Top Financial Scams in India 2025: List, Cases & Details

India’s financial landscape in 2025 has seen unprecedented digital growth, but that growth has come with a cost. As technology simplifies transactions, fraudsters have become bolder and more sophisticated.

From fake trading apps to billionaire-led banking frauds, financial scams have rattled public trust. The consequences have been severe, impacting investors, institutions, and regulatory bodies alike.

These financial scams underline the urgent need for better investor awareness and stricter digital compliance. As scams grow in size and complexity, even influential names are no longer immune from scrutiny.

1. ADAG Loan Fraud Case – Anil Ambani Group

Company/Person: Anil Dhirubhai Ambani Group (ADAG)

Anil Ambani, once among India’s richest businessmen, came under scrutiny after financial probes revealed that several companies under ADAG were involved in fraudulent loan practices. The alleged ₹17,000 crore scam included fake corporate guarantees, inflated project values, and defaulting on loans from public-sector banks. The Enforcement Directorate (ED) launched a full-scale investigation, and a Look Out Circular (LoC) was issued against Ambani.

Scam: ₹17,000 crore bank loan fraud involving forged guarantees and shell firms
Status: ED investigation ongoing; LoC issued; Ambani questioned
Legal Sentence: No sentencing yet; probe continues under PMLA

2. Falcon Invoice Discounting Scam – Yogendra Singh

Company/Person: Falcon Invoice Discounting (FID) | CEO – Yogendra Singh

This large-scale Ponzi scheme was disguised as a fintech invoice discounting app, promising attractive returns to investors through fake business invoices of large firms. Over 7,000 people were duped, and nearly ₹792 crore was siphoned off. The app was suddenly taken down, and investors were left stranded. Singh was arrested by Telangana CID after a months-long chase.

Scam: ₹792 crore raised through fraudulent invoice investment platform
Status: Main accused arrested; assets frozen; multi-agency investigation
Legal Sentence: Singh currently in judicial custody; charges under IPC and IT Act

3. Asmita Patel Trading Scam – Asmita Patel

Company/Person: Asmita Patel Global School of Trading

Asmita Patel, a self-proclaimed trading guru, defrauded thousands through expensive stock market courses that promised “guaranteed returns.” She earned over ₹104 crore without SEBI registration. Investigations revealed that her marketing was highly misleading, and most clients never received the promised training or refunds. SEBI cracked down hard, banning her from investment activities.

Scam: ₹104 crore collected via fake trading education and unregistered financial advising
Status: SEBI barred the firm; Patel ordered to refund investors
Legal Sentence: Under SEBI proceedings; penalties imposed; refund enforcement ongoing

4. New India Cooperative Bank Scam – Former Executives

Company/Person: New India Cooperative Bank | Ex-CEO Abhimanyu Bhoan & GM Hitesh Mehta

One of the most damaging bank frauds of the year, this scam involved misappropriation of ₹122 crore through irregular loans, fake documentation, and insider dealings. RBI intervened, dissolved the board, and launched forensic audits. Investigations found massive lapses in regulatory compliance. Multiple executives were arrested, and recovery efforts began.

Scam: ₹122 crore lost due to fraudulent loan practices and embezzlement
Status: Seven arrests made; properties seized; recovery underway
Legal Sentence: Case under trial; anticipatory bail denied to some accused

5. Ravindra Bharti Advisory Scam – Ravindra Balu Bharti

Company/Person: Ravindra Bharti & RB Financial Institute

Bharti, a popular YouTube trader, used online platforms to run unregistered advisory services. He promised insider tips and quick profits in return for subscriptions and fees. SEBI investigated after investor complaints and found his firm lacked regulatory approval. The fraud amounted to ₹9.5 crore.

Scam: ₹9.5 crore earned illegally through unlicensed investment tips
Status: SEBI fined him and banned investment activities until April 2025
Legal Sentence: ₹9.5 crore fine levied; license revoked