Big banks’ fraud detection provider linked to man with criminal past

Our banks protect us with experts in fraud or should that be amateurs? (ODT)

The director of a business that provides fraud detection services to Australia’s major banks runs at least two other companies with a man who has been jailed for financial crimes.

Sydney IT entrepreneur Devendra Gupta is the founder of Paradigm.One, a telecommunications software company that boasts the Commonwealth Bank, Westpac and NAB, as well as major telcos Optus, Telstra and Vodafone, among its clients.

Paradigm.One’s fraud detection systems are designed to stop thieves from stealing banking customers’ details during scenarios where people transfer their mobile numbers to a different phone carrier or service.

Devendra Gupta is also the director of property investment firm Starin and the Australia India Film Fund, organisations with which he shares office with businessman Yateender Gupta, who was in 1999 sentenced to two years behind bars for white-collar fraud. The Australian India Film Fund financed cricketer Brett Lee’s Bollywood film debut, Unindian.

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