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.
Caroline Ellison, former CEO of Alameda Research, has been sentenced to 24 months in prison for her role in the FTX fraud case. Her cooperation with prosecutors was instrumental in securing the conviction of Sam Bankman-Fried, the FTX founder. The sentence highlights the consequences of financial misconduct in the cryptocurrency industry.
The U.S. Securities and Exchange Commission (SEC) has accused crypto companies TrustToken and TrueCoin of defrauding investors through the sale of unregistered investment contracts involving the TrueUSD (TUSD) stablecoin. The SEC alleges that the companies misrepresented the backing of TUSD and the safety of investment opportunities, placing investors at risk.
In a major crackdown on cybercrime, India’s Telecom Regulatory Authority of India (TRAI) and the Department of Telecom have blocked 2.27 lakh mobile handsets and disconnected over 1 crore mobile connections suspected of involvement in fraudulent activities. The move comes as part of a broader effort to combat spam calls, financial scams, and other cyber threats.
The FBI’s 2023 Cryptocurrency Fraud Report reveals a staggering $5.6 billion loss for Americans due to cryptocurrency scams, highlighting the growing sophistication of cybercriminals. Investment fraud, particularly through social engineering, dominates the landscape, while labor trafficking connected to scams emerges as a concerning trend.
The global travel accommodation market is experiencing explosive growth, driven by a shift toward experiential travel and technological advancements. This sector is expected to quadruple in size by 2035, reaching $3144.7 billion. However, the rise of fraudulent activities poses a significant threat, requiring a robust response from industry stakeholders.
Miroslav Pelta, the former head of the Czech Football Association, has been sentenced to five and a half years in prison for fraud. This comes after a retrial following previous convictions in 2021 and 2023. Pelta’s alleged involvement in influencing state subsidies for soccer clubs, including FK Jablonec, is at the heart of the case. Simona Kratochvilova, a former deputy education minister, was also sentenced to six years for her role in the scandal.
The Biden administration has resumed a controversial parole program allowing tens of thousands of migrants from Cuba, Haiti, Nicaragua, and Venezuela into the US each month, despite revelations of widespread fraud within the program. The decision has sparked criticism from Republicans, who argue that the administration is abusing the parole process and encouraging illegal immigration.
