A scholarship scam worth 200 crore was recently uncovered in Uttar Pradesh, India, where certain education entities allegedly created 3000 fake accounts with the help of bank agents to steal post-matriculation scholarships. This incident highlights the importance of implementing AI-based transaction monitoring systems by financial institutions that can monitor transaction patter and behavior to detect any fraudulent transactions. #compliance #CFT #aml #antimoneylaundering #frauddetection #regulatorycompliance
Effiya Technology
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200 Cr Fraud found in India

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