Martin Shkreli, the former pharmaceutical executive known as ‘Pharma Bro’, has faced another legal setback as the U.S. Supreme Court denied his appeal to overturn a $64.6 million repayment order. The decision reaffirms his liability for the profits gained through a fraudulent scheme and bars him from the pharmaceutical industry for life.
A government school teacher in Agra, India, died of a heart attack after receiving a threatening phone call from cyber fraudsters. The fraudsters claimed her daughter was involved in a sex scandal and demanded money to keep it quiet. This tragic incident highlights the growing problem of cybercrime and its devastating impact on individuals.
Revolut, a UK-based fintech company, has publicly criticized Meta for its inadequate response to fraud on its platforms. Revolut’s head of financial crime, Woody Malouf, argues that Meta’s data-sharing initiative is insufficient and that the company should bear responsibility for reimbursing victims of scams. Revolut’s report reveals that a significant portion of fraud cases reported by UK customers originate from Meta platforms like Facebook and Instagram, prompting calls for Meta to actively support victims.
A Florida man’s parents were nearly scammed out of ₹25 lakhs by fraudsters who used AI to clone his voice and impersonate him in a fake car accident scenario. This incident highlights the growing threat of AI-powered scams and the need for regulations in the AI industry.
A gang of inter-state cyber fraudsters allegedly defrauded Vardhman Group Chairman SP Oswal of ₹7 crore. Punjab Police have arrested two members of the gang and recovered ₹5.25 crore. The fraudsters, using a fake arrest warrant and threats of digital arrest, tricked Oswal into withdrawing funds from his bank accounts. The police are actively pursuing the remaining members of the gang, all of whom are from Assam and West Bengal.
WhatsApp directors and nodal officers in India are facing an FIR for their refusal to cooperate with a ₹4 crore fraud investigation. Gurugram police allege that the company failed to provide information on accounts linked to the case despite multiple requests, hindering the investigation. This action by the police highlights the ongoing tension between law enforcement agencies and tech companies regarding data access and cooperation.
Guo Wengui, a convicted Chinese fraudster who used the aliases Ho Wan Kwok and Miles Kwok, is trying to offload his Manhattan penthouse for a drastically reduced $24 million. The apartment, once valued at $86 million, was originally purchased for $67.5 million in 2015. A fire in the penthouse, which occurred while agents were still showing the property, has left it in poor condition, contributing to the significant price reduction.
The State Bank of India (SBI) has been ordered to pay ₹63.74 lakh to a customer as a refund after the National Consumer Disputes Redressal Commission (NCDRC) ruled in favor of the customer who was a victim of a fraudulent account drain. The NCDRC found that the bank failed to secure the account and that the incident could have been avoided if the bank had updated security protocols.
Caroline Ellison, a key figure in the FTX scandal and former romantic partner of Sam Bankman-Fried, has been sentenced to 24 months in prison. Judge Lewis Kaplan, who also presided over Bankman-Fried’s trial, praised Ellison’s extensive cooperation in the case but emphasized the severity of the crime, stating that cooperation cannot be a ‘get out of jail free card.’
Sean ‘Diddy’ Combs and disgraced crypto mogul Sam Bankman-Fried find themselves sharing a dormitory at Brooklyn’s Metropolitan Detention Center, a facility known for its harsh conditions. Diddy faces charges of sex trafficking and racketeering while Bankman-Fried serves a 25-year sentence for fraud. This unexpected pairing highlights the facility’s high-profile inmate population and the ongoing legal battles surrounding both men.
