New Delhi, Dec 28: There has been a significant surge in bank fraud cases in the first half this fiscal (April-September), with 18,461 incidents amounting to Rs 21,367 crore, according to a report by the Reserve Bank of India (RBI).

This is an almost 28 per cent rise in the number of cases (14,480 in April-September of FY24) and over eight-fold increase in the total amount (Rs 2,623 crore), compared to the same period last fiscal.

In FY 2023-24, the internet and card frauds accounted for 44.7 per cent of the total fraud amount and 85.3 per cent of the cases, said the Central Bank in its report on trend and progress of banking in India.

The report further stated that private sector banks reported 67.1 per cent of all fraud cases, while public sector banks faced the highest financial impact.

“In terms of number of frauds, the share of card and internet frauds was highest for all bank groups in 2023-24,” it mentioned.

When it comes to enforcement actions, total penalties imposed on banks reached Rs 86.1 crore in 2023-24.

“Instances of penalty imposed on regulated entities (REs) increased during 2023-24 across all bank groups, except FBs and small financial banks (SFBs). The total penalty amount more than doubled in 2023-24, led by public and private sector banks. The amount of penalty imposed on co-operative banks declined during the year, while there was an increase in instances of penalty imposition,” said the RBI report.

Frauds present multiple challenges for the financial system in the form of reputational risk, operational risk, business risk and erosion of customer confidence with financial stability implications.

“Going forward, there is a continuing need for banks to strengthen their risk management standards, IT governance arrangements and customer onboarding and transaction monitoring systems to check unscrupulous activities, including suspicious and unusual transactions,” said RBI.

The central bank is working on a public repository of digital lending apps to help customers verify the legitimacy of these services.

The capital market regulator, the Securities and Exchange Board of India (SEBI), imposed penalties totaling ₹54 lakh on Jaiprakash Power Ventures, its Managing Director and CEO Suren Jain, and other top officials on Friday for allegedly misrepresenting the company’s financial statements.

In an 89-page order, the regulator directed Jaiprakash Power Ventures Ltd (JPVL), a part of the Jaypee Group, to pay the penalties within 45 days. The SEBI report named JPVL MD and CEO Suren Jain, Chairperson Manoj Gaur, Executive Directors Sunil Kumar Sharma and Praveen Kumar Singh, Chief Financial Officer R.K. Porwal, and former Whole-Time Director M.K.V. Rama Rao for misrepresenting the company’s books of accounts and violating the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) and Listing Obligations and Disclosure Requirements (LODR) regulations.

“I hold that the company overstated its books of accounts by way of not providing interest on its current investments, Foreign Currency Convertible Bonds (FCCBs), and other unsecured loans in FY 2018-19. Therefore, the financial statements of the company have not reflected a true and fair view,” stated SEBI Adjudicating Officer Asha Shetty.

The regulator levied a fine of ₹14 lakh on Jaiprakash Power Ventures, ₹7 lakh each on Jain, Gaur, Sharma, and Singh, and ₹6 lakh each on Porwal and Rao.

The SEBI investigation found that the company overstated its financial statements by not adopting correct accounting practices. Specifically, it failed to measure investments in Sangam Power Generation Company Ltd (SPGCL), Jaypee Arunachal Power Ltd (JAPL), and Jaypee Meghalaya Power Ltd (JMPL) at fair value during FY 2012-13 to FY 2021-22. Consequently, the company’s profit and loss account and balance sheet did not reflect a true and fair view.

Lexus is set to debut its futuristic LF-ZC Concept, a battery electric vehicle (BEV), at the Bharat Mobility Expo 2025 from January 17 to 22. The concept showcases advanced aerodynamics with its sharply raked C-pillar, coupe-like roofline, sleek headlamps, closed grille, and strategically positioned air vents.

Measuring 4,750mm in length, 1,880mm in width, and 1,390mm in height, with a 2,890mm wheelbase, the LF-ZC is designed for both performance and efficiency. Central to its innovation is a prismatic battery pack, which reduces weight and doubles the range compared to traditional EV batteries, underscoring Lexus’ commitment to cutting-edge technology.

The Lexus LF-ZC concept redefines electric mobility with its futuristic interior and advanced features. A standout innovation is the “Buttler,” an AI-powered voice assistant that learns driver preferences to personalize settings based on in-car data. The cabin includes a sleek digital instrument panel and two screens on either side of the steering wheel—one for drive modes, gear selection, and ADAS controls, and the other for managing entertainment, climate, and phone functions.

Additionally, a co-driver display enhances convenience by controlling infotainment and apps. Built on a shared platform with future Toyota and Lexus EVs, the LF-ZC is designed for efficiency, boasting a drag coefficient of just 0.2. High-spec variants will deliver an impressive 1,000 km range, while lower-spec models will offer reduced ranges. Set to enter production in 2026, this concept combines innovation and efficiency to shape the future of luxury electric vehicles.

The Bharat Mobility Expo 2025, set to take place from January 17 to 22 in New Delhi, promises to be a landmark event showcasing the future of sustainable and innovative transportation. Bringing together global and domestic players in the mobility sector, the expo will feature groundbreaking concepts, advanced technologies, and eco-friendly solutions designed to redefine the transportation landscape. With major brands like Lexus unveiling visionary models such as the LF-ZC concept, the event is set to highlight the shift towards electric and sustainable mobility. This platform will not only showcase cutting-edge advancements but also pave the way for discussions on the future of mobility in India and beyond.