Experian has launched Hunter, a fraud prevention service that enables businesses to prevent costly application fraud
The global information services company, Experian has launched Hunter, India's first fraud prevention service that enables local and international businesses to prevent costly application fraud. Application fraud occurs when fraudsters use another person's identity to apply for finance they are not entitled to, or when genuine individuals misrepresent their own information in an attempt to obtain financial services they are not entitled to.
Hunter-used by over major institutions around the world to combat fraud-is now available to Indian financial institutions. Axis Bank and ICICI Bank have already signed up to the hosted and pay-as-you-use service.
Experian's Hunter service enables the early detection of potentially fraudulent applications and helps identify fraud rings. The most effective strategy is to prevent the fraud at the point of application and Hunter achieves this without affecting customer service levels and turn around times. Hunter's hosted technology means that Indian businesses can access the service quickly and easily to enhance their defences against application fraud.
Balwa’s lawyer challenges arrest saying the company is being made a scapegoat
Mumbai: The Central Bureau of Investigation (CBI) was today allowed two days transit remand of Swan Telecom promoter Shahid Usman Balwa by a Mumbai court to take him to Delhi and interrogate him together with former telecom minister A Raja, who is in the custody of the investigative agency with regard to the telecoms scandal.
Mr Balwa, who was arrested last evening from his Bandra residence in suburban Mumbai, was produced before Special CBI Judge SC Chandak, who allowed the agency two days of transit remand, to produce him before a court in Delhi, reports PTI.
Mr Balwa's lawyer challenged the arrest in court, saying that his company was being singled out and was being made a "scapegoat" despite some other firms also being involved in the case.
The counsel for the CBI countered the argument saying that Mr Balwa sold the licence to Etisalat, a UAE-based company, allegedly for Rs4,200 crore, while he had bought it for just Rs1,537 crore.
After the hearing the two sides, the judge said that since the CBI has Mr Raja in its custody, it may need to confront the former minister and Mr Balwa as the accused may have divulged something during his interrogation. Mr Balwa's arrest comes just two days before the Supreme Court hears the continuing 2G spectrum case.
Sources said that the CBI had some evidence through the income-tax department that Mr Balwa, a close aide of Mr Raja, was instrumental in channelling alleged kickbacks received for the sale of 2G spectrum by the former telecom minister.
According to the sources, Mr Balwa allegedly helped the minister and some of his close confidantes to park the money in the real estate sector.
At a news conference last evening, K Radhakrishnan says neither was the department of space nor the Union Cabinet informed about the details of the contract
New Delhi: As political pressure mounts on prime minister Manmohan Singh with allegations of yet another spectrum scam, the Indian Space Research Organisation (ISRO) has announced that the process to terminate a suspect deal is underway.
The space agency had suggested that there was no financial loss to the government on account of the 2005 contract between its commercial arm, Antrix, and a private firm Devas Multimedia, set up by a former ISRO official for the use of scarce satellite-based communication spectrum, or S-band spectrum.
But at a news conference late last evening, ISRO chief K Radhakrishnan admitted that details about the contract that gave Devas the rights to 90% usage of transponders on two satellites, were not shared with the Organisation or the Union Cabinet, reports PTI.
"One point that was not explicitly mentioned (to the Union Cabinet) was that GSAT 6 and GSAT 6A satellites are going to be predominantly used for this novel and commercial application that Antrix had entered into with M/s Devas," Mr Radhakrishnan said.
Newspapers reported yesterday that ISRO is being investigated by the Comptroller and Auditor General (CAG) for leasing of transponders on ISRO satellites to Devas Multimedia. The leases granted it access to telecom spectrum without a bidding process, the media reports said.
S-band spectrum can provide broadband internet services in a rapidly-expanding Indian mobile phone market. On the basis of other market deals, a total of $44 billion would have been disbursed had all spectrum allocated to Devas been sold at those prices, according to the media reports.
The ISRO conference came after a statement from the prime minister's office (PMO) denying media reports that Devas was allotted 70 MHz of spectrum for Rs 1,000 crore. The statement said that no decision had been taken and therefore charges of revenue loss of a whopping Rs2 lakh crore were without basis.
But the Bharatiya Janata Party (BJP) remained unconvinced and described the clarification from the PMO as meaningless. The principal opposition party said there were important questions that the prime minister must explain to the nation.
"It is self evident that Manmohan Singh is leading a regime that is the most corrupt after independence...yet it is claimed that he is Mr Clean," BJP spokesperson Ravi Shankar Prasad said.
Subsequently, the ISRO chief clarified that neither spectrum nor transponders or satellites were given to Devas or Antrix so far. "The question of revenue loss incurred does not arise," said Mr Radhakrishnan, who was accompanied by former ISRO chief and member of the Planning Commission K Kasturirangan.
He said the process of review of the contract was initiated on 8 December 2009 and soon "we are expecting to complete it".
"In December 2009, I instituted a committee with a former member of the Space Commission for a comprehensive review of all matters," Mr Radhakrishnan said, after describing the genesis of the review process.