At Jaleswar in Balasore district, three accounts including that of a teacher were ‘phished.’ The teacher could be tracked and returned the cash. More such cases have been reported in neighbouring West Bengal. Incidence of fraudulent activities is regularly reported from technical college students.

With banking sector going hi-tech, online frauds are here to stay. Going by experts, Orissa has to guard against the trend as its economy is on take-off stage. The mushrooming of super bazaars and malls, mostly in Bhubaneswar and other top cities is just an example.

The IT-driven banking has necessitated the police to augment its efforts. The Commissionerate Police have chose to come up with a specialised wing to deal with cyber crimes and economic offences. As part of the police modernisation, the new cell will function in 2009-10.

‘‘Banking procedures have increasingly become consumer-centric to facilitate transactions but at the same time, it has become increasingly complicated for investigating agencies like police,’’ said Commissioner of Police Bijay Kumar Sharma.

At a workshop on ‘Bank frauds: Prevention and Investigation,’ organised jointly by ICICI Bank and Commissionerate of Police, officers from Bhubaneswar and Cuttack were informed about the various aspects of banking frauds and how understanding of technology can help investigation process.

According to government statistics, over 13,000 credit card fraud cases were reported in India between April and December. The loss of revenue stood at approximately Rs 36.5 crore. A third of loss in such transactions belonged to ICICI Bank which reported over 11,000 cases.

Sharma had a word of caution to his officers. With banks fanning out to the nook and cranny with new branches to buy base, the use of ATM as well as cards will grow.

The incidence of fraud will rise which is why police are required to acquaint themselves with the new age crimes and the modus operandi.

While the Crime Branch of Orissa Police has a cyber crime cell, the wing of the Commissionerate of Police is plotting to post an officer who is trained in computer programming. ‘‘An officer trained in C-DAC will be posted when the cell operates,’’ Sharma said.

The executives of ICICI Bank clarified counterfeiting, skimming of cards and measures to identify them. Chief Manager Sekhar Bannerji and Regional Manager Saibal Sen spoke.

Cyber cell to crack e-frauds – expressbuzz.com – 8 Mar 09 is a post from: Before You Invest Your Money

Countdown to raid on Anglo:May 2007 Anglo Irish Bank’s shares peak at more than €17 each
July 2008 A so-called “golden circle” of ten investors secretly buys a 10 per cent stake in the bank
September 30 Government unveils a €400 billion guarantee scheme for six banks, including Anglo Irish
December 18 Sean FitzPatrick, the chairman, resigns and admits he hid more than €80 million in secret loans from shareholders
Decemeber 19 David Drumm, the chief executive, resigns
December 21 Government recapitalises Anglo with €1.5 billion
December 29 Shares plummet to 12 cents
January 15, 2009 The Government is forced to nationalise Anglo
January 16 Shareholders call for the board to be sacked
January 19 Five board members resign
February 10 Irish Life & Permanent’s €7 billion deposit to boost Anglo’s balance sheet is revealed
February 20 Donal O’Connor, the new executive chairman, reveals that it gave loans worth €451 million to ten customers last year to buy shares in the bank. A report finds that Anglo has 15 customers who owe it more than €500 million each
February 24 Investigators raid Anglo’s Dublin offices

Police raided the headquarters of Anglo Irish Bank in Dublin yesterday morning, compounding the economic woes of the Irish Republic and helping to send its stock market to a 14-year low. The troubled bank was raided by the Office of the Director of Corporate Enforcement (ODCE), supported by about 25 police officers. The bank has a significant exposure to the falling British property market. The regulator said that, among other suspected irregularities, it was investigating the unwinding of significant contracts for difference.

Anglo Irish Bank, which was nationalised last month, is at the centre of a series of corporate scandals. Sean FitzPatrick, its former chairman and chief executive, resigned in December after admitting that he had failed to tell an €87 million (£77 million) loan that he had repeatedly went in and out of the bank over eight years.

Anglo Irish is also at the centre of a loans-for-shares scandal involving ten of its largest clients, and there are allegations of share-price manipulation and of irregularities over loans to its directors, as well as claims that the bank used multibillion-euro transfers from Irish Life & Permanent to boost its deposit base improperly. About 120,000 people took to Dublin’s streets last weekend to protest against the Government’s handling of the financial crisis afflicting the nation.
Last night the Government vowed to prosecute those who jeopardised the country’s financial stability. Dermot Ahern, the Justice Minister, said: “Legislation is in place to bring to justice those who may have played hard and quick with the financial security of this country. The Government will go after banking chiefs involved in wrongdoing that has tarnished the country’s reputation internationally.
“We operate the rule of law. That provides that whether you have a balaclava, a sawn-off shotgun or a white collar and designer suit, the same rules apply.” Noel Dempsey, the Transport Minister, said this week that those suspected of wrongdoing would be guilty of “economic treason” if they were found to be culpable. In announcing the raids yesterday, Brian Cowen, the Taoiseach, promised in the Dáil that the Government would not intervene in the ODCE’s inquiry. He said: “I have consistently made clear that . . . the Government would do nothing to prejudice subsequent criminal or civil proceedings.” ODCE officials arrived at Anglo Irish’s headquarters at about 9.30am yesterday with a search warrant that had been issued by a court on Monday. A spokesman said that the warrant authorised the regulator to “buy books, documents and any other materials which may provide evidence”. Last night Brian Lenihan, the Finance Minister, said that investigations would be “completed in a matter of weeks”. The Dublin stock index fell below 2,000 points for the first time since May 1995. In mid-morning trade it was down 3 per cent at 1,989, less than a fifth of its value two years ago. It closed at 2,034, down 15 points.

Police raided the headquarters of Anglo Irish Bank in Dublin yesterday morning is a post from: Before You Invest Your Money