Big Bull’ on the Bombay Stock Exchange, cleverly extracted large sums of money from the banking system by taking advantage of their loopholes and investing the resulting wealth in the stock market, earning him the nickname. He engaged in massive stock manipulation, in which he not only drained capital from the banking system but also increased demand for certain stocks, which he then sold at a much higher profit, enabling him to amass millions of dollars.   Mehta was successful in manipulating share prices through this system to the point where shares of companies such as ACC, one of India’s largest cement producers, increased from Rs 200 per share to Rs 9000 per share in a matter of three months. Sucheta Dalal, a Times of India columnist who was later awarded the Padma Shri, was the person who brought the scam to light.   When this scam was exposed, the stock markets went into freefall. This scam had swindled at least Rs 40 billion from the Indian banking system, making it not only one of the most intelligent crimes committed in India but also one of the most expensive crimes committed anywhere in the world. Harshad Mehta was arrested in December 2001 and died in Thane prison as a result of a heart condition. He had a total of 28 cases filed against him at the time of his arrest.  Unknown Indian hacker (the perpetrator of the world’s largest cybercrime)  In 2008, an unknown Indian hacker was arrested and charged with the largest cybercrime in history. The man was accused of aiding a criminal gang in hacking into the identities of an estimated eight million people in a hacking raid that could have resulted in a net worth of more than £2.8 billion in illegal funds. Using an underground network operated by the Russian mafia, he was able to breach the IT defenses of the Best Western Hotel group’s online booking system in the United Kingdom and sell the information on how to get into the system.   Data exposed in the breach included a variety of private information, including home addresses and telephone numbers, as well as credit card information and employment information. The Sunday Herald newspaper in Scotland discovered the flaw and alerted the hotel’s management, who were able to close the security breach in time, but the stolen information was already being exploited by cybercriminals at the time. It has not been possible to determine the identity of the original Indian hacker, confirming the event’s status as one of the most intelligent crimes committed in India to date.  The Burglary at the Sydney Opera House  In March 1987, Mohan Singh pretended…

Endorsement

Endorsement is nothing but the process of signing one’s name or affixing an accepted rubber stamp impression on a cheque, for the purpose of transfer. Thus, it is both a contract and a transfer. The delivery of the instrument is necessary to complete its endorsement. The word endorsement can also be spelt as indorsement. It…

Credit Creation

The creation of credit is one of the important functions of commercial banks. In the ordinary course of business, banks accept deposits from the public and lend money to its customers. When a bank advances a loan, it does not pay the amount in cash. But, it opens an account in the name of the…