Fraudulent Conveyance

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Fraudulent Conveyance

The transfer of property to another party in order to defraud a creditor. For example, if a person owes the bank for a loan for $15,000, the person may give or sell $15,000 worth of property to a relative, often while still maintaining use of the property, in order to prevent the bank from being repaid. Legally, fraudulent conveyance requires the intention to defraud a creditor.
References in periodicals archive ?
Summary: Reader was charged Dh736 for a fraudulent transaction
Summary: New Delhi [India], Feb 18 (ANI): Punjab National Bank officials (PNB) arrested in connection with the fraudulent transaction scam were sanctioned fixed commission for granting Letters of Undertaking (LoU), the Central Bureau of Investigation (CBI) revealed on Sunday.
The fraudster is reportedly able to book the tickets in the customer's correct name and the customer only realises that s/he has been involved in a fraudulent transaction when contacted by the retailer once the chargeback has been received.
Summary: New Delhi [India], Feb 18 (ANI): In lieu of the ongoing fraudulent transaction scam involving Punjab National Bank, the ASSOCHAM demanded that the government to reduce its stake in banks to less than 50 percent.
Summary: New Delhi [India], Feb 14 (ANI): The Punjab National Bank (PNB) on Wednesday suspended its ten officials, including a branch Deputy Manager, in a fraudulent transaction case that also involved noted jewellery designer Nirav Modi.
I am deeply frustrated and disappointed that I was a victim of fraudulent transaction and now I have to pay and even in this time that I am willing to settle with a little consideration, the bank is not willing to help me.
In a fraudulent transaction in 2016, an anonymous perpetrator had hacked e-mail account of one of Royal Audit Authority employees and asked the BoB to remit INR 1.2mn to India, USD 76,240 to Malaysia and USD 0.15mn to Thailand.
'We want to assure our customers that Samba Bank Limited's card data is fully secured and no fraudulent transaction has taken place on any of its customers' cards.
Labour's finance spokeswoman Joan Burton said Anglo was at the centre of the Irish financial crash and the fraudulent transaction at the heart of the court proceedings showed the scale of the crisis.
The explosion comes one day after the Central Bank of Nigeria announced it had suspended key members of its staff involved in a fraudulent transaction uncovered by management.
In a nutshell, if a customer uses a magnetic swipe card and it is a fraudulent transaction, the merchant is not liable; the card issuer will continue to be responsible for the loss.