45 verified cases involving Financial fraud, newest first.
The Economic Offences Wing of Chennai police arrested Ravi Parthasarathy, the former chairman of the IL&FS Group, in connection with an alleged financial fraud and money laundering case that caused a liquidity crisis.
Multi-crore Punjab and Maharashtra Cooperative (PMC) Bank fraud involving Housing Development and Infrastructure Limited (HDIL) promoters Rakesh Wadhawan and Sarang Wadhawan. The bank had loaned approximately 70% of its deposits to HDIL in violation of RBI guidelines, resulting in massive loan defaults. Accused face charges under IPC sections and the Prevention of Money Laundering Act. The case involves parallel investigations by Mumbai Police Economic Offences Wing and Enforcement Directorate.
Nirav Modi and his uncle Mehul Choksi are accused of orchestrating a massive fraud at Punjab National Bank's Brady House Branch in Mumbai by allegedly obtaining fraudulent Letters of Undertaking (LoUs) without following due process, causing losses estimated between ₹13,000–14,500 crore to the bank. The CBI registered an FIR and has filed multiple chargesheets before a Special CBI Court in Mumbai — the ED has conducted parallel PMLA proceedings and attached assets worth over ₹18,000 crore. Both primary accused remain at large outside India: Nirav Modi is held in UK custody pending extradition, and Mehul Choksi was arrested in Belgium in 2025 with an Antwerp appellate court having cleared his extradition to India. The domestic trial before the Special CBI Court in Mumbai is ongoing, with supplementary chargesheets continuing to be filed as recently as March 2025.
The Enforcement Directorate arrested Gautam Kundu, the chairman of the Rose Valley group of companies, in connection with an ongoing investigation into a chit fund scam. The case involves allegations of financial irregularities and illegal collection of funds from the public.
The Saradha Group, a Kolkata-based conglomerate, allegedly collected deposits of up to Rs 2,500 crore from lakhs of small investors across West Bengal and adjoining states through a Ponzi/collective investment scheme before collapsing in 2013. The Supreme Court of India directed the CBI to take over the investigation from the West Bengal state SIT, citing involvement of politicians and influential persons. Parallel proceedings are ongoing before the CBI's special court and a PMLA court in Kolkata, with multiple accused persons facing trial — in August 2024, the PMLA court dismissed the ED's money-laundering complaint against Senior Advocate Nalini Chidambaram for want of a prima facie case, and the Supreme Court subsequently disposed of her related plea as infructuous.