6 Key Highlights – Bank Fraud, Fraud Scheme, EncroChat, Binance, TCS, Financial Fraud

Welcome to our weekly newsletter focused on providing you with the latest news and insights on AML, financial crime compliance, and emerging risks.

This week, we start with a piece of news on a former CEO of All Hands on Deck who was found guilty of conspiracies including bank fraud, wire fraud, aggravated identity theft etc. We then delve into a piece on a few corporate executives who faced charges for submitting fraudulent loan applications and misusing COVID-19 relief funds in a $53 million fraud scheme.

Next up, we have an article that highlights the crackdown of the criminal EncroChat system which resulted in thousands of arrests, the seizure of $900 million, and a significant blow to organized crime networks in Europe. After this, we have a story on Binance, a leading cryptocurrency exchange that faces regulatory concerns as it loses a significant European banking partner.

We then have an article on Tata Consultancy Services (TCS) which has taken action against six employees for their alleged involvement in a bribery case related to staffing firms. Lastly, the Economic Offences Wing (EOW) has started a probe into a fraud worth ₹14 crores in Bhubaneswar, Odisha.