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Bengaluru police bust Rs 12 Cr fraud targeting CRED

EntrackrEntrackr · 6m ago
Bengaluru police bust Rs 12 Cr fraud targeting CRED
Medial

Bengaluru police have arrested four individuals, including an Axis Bank manager, for allegedly embezzling over Rs 12 crore from Dreamplug Paytech Solutions. Dreamplug operates fintech unicorn CRED. According to a Times of India report, the arrested individuals are Vaibhav Pithadiya, an Axis Bank relationship manager based in Rajkot; Parmar Neha Ben Vipulbhai, a banking agent from Surat; Shailesh, an insurance agent from Rajkot; and Shubham, a commission agent from Rajkot. The arrests were made following a complaint by Narasimha Vasanth Sastry, an executive from CRED. The fraud was uncovered on November 12 when Dreamplug executives detected unusual activity in their bank accounts. They found that Rs 12.2 crore had been fraudulently withdrawn from two Axis Bank accounts – a current account and a nodal account opened in 2021. The report added that the fraudsters carried out 37 transactions over 14 days, between October 29 and November 11, transferring Rs 12.2 crore to multiple accounts across the country.

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Cyber Fraud Scheme in Bengaluru How Two Men Defrauded ₹854 Crore from 84 Accounts

Business BytesBusiness Bytes · 1y ago
Cyber Fraud Scheme in Bengaluru How Two Men Defrauded ₹854 Crore from 84 Accounts
Medial

In a shocking cyber fraud scheme, two individuals in Bengaluru masterminded the misappropriation of ₹854 crores from 84 accounts. Targeting victims through messaging platforms like WhatsApp and Telegram, the fraudsters promised daily returns on investments, reeling in unsuspecting victims. The stolen funds were distributed across various platforms, including gaming apps, cryptocurrency transactions, and online casinos. Although the main operators were suspected to be based in Dubai, the Bengaluru Cyber Crime police successfully apprehended the perpetrators and their accomplices. This case underscores the importance of cybersecurity and vigilance against lucrative investment scams.

Kunal Shah’s CRED and Newtap to lead Rs 550 Cr investment in NBFC arm

EntrackrEntrackr · 5m ago
Kunal Shah’s CRED and Newtap to lead Rs 550 Cr investment in NBFC arm
Medial

Non-banking financial company Newtap Finance Private Limited is planning to raise Rs 550 crore (around $64 million) from Newtap Technologies and CRED in the near to medium term. CRED founder Kunal Shah’s Newtap Technologies is the majority shareholder in Newtap Finance (formerly Parfait). According to a press release by India Ratings and Research, during FY22-24, promoters have invested Rs 149 crore in Newtap Finance, with CRED contributing a primary infusion of Rs 35.7 crore to date. Newtap Finance (NFPL) offers personal loans to individuals, with CRED serving as the loan service provider. CRED has a monthly active user base of 12 million and provides a range of services, including credit card payments, UPI transactions, vehicle management, lending, insurance, personal finance management via account aggregator rails, and rewards/deals. Newtap Finance’s loan book lacks seasoning, but CRED pre-approves loans for select users based on their financial behavior. All CRED members qualify with high credit scores, which is a key eligibility criterion for the app. Kunal Shah indirectly owns 76% of Newtap Finance through his fully owned entity, Newtap Technologies, while CRED holds a 23.6% stake. Shah and CRED gained control of Newtap in 2022, but the RBI blocked CRED's bid to raise its stake in 2023. Since then, Newtap has worked to establish itself as an independent NBFC. At the end of December 2024, the total AUM outstanding on Newtap Finance’s platform was Rs 1,141.6 crore, of which Rs 632 crore was on NFPL’s books. NFPL has also partnered with two large lenders—a bank and an NBFC—for co-lending and plans to scale up co-lending in the near term. As of December 2024, CRED had an AUM (assets under management) of Rs 19,000 crore, with an NPA (non-performing asset) of 1.1%, the press release added. During the fiscal year that ended in March 2024, CRED reported a 66% year-on-year growth in its operating revenue to Rs 2,473 crore. Moreover, the operating losses for the Tiger Global-backed company reduced by 41% in the same period.

Indonesia arrests over 100 Taiwanese for alleged cyber fraud

Economic TimesEconomic Times · 1y ago
Indonesia arrests over 100 Taiwanese for alleged cyber fraud
Medial

Indonesian police have apprehended over 100 Taiwanese individuals at a villa in Bali for suspected cyber fraud. These arrests highlight the growing concern surrounding cyber fraud groups in Southeast Asia, with authorities in China, Indonesia, and Malaysia intensifying their efforts to combat them. The group was found with numerous electronic devices and is accused of conducting online scams targeting Malaysians. While authorities cannot bring charges against them due to jurisdictional issues, they plan to work closely with relevant agencies, including those in Malaysia. The individuals will be deported after further questioning. Indonesia previously confronted international cyber fraud networks with the help of Chinese authorities.

Cashfree’ Secure ID claims to prevent fraud worth Rs 50 Cr for businesses

EntrackrEntrackr · 10m ago
Cashfree’ Secure ID claims to prevent fraud worth Rs 50 Cr for businesses
Medial

State Bank of India-backed online payments processor and aggregator Cashfree has announced that Secure ID- it’s end-to-end solution for identity verification, risk assessment, and fraud prevention has crossed over 100 crore verifications and has prevented fraud worth Rs 50 crore for businesses. Secure ID uses AI and LLMs to easily integrate into existing workflows for businesses, ensuring a smooth user experience across onboarding, user data verification and identifying user-level fraud. According to Cashfree, its fraud detection solution offers reliability by identifying suspicious activities, anomalies, and patterns indicative of fraudulent behaviour. Additionally, SecureID provides data-driven risk scoring for informed decision-making and monitoring for potential risks in the user’s journey. Secure ID’s clients include Kotak Life Insurance, Bajaj Finance, Tata AIG, Cred, BookMyForex, Meesho, and Acko General Insurance Limited. Cashfree offers a bouquet of payment services to merchants such as payment collection services, auto collect, recurring payments, and verification services to banks. Recently, the firm received the final license for payment aggregator from the Reserve Bank of India (RBI). Moreover, the apex banking body has also allowed it to onboard new merchants. As per Cashfree, 8,000 merchants have completed their KYC formalities and are ready to go live on the platform. The move is likely to help Cashfree increase its revenue significantly in the ongoing financial year. According to data intelligence platform, The Kredible, Cashfree’s revenue from operations grew to Rs 614 crore in the fiscal year ending March 2023 from Rs 350 crore in FY22.

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