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Hindustan Times
26-04-2025
- Hindustan Times
New India Co-op Bank case: ED launches money laundering probe, seizes valuables worth ₹1 crore
MUMBAI: The Enforcement Directorate (ED) on Thursday carried out searches at seven locations across Mumbai and Gujarat in connection with an alleged ₹122 crore bank fraud involving the New India Co-operative Bank (NICB). The searches, conducted under the Prevention of Money Laundering Act (PMLA), led to the seizure of valuables worth ₹1 crore and several documents, including property records. The search operation centred on Hiren Bhanu, former chairman of New India Co-operative Bank, who allegedly facilitated the diversion of bank loans that turned into non-performing assets (NPAs). According to ED officials, these funds, estimated to exceed ₹45 crore, were transferred to overseas entities linked to Bhanu. The alleged transactions were traced during ED's search operation. The embezzlement at the bank came to light during a Reserve Bank of India (RBI) risk assessment, which first flagged the same. Mumbai police's Economic Offences Wing (EOW) is also probing the matter under various sections of the Bharatiya Nyaya Sanhita. ED officials stated that the current phase of the investigation focuses on tracing the flow of funds and identifying beneficiaries involved in the misappropriation, which has not only affected NICB but also impacted its depositors. Reacting to ED's action, Bhanu's lawyer Sajjal Yadav told HT on Friday, 'My clients are not aware of the ED action. The funds received by Bhanu in his overseas companies were in the routine course of his business and have no nexus with banking operations or theft of ₹122 crore from the bank. Hiten Mehta, in connivance with auditors, has physically stolen cash from the bank that was not even noticed by the RBI nominated members on the board of the bank over the last few years. The Bhanus have addressed multiple letters to the EOW to examine them on video - conferencing. No summons has been received from ED.' In a separate operation on Friday, ED conducted searches in Malegaon, Nashik, as part of a parallel investigation into a suspected large-scale scam involving delayed birth and death certificates. The probe is based on multiple FIRs registered across districts including Akola, Amravati, Chhatrapati Sambhaji Nagar, Latur, Nashik (Rural), and Parbhani. The scam involves the use of forged documents — such as tampered school leaving certificates, Aadhaar cards, and ration cards — to fraudulently obtain delayed registration of births or deaths. In Malegaon alone, two cases revealed that 3,127 such certificates were issued between August 2023 and December 2024, suggesting a widespread racket involving agents, document forgers, and beneficiaries. Based on intelligence inputs, ED examined bank accounts of suspects and agents linked to the alleged racket. The analysis indicated frequent UPI transfers and cash deposits believed to be bribe money. One key agent's account was reportedly used to collect bribes on behalf of a former Naib Tehsildar of Malegaon Tehsil. The bribe amounts were quickly dispersed to multiple individuals suspected to be part of the network. The police cases, mostly initiated on complaints by tehsildars, describe how applicants submitted fake documents and manipulated Aadhaar details to obtain fraudulent birth certificates. In some instances, individuals applied for multiple birth records with differing information, pointing to a systematic attempt to bypass verification protocols. Both investigations remain ongoing.
Yahoo
14-04-2025
- Yahoo
American drivers warned about red flags to avoid ‘predatory towing' targeting motorists across US
Victims of car collisions may have more to worry about as insurance companies warn drivers to be aware of a growing scam involving tow truck companies. Chris Stroisch, the National Insurance Crime Bureau (NICB) vice president of public affairs & communications, shared with Fox News Digital that they are seeing a "significant spike in predatory tolling in the United States, which has increased 89% in the last three years." "We're seeing predatory towing occurring in cities both large and small. So you're seeing predatory towing occurring in large cities like Chicago, Los Angeles, and Washington, D.C. But you're also seeing it in small communities like Des Moines, Iowa," Stroisch said. Stroisch explained that these predatory towers are "following the money" and will operate wherever they can make the most profit. Alarming Number Of Americans Scammed Out Of Life Savings Have One Thing In Common, Prompting Lawmaker Response "Unfortunately, what we're seeing on our end is that we're hearing a lot of sad stories," Stroisch said. "Predatory towers that are engaging in reckless driving, they're engaging in turf wars even, and there's even been shootings tied to predatory towing that's all leading to very tragic, but avoidable deaths. So it's really just this growing problem that we've seen take off in the last three years in this country." Read On The Fox News App The California Department of Insurance echoed the NICB warning and added that it has seen an uptick happening where some tow truck companies are targeting drivers involved in crashes by picking up their cars and then holding them hostage for large amounts of money. "This type of scam is preying on drivers at their most vulnerable moments—immediately after an accident—when they should be focused on their safety and next steps, not fighting to get their vehicle back," Insurance Commissioner Ricardo Lara said in a statement. "Our department is committed to protecting Californians from fraud, and this PSA is an important step in ensuring drivers know the warning signs and how to protect themselves." A spokesperson for the agency told Fox News Digital that, right now, they are seeing two primary scams. One involves a tow truck driver showing up immediately after a collision occurs and offering to help the other driver by towing their vehicle to a body shop. "Tow drivers show up to accident scenes and misrepresent to the crash victim that they were sent there by the insurance company, when they were in fact not," the agency said. "The suspects steal/tow the victim's vehicle under false pretenses to a body shop or tow yard. They then charge exorbitant fees to the victim or insurance company to release the vehicle." Fbi Warns Of Dangerous New 'Smishing' Scam Targeting Your Phone The second scam the agency said they are seeing is when a tow driver steals personal information from the victim by posing as law enforcement or an insurance company employee. "Suspects contact the crash victim claiming to be an employee of the victim's insurance carrier, indicating they will tow the vehicle to a body shop approved by their insurance company and then steal/tow the vehicle under false pretenses," the California Department of Insurance spokesperson said. Stroisch added that there are two rules of thumb that they tell consumers. "First thing, if you didn't request it, reject it," Stroisch said. "If you're in an accident and a tow truck company shows up on scene that's unsolicited, we tell people to wait for law enforcement to arrive. And then once that tow truck company is on scene, to know as much as you can or know before you tow." The California Department of Insurance shared a few red flags drivers should be aware of to make sure they are not a victim of this type of scam, which include: If a tow truck shows up within minutes of an accident before you have had time to call anyone yet. If a tow truck driver tells you which body shop your car is going to instead of working with you to identify where you want your vehicle to go. If a tow truck driver tells you that someone will contact you by phone or asks you to sign documents. If a tow truck driver requests a rideshare for you. In response to the growing scam trend, the agency said that it has created three law enforcement task forces in Southern California that investigate organized automobile insurance fraud. The task forces are comprised of CDI detectives, investigators from the California Highway Patrol, and investigators from the local district attorney's offices, the agency explained, adding that it manages these task forces. "These task forces work up these crimes, present the case to the district attorney's offices for filing criminal charges, and arrest the suspects. Additionally, we work with other state agencies, such as the Bureau of Automotive Repair, to refer cases for administrative sanctions," the agency said. "We also spend considerable time educating our state and local law enforcement partners to assist us in better recognizing this type of activity, and we have been releasing public service announcements to raise the public's awareness." Holiday Travel Warning: $5M Worth Of Cars Stolen From Major Us Airport By Organized Theft Ring, Report Says According to the department, the Inland Empire Automobile Insurance Fraud Task Force has investigated multiple cases, including one that has resulted in the arraignment and charges against 16 Southern California residents. "This task force investigation found the auto fraud ring allegedly conspired together to create fraudulent insurance claims to illegally collect over $216,932," the department said in a statement. "The investigation discovered the large-scale organized auto insurance fraud ring was engaged in multiple types of schemes including holding vehicles hostage and collusive collisions." This same ring, the department shared, was previously charged in a similar scheme stemming from vehicles stolen under false pretenses in San Bernardino County. Stroisch shared that some of these operators are even charging upwards of 10 times the usual cost of a tow, and then are holding the vehicles hostage in the process. "The average cost of a tow is $109, but we're seeing costs that have skyrocketed, and we're seeing costs that are 10, 15, 16, and $17,000 that are just filled with absorbent fees and very vague descriptions of what people are actually paying for all while these vehicles are being held hostage," Stroisch explained. How Scammers Have Sunk To A New Low With An Ai Obituary Scam Targeting The Grieving "If you're in an accident, get as much information as you can about a tow truck company and wait for law enforcement to arrive first." While tow truck scams are nothing new, the California Department of Insurance said they are on the rise, increasing by over 1,500 reports since 2023. "We do not have stats specific to this type of scam, but in 2024, CDI received 13,870 referrals of suspected automobile insurance fraud from insurance companies, government agencies and the public, which increased from 2023, where we received 12,363," the department shared. The department said it is urging any drivers that believe they may be in a situation like this to verify the tow truck with their insurance company or wait for CHP to verify the tow truck was dispatched by CHP, adding to also not sign any documents until you have talked to their insurance company. Stroisch said one of the biggest things that the bureau is seeing right now is the lack of laws and the lack of policies in some cities and states. "Every state, every municipality is different, and some states have laws against predatory towing. They have laws that require licensing of tow truck companies. They have laws that require transparency around fee schedules, but there are many cities and states that don't," Stroisch explained. "So I think that from an NICB standpoint, we would recommend all lawmakers at every level, work together to put measures in place to help prevent this." Stroisch suggested that banning accident scene solicitations is one example of how predatory towing can be thwarted. "That's where a lot of this is occurring. These tow truck companies that just show up on scene, so ban accident scene solicitation in the first place. So we are really encouraging lawmakers to work together to pass legislation. "We are currently monitoring 107 different bills in 37 states that are all tied to predatory towing. So to have that many bills that are in some stage, it's just showing the problem that we're seeing right now."Original article source: American drivers warned about red flags to avoid 'predatory towing' targeting motorists across US
Fox News
14-04-2025
- Fox News
American drivers warned about red flags to avoid ‘predatory towing' targeting motorists across US
Victims of car collisions may have more to worry about as insurance companies warn drivers to be aware of a growing scam involving tow truck companies. Chris Stroisch, the National Insurance Crime Bureau (NICB) vice president of public affairs & communications, shared with Fox News Digital that they are seeing a "significant spike in predatory tolling in the United States, which has increased 89% in the last three years." "We're seeing predatory towing occurring in cities both large and small. So you're seeing predatory towing occurring in large cities like Chicago, Los Angeles, and Washington, D.C. But you're also seeing it in small communities like Des Moines, Iowa," Stroisch said. Stroisch explained that these predatory towers are "following the money" and will operate wherever they can make the most profit. "Unfortunately, what we're seeing on our end is that we're hearing a lot of sad stories," Stroisch said. "Predatory towers that are engaging in reckless driving, they're engaging in turf wars even, and there's even been shootings tied to predatory towing that's all leading to very tragic, but avoidable deaths. So it's really just this growing problem that we've seen take off in the last three years in this country." The California Department of Insurance echoed the NICB warning and added that it has seen an uptick happening where some tow truck companies are targeting drivers involved in crashes by picking up their cars and then holding them hostage for large amounts of money. "This type of scam is preying on drivers at their most vulnerable moments—immediately after an accident—when they should be focused on their safety and next steps, not fighting to get their vehicle back," Insurance Commissioner Ricardo Lara said in a statement. "Our department is committed to protecting Californians from fraud, and this PSA is an important step in ensuring drivers know the warning signs and how to protect themselves." A spokesperson for the agency told Fox News Digital that, right now, they are seeing two primary scams. One involves a tow truck driver showing up immediately after a collision occurs and offering to help the other driver by towing their vehicle to a body shop. "Tow drivers show up to accident scenes and misrepresent to the crash victim that they were sent there by the insurance company, when they were in fact not," the agency said. "The suspects steal/tow the victim's vehicle under false pretenses to a body shop or tow yard. They then charge exorbitant fees to the victim or insurance company to release the vehicle." The second scam the agency said they are seeing is when a tow driver steals personal information from the victim by posing as law enforcement or an insurance company employee. "Suspects contact the crash victim claiming to be an employee of the victim's insurance carrier, indicating they will tow the vehicle to a body shop approved by their insurance company and then steal/tow the vehicle under false pretenses," the California Department of Insurance spokesperson said. Stroisch added that there are two rules of thumb that they tell consumers. "First thing, if you didn't request it, reject it," Stroisch said. "If you're in an accident and a tow truck company shows up on scene that's unsolicited, we tell people to wait for law enforcement to arrive. And then once that tow truck company is on scene, to know as much as you can or know before you tow." The California Department of Insurance shared a few red flags drivers should be aware of to make sure they are not a victim of this type of scam, which include: In response to the growing scam trend, the agency said that it has created three law enforcement task forces in Southern California that investigate organized automobile insurance fraud. The task forces are comprised of CDI detectives, investigators from the California Highway Patrol, and investigators from the local district attorney's offices, the agency explained, adding that it manages these task forces. "These task forces work up these crimes, present the case to the district attorney's offices for filing criminal charges, and arrest the suspects. Additionally, we work with other state agencies, such as the Bureau of Automotive Repair, to refer cases for administrative sanctions," the agency said. "We also spend considerable time educating our state and local law enforcement partners to assist us in better recognizing this type of activity, and we have been releasing public service announcements to raise the public's awareness." According to the department, the Inland Empire Automobile Insurance Fraud Task Force has investigated multiple cases, including one that has resulted in the arraignment and charges against 16 Southern California residents. "This task force investigation found the auto fraud ring allegedly conspired together to create fraudulent insurance claims to illegally collect over $216,932," the department said in a statement. "The investigation discovered the large-scale organized auto insurance fraud ring was engaged in multiple types of schemes including holding vehicles hostage and collusive collisions." This same ring, the department shared, was previously charged in a similar scheme stemming from vehicles stolen under false pretenses in San Bernardino County. Stroisch shared that some of these operators are even charging upwards of 10 times the usual cost of a tow, and then are holding the vehicles hostage in the process. "The average cost of a tow is $109, but we're seeing costs that have skyrocketed, and we're seeing costs that are 10, 15, 16, and $17,000 that are just filled with absorbent fees and very vague descriptions of what people are actually paying for all while these vehicles are being held hostage," Stroisch explained. "If you're in an accident, get as much information as you can about a tow truck company and wait for law enforcement to arrive first." While tow truck scams are nothing new, the California Department of Insurance said they are on the rise, increasing by over 1,500 reports since 2023. "We do not have stats specific to this type of scam, but in 2024, CDI received 13,870 referrals of suspected automobile insurance fraud from insurance companies, government agencies and the public, which increased from 2023, where we received 12,363," the department shared. The department said it is urging any drivers that believe they may be in a situation like this to verify the tow truck with their insurance company or wait for CHP to verify the tow truck was dispatched by CHP, adding to also not sign any documents until you have talked to their insurance company. Stroisch said one of the biggest things that the bureau is seeing right now is the lack of laws and the lack of policies in some cities and states. "Every state, every municipality is different, and some states have laws against predatory towing. They have laws that require licensing of tow truck companies. They have laws that require transparency around fee schedules, but there are many cities and states that don't," Stroisch explained. "So I think that from an NICB standpoint, we would recommend all lawmakers at every level, work together to put measures in place to help prevent this." Stroisch suggested that banning accident scene solicitations is one example of how predatory towing can be thwarted. "That's where a lot of this is occurring. These tow truck companies that just show up on scene, so ban accident scene solicitation in the first place. So we are really encouraging lawmakers to work together to pass legislation. "We are currently monitoring 107 different bills in 37 states that are all tied to predatory towing. So to have that many bills that are in some stage, it's just showing the problem that we're seeing right now." Stepheny Price is a writer for Fox News Digital and Fox Business. She covers topics including missing persons, homicides, national crime cases, illegal immigration, and more. Story tips and ideas can be sent to
Yahoo
26-03-2025
- Yahoo
Columbus residents cautioned about ‘brake checking' and staged accident risks
COLUMBUS, Ohio (WCMH) — A warning about a specific type of staged auto accident, sometimes referred to as brake checking, has gained much attention after being posted on social media. The notice, which appeared on Nextdoor, quickly received several reactions and comments, with others acknowledging they had experienced similar situations. 'Beware! Brake checkers trying to cause intentional accidents on 670E and exited on Leonard Ave.,' the site member wrote. Trace Adkins, Taylor Swift tribute join concert lineup for 2025 Ohio State Fair When someone asked, 'What are brake checkers?' another answered, 'They pull in front of you fast from an adjacent lane then brake.' 'That's exactly what happened to me,' a person echoed on the platform. 'They zipped past me, pulled in front and braked hard.' Another commenter described a highly suspicious accident they believed was most likely perpetrated by fraudsters. 'I had one get me at a light by stopping super fast at the green, and it was in a right curve,' the commenter wrote. 'I was looking and paying attention just didn't react fast enough, and they literally gave me a notebook (opened already to a blank page) & a pen; as soon as they jumped out of the car: I'm like nope I'm calling the law, THEY BOUNCED OUT SO FAST!' 'Thank you for the public notice,' said a grateful reader. 'Reminds me to put my dash cam in already!' The National Insurance Crime Bureau (NICB), a not-for-profit that educates about insurance crimes, refers to the scenario as the 'swoop-and-squat,' which can include additional vehicles driven by the criminals. Delaware Hayes High School students win NASA app development challenge 'The driver of the 'squat' vehicle pulls in front of the victim's car,' the organization explains on its website. 'The driver of the 'swoop' vehicle pulls in front of the squat vehicle, causing the driver of the squat vehicle to hit his brakes. The victim cannot react in time and rear-ends the squat vehicle. The swoop vehicle races off and is not seen again. The victim then typically is responsible for any vehicle damage and personal injury to passengers in the squat vehicle.' The group also noted that, when on the highway, the swoop-and-squat can involve three cars driven by bad actors. One auto is used to pin the victim in their lane while another person slams on the brakes in front of the unsuspecting driver. The NICB recommends a few points to avoid becoming a victim of a staged accident, including: Avoid tailgating. Always call the police to an accident scene. Document damage and the number of occupants in the other vehicles with cellphone photos. Avoid people who suddenly appear and suggest specific doctors and attorneys. These people are called 'runners' and 'cappers.' Be suspicious of tow trucks that show up when not called for service. They are often 'cappers' for body shops. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Miami Herald
23-03-2025
- Automotive
- Miami Herald
Apple product used in new program to cut down on auto theft
Theft has always been a part of the human condition. Long before Moses got the inspiration to bring the 10 commandments to the people, stealing was a facet of everyday life. The only thing that has changed with time is the sophistication with which thieves steal. Get expert insights and actionable trade alerts from veteran investing experts and hedge fund managers. Join TheStreet Pro today and get the first month FREE According to the National Insurance Crime Bureau, over 1 million vehicles were stolen in the U.S. in 2023. But the news isn't all bad; there was a 17% reduction in 2024, marking the first time vehicle thefts fell below 1 million since 2021 and the largest decrease in 40 years. "The overall decrease in stolen vehicles nationwide is a testament to the hard work and collaboration between law enforcement, multi-jurisdictional auto theft task forces, governing bodies, vehicle manufacturers, and NICB," said David J. Glawe, President and CEO of NICB. Related: Hyundai, Kia face a surprising lawsuit on growing problem "Collectively, these groups used data and intelligence to develop actionable strategies to help local authorities investigate and prosecute offenders and to prevent vehicle theft from occurring in the first place." While car thefts are down nationally, that good news hasn't filtered down to every municipality equally. Some districts are facing an epidemic of car thefts, so police departments are turning to high-tech solutions to combat the problem. This week, the Denver Police Department said it would provide a total of 450 Apple AirTag tracking devices for free between March 19 and March 21. A four-pack of Apple AirTags retails for about $100. The move is part of the department's DenverTrack program, which preauthorizes the DPD to work with the GPS information provided by the vehicle owner through their AirTags, LoJack, or other vehicle GPS services. Car theft victims enrolled in DenverTrack are told to call 911 to report their vehicle stolen and inform the call taker that their vehicle is registered. The vehicle owner then provides the responding officer with the vehicle's tracked location. To alleviate security concerns, the department emphasizes that they can't track a vehicle without the owner's express written consent. They also note that some companies will not share real-time GPS info with law enforcement without a subpoena. While the Denver metro area is experiencing the same decline in car thefts that the rest of the country is, hundreds of vehicles are still boosted every month. More Auto News: As Tesla stock plunges, burning questions surround Elon MuskTesla mega bull sounds the alarm on Elon Musk's leadershipEuropean tech companies reveal strategy to take on Elon Musk The city is averaging more than 430 car thefts per month, which breaks down to about 14 per day. While this may sound like a lot, it is a drastic improvement from the 711 per month the city average in 2024, and much less than the 991 per month the city averaged in 2023, according to The majority of car thefts in the city occur between the hours of 4 p.m. and midnight. Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
