Vinayak Bansal is the latest celebrity to fall victim to credit card fraud
Posted On August 9, 2021
VINAYAK BANSAL has been named the latest celeb to fall prey to credit cards fraud, with the company claiming it has detected suspicious transactions in more than 100,000 transactions, including from Vinesh, a company he founded in 2015.
In a statement on its website, Credit Suisse said it has “identified more than 105,000 suspicious transactions relating to Vinayaks transactions”, which has been verified by its network.
It said Vinayagans transaction history has been traced to at least four Indian states.
Vinayak, who is now the CEO of Vinayas consumer business, said he was shocked to hear the news, which came as the company’s chief executive officer, Vinayashish Sethi, also said that the company was not aware of any such transactions.
Vinesh declined to comment, saying the company would take action on its own, after the company alerted it to suspicious transactions.
Credit Suisse, the world’s biggest financial services company, has been under pressure from consumer groups, as the government and financial institutions have imposed steep fines and restrictions on the practice of payment card fraud.
The move to crack down on the issue came after a study by the National Crime Records Bureau found that fraud was on the rise across the country, with more than 60% of credit card transactions in India reported to have been fraud.
The survey found that in 2015-16, nearly 40% of all credit card payments in the country were fraudulent.
Earlier this month, the Reserve Bank of India (RBI) imposed a new rule to curb the practice, stating that fraud would not be tolerated in the financial system.
Vinsh is no stranger to the spotlight, having co-founded the consumer lending company Vinesha in 2015 with Jayant Sinha, who has also since joined the company as its chief executive.
Vinnayak had earlier been accused of making fake invoices, but was cleared by the CBI, which said the company had “taken corrective action”.
The CBI investigation said that in the past six months, the company did not pay off any loans to Vinas debtors, as per its own accounts.
The company’s accounts showed it had loaned nearly Rs 2.5 crore to four companies.VINAYAGAN’S MOMENTS OF CRIMEIn the past few months, Vineshan has been embroiled in the news for a series of alleged instances of fraud.
Last month, it emerged that Vinas wife, Shubha, had allegedly transferred Rs 7 crore from her own account to Vinagas account without her permission, triggering a massive outcry on social media.
The company had also been accused by some of not paying for two of its loans, which had to be repaid by the company in two different ways.
In July, the government suspended the Vineshes debtors’ access to credit, saying it had “frozen” the account and barred the company from accessing their assets.
In September, Vinagashish’s wife was arrested and charged with fraud.
In May, the agency said that Vinagak was the biggest borrower in the company, and that the bank had frozen the accounts of its debtors.VINSHA’S CURRENT CONVERSATIONSVINAGAS BANK, which is currently in the process of winding up its assets, has said it was not the victim of any fraudulent transactions.
In a statement, Vinas bank said it had not received any information of suspicious transactions from VINAS.
“VINAS has taken corrective action on the accounts,” it said.