Fraud

German authorities have uncovered an alleged €300-million payments fraud that has drawn in former staff and executives at several payment companies, deepening the sector’s long-running crisis years after the collapse of Wirecard.

Chinese authorities have arrested the former chairman of Cambodia’s Huione Group, a financial conglomerate identified as a central player in a global money-laundering network, in the latest escalation of Beijing’s campaign against transnational organized crime in Southeast Asia, The New York Times said.  Li Xiong, a Chinese national and former chairman of Huione Group, was […]

The U.S. Financial Crimes Enforcement Network (FinCEN) on Monday issued an advisory urging banks and other financial institutions to step up detection and reporting of healthcare fraud tied to Medicare, Medicaid and other public health benefit programs.

Hungary has recovered and returned less than a fifth of EU funds flagged for potential fraud over the past decade, according to data from the bloc’s anti-fraud watchdog reported by the Financial Times. 

The trial of Russian businessman Dmitry Klyuev, accused by French prosecutors of laundering proceeds of the $230 million Magnitsky Affair fraud through luxury purchases in France, opened in Paris on Monday. 

Britain has expanded its crackdown on Southeast Asia’s scam economy by sanctioning Xinbi, a Chinese-language crypto marketplace that officials say helped service scam centers, along with Legend Innovation Co., the operator of Cambodia’s “#8 Park” compound, and six individuals allegedly tied to the network.

An entrepreneur who used ties to prominent academics to raise nearly $27 million for a cluster of startups ran what U.S. regulators described as an “IP-rich” and “Ponzi-like” scheme that recycled new investor money to repay earlier backers while funding a lavish personal lifestyle.

Italian authorities have seized assets worth about €20 million in Tuscany that investigators say were purchased with money embezzled from actor Ursula Andress.

South Africa’s national police commissioner, Fannie Masemola, has been charged in a widening corruption investigation linked to the award of a 360 million rand ($21 million) police health-services contract to a businessman already under scrutiny for tender fraud.

Britain’s National Crime Agency (NCA) and the National Federation of Builders have launched a campaign to help the construction industry combat invoice fraud, warning that the crime costs businesses millions of pounds and poses a particular threat to firms handling complex supply chains and high-value payments.