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Business

Lekoil says no evidence of fraud

LAGOS: Nigerian oil firm Lekoil said that an audit into the US$184mil loan scam uncovered “no evidence of complicity” from any of its company directors or employees.

Business

Poser on Malaysia’s new fundraising option

PETALING JAYA: Malaysia’s decision to allow businesses to raise cash through blockchain technology some two years after the boom and bust of the scam-riddled initial coin offerings (ICOs) has sparked concerns.

Business

India’s PNB detects US$556mil fraud

MUMBAI: India’s state-run Punjab National Bank (PNB) said it had reported a borrowing fraud of 38.05 billion Indian rupees (US$556mil) in Bhushan Power & Steel Ltd’s account to the country’s central bank.

Business

More measures to protect consumers

PETALING JAYA: A new legislation is being formulated to protect consumers and to ensure that they are treated fairly when they borrow regardless from banks, cooperatives, money lenders or credit companies.

Business

Portal My AzZahra ensures security in cooperative financing

KUALA LUMPUR: MyAngkasa Az Zahra Sdn Bhd and Angkatan Koperasi Kebangsaan Malaysia's (Angkasa) online loan processing platform – Portal My AzZahra – ensures security in cooperative financing for civil servants.

Business

Probe on loan scam, co-operative commission acts

PETALING JAYA: The Malaysia Co-operative Societies Commission (SKM) will investigate allegations that a few co-operatives, including the Malaysian National Co-operative Movement (Angkasa), are involved in a “syndicated loan scam”.

Business

Co-operative Commission to investigate scam allegations

PETALING JAYA: The Malaysia Co-operative Societies Commission will investigate allegations that certain co-operatives are involved in a syndicated loan scam, falsifying payslips for civil servants and employees of government-linked companies.