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03/04/2024

Main suspect in ₹16,000 cr scam held

Cops yet to trace the businessmen who laundered money through the accused in a cyber fraud case

THANE : In a major breakthrough, the Thane SIT team headed by additional CP Punjabrao Ugale, arrested Jitendra Pandey, the main accused in Rs a 16,000-crore cyber fraud case.

Pandey, who was on the run in different cities, was finally arrested from Varanasi. The challenge before the police now is to trace the businessmen who transferred money to him through different channels to save taxes.

This is the 12th arrest in the case so far. The previously arrested accused are out on bail after the filing of the chargesheet.

The payment gateway scam happened in April 2023. The police blew the lid off the racket in July while investigating a cyber fraud in which ₹25 crore was siphoned off through the escrow account of a payment gateway company based in Thane’s Wagle Estate. It was found that of the ₹25 crore, ₹1.39 crore had been transferred to Riyal Enterprises, a company with offices in Vashi and Belapur. A further probe revealed that some of the 269 bank accounts used by Riyal Enterprises and its five partnership firms belonged to economically underprivileged people.

During the subsequent investigations, the cyber police and the team of forensic data experts traced 11 accused who had helped Jitendra Pandey transfer the money overseas by creating different partnership firms through fraud documents. They allegedly used fake identities and the bank accounts of several poor people to transfer the money.

Pandey, 39, is a commerce graduate, who was working as a banker before leading the payment gateway scam. He absconded immediately after the first case was reported in July, switched off his phone and went into hiding in Lucknow and his native Varanasi.

Sources said Pandey was using different IP addresses and switching the dongle on whenever he wanted to contact his family or any important person. “It was thus difficult for the police to trace him,” said a source. “But with the continued tracking of his activity, he fell into the trap of the Thane police team, which arrested him from Varanasi on Sunday.”

While working in the banking sector, Pandey gained tremendous knowledge in IT and hawala transactions. Business entities would send him money through different channels to transfer it to China to avoid taxes. Pandey would take 20 to 30 percent for each transaction.

Pandey and his associates had a host of unethical methods. In the name of freight charges, he would import and export fake products to send money outside the country through outward remittances. Authentic-looking paperwork was done for the fake products and bank accounts in order to make transactions to the overseas company. As most payments were through multiple channels, they could evade large amounts of custom duty and income tax to the Indian government as well.

Pandey started building his team three years ago, which included all the arrested 11 as well as others who are still on the run. All the accused, who have multiple aliases for the illegal work, have a different expertise. As per the Thane police chargesheet submitted last month, Amol Andhale alias Aman alias Rohan Kedar helped Pandey create hundreds of different bank accounts of poor people. Anup Dubey alias Ansh helped set up the fake import-export business by creating 98 partnership firms and 18 private limited companies.

Sanjay Gaikwad and Dinesh Shirke opened five partnership firms, including Reyal Enterprises, with 12 bank accounts to transact illegal money. Every month, they would get Rs 10,000 to 15,000 depending on the transactions. Sandip Nakashe and Ram Bohra created two private limited companies and 29 different bank accounts to transact the illegal money.

Bhupesh Agrwal and Mahendra Jain, colleagues of Pandey in his banking job, had knowledge of outward remittances, and helped in making fake documents of bills of lading. Gaurav Bansal, a chartered accountant, with the help of three women employees, would give the accused 15CB certificates to evade income tax, for which he would get Rs 10,000 per certificate. Satinder Singh and Pandey conspired to evade taxes by falsifying import-export transactions. They manipulated the value of goods purchased from Chinese suppliers, sending the full amount abroad through a private firm. Transactions were conducted via a Hong Kong-based bank. Although out on bail, Pandey was arrested with the help of UP Special Task Force officials. Thane police are investigating the case, seeking information from authorities in the UAE, Singapore, and Hong Kong regarding outward remittances.

20/03/2024

Yes Bank looks for a new owner, may sell up to 51%
Sale will give exit to SBI, LIC, others which had come in as shareholders in 2020-Anirudh Laskar & S Gopika Gopakumar
gopika.g@​htlive.com

mumbai : Private sector lender Yes Bank Ltd is looking for a new promoter to sell up to 51% stake, and has hired Citigroup’s India unit to find a buyer, two people aware of the development said.

The bank has also invited some Indian lenders, including some of its existing shareholders, to join as promoter.

Yes Bank, India’s sixth largest private lender by assets, is seeking a valuation of $8-9 billion, which would be 20-25% above its current market capitalization of $7.2 billion, the people said on condition of anonymity.

“Some banks and financial institutions in Japan, West Asia and Europe have been approached with an offer to sell at least 51% in Yes Bank. The discussions are at an early stage,” the first person said. The second person said some Japanese banks have already started due diligence.

To be sure, any new promoter holding more than 26% stake will require special approval from the Reserve Bank of India (RBI), the second person added. This is because central bank rules say that normally, a promoter can hold up to 26% in a private bank, but it may also permit a higher shareholding under circumstances such as relinquishment by existing promoters, supervisory intervention, reconstruction/restructuring of banks, entrenchment of existing promoters or any other action in the interest of the bank.

A stake sale will provide a much-awaited exit to Yes Bank’s big shareholders including State Bank of India (SBI), Life Insurance Corp. Of India (LIC), HDFC Bank Ltd and ICICI Bank Ltd. These institutions were brought in to rescue Yes Bank in 2020, after the RBI seized the lender which was then on the verge of collapse under its previous management. Currently, SBI is Yes Bank’s largest shareholder with 29% stake.

“SBI has assured the appointed investment banker for the deal that the incoming promoter will get up to 51%, so that there is no ambiguity over management of day-to-day business processes,” the first person said.

A Citigroup spokesperson declined to comment, while emails sent to Yes Bank and SBI did not elicit any response.

Yes Bank’s deposit base has swelled from ₹1 trillion in March 2020 when RBI superseded its board to at least ₹2.4 trillion now, of which a large part comprises low-cost deposits under current and savings accounts. The bank manages assets worth about ₹3.8 trillion. The share of retail, small and medium enterprises loans, seen as safer than large corporate advances, has gone up to 63% now from just 36% in March 2020.

Yes Bank’s profits and net interest margin have improved since the ownership change. In the quarter ended December 2023, the bank posted a 349% year-on-year jump in net profit at ₹231 crore. The bank’s NIM was at 2.4%, better than previous quarters. “For the deal to go through, valuation will be crucial, since Yes Bank’s performance after SBI taking over in 2020 is perceived to be far better than what is reflected in the prevailing stock price. The deposit base has grown significantly over the past three years,” said the first person cited above.

20/03/2024

Foreign accent used to defraud woman of ₹1.5 cr
[email protected]
Mumbai : The modus operandi of the gang of seven alleged to have defrauded a UK resident’s family of around Rs 1.5 crore has come to light after they were brought to the city on Friday and arrested by the the police’s cyber cell.
The main accused, Ryan Kallol Shahdas (26), a Kolkata resident and maths graduate, orchestrated the fraud by speaking on call to the victim -the daughter of a senior official with an insurance company -in a foreign accent. He obtained her family's bank and credit card details, using which he bought electronic items from ecommerce platforms, which his gang sold for cash. The illegally obtained bank account details were also used by the gang to pay off credit card bills.
The modus operandi involved contacting the woman, who studies in the UK, and informing her falsely that her ac- count details were compromised. She was persuaded to change her net banking password and implement additional security measures. One of the gang members pretended to be abank executive and sent her a link to download an application which, without her knowledge, enabled screen sharing, through which the accused were able to obtain her and her family’s bank details. “The steps were carried out with a screen-sharing app. Once the woman downloaded the app and activated it, upon being prodded by the accused, the latter could see her screen on the mobile phone they used for the fraud. When she changed her bank account password, the accused knew about it,” said a senior officer.
After the gang were busted, the police seized Rs 50 lakh in cash and mobile phones, and other evidence. “The accused confessed to running a call center in West Bengal and targeting individuals residing in foreign countries,” said Datta Nalwade, DCP, Crime Branch.
The gang’s luck ran out when the police probed the online shopping activity done with the victim’s bank account. This way the police obtained details of the Kolkata addresses where deliveries were made, but the gang members could not be found there. With the help of the Siliguri special task force’s tracking expertise, the Mumbai cyber police nabbed the seven accused from a cinema hall where they were watching a movie.

20/03/2024

Cyber cops on high-octane: Block ₹50cr of victim funds
[email protected]
Mumbai : Over Rs 50 crore in bank and merchant accounts has been blocked from being siphoned off by fraudsters, thanks to the police cyber cell helpline 1930. While till a couple of years ago not much help could be expected by dialling the number (less than 30% of calls would be answered), infrastructure and personnel upgrades and the police taking cybercrime more seriously has reversed the narrative: the amount protected in the two and a half months till now this year is almost the same as that of all of 2023. If a similar period is considered last year, the amount protected is over four times more.
In 2023, the cyber police, with the help of banks and payment gateways blocked Rs 26.5 crore of victims’ money. This year, till March 16, the amount blocked was over Rs 22 crore. Set up at Mumbai Police’s headquarters on May 17, 2022, the helpline was initially manned by two officers and six constables. As the reporting of cases increased, the helpline team, which now operates from the BKC cybercrime police station, in May last year received a staff increment of 23 -three officers and 20 constables. The cell, which operates 24x7, even on public holidays, underwent a second expansion in December, with the staff strength increasing to 50. While 91,357 calls were made in all of last year, 1.06 lakh calls were made from Jan 1 to March 16 this year.
The helpline works in three shifts. After receiving a call about a financial fraud, cops note down details of the victim’s financial transactions and alert the bank or payment gateway concerned. The cyber police team, even as it begins investigations, asks the bank/ payment gateway to block the victim’s money, which the fraudster took away into his own account. “The catch is that the complaint needs to be made at the quickest. Remedial action needs to be taken before the fraudster withdraws the funds from his own account,” said an officer.
The helpline team is headed by Lakhmi Gautam, crime branch chief, and Datta Nalawade, DCP (crime). Gautam said, “This facility was started as part of a national project initiated by the Union home ministry.” In January, the 1930 team saved Rs 3.7 crore within 48 hours of receiving a complaint from a south Mumbai housewife. She had invested Rs 4.56 crore in “share trading” and was promised “double profit”. She was duped and had to approach the police.

06/10/2019

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18/11/2015

Home Loan eligibility
What are the eligibility for taking home loan? Just review the attachment and after reading you can analyses yourself for self eligibility. However, if you have still any query please call me 9220644629 / 8268888838 / 9892210940
Home Loan Eligibility


Salaried / Self Employed

Who is Eligible


People in permanent service in public or private sector.


Self employed Business - men, doctors, engineers, dentists, architects, CA, CS, consultants, lawyers

Loan Amount ( 40 Lac to 50 Crore )


Determined by income, current debt, age, retirement age, number of co-borrowers, maximum loan to value, etc.


Determined by income, current debt, age, retirement age, number of co-borrowers, maximum loan to value, etc.

Borrower Age at Time of Sanction


Between 21 and 60 (or age of requirement, if lower)


Between 21 and 65

Borrower Age at Time of Maturity


Upto 60 (or age of requirement, if lower)


Upto 65

CIBIL Score, Credit History


Typically, a clean CIBIL record with a score above 700 is desirable


Typically, a clean CIBIL record with a score above 700 is desirable

Minimum Income


Some banks specify minimum income to be eligible for loans


Some banks specify minimum income to be eligible for loans

Employment Track Record


Typical requirement of at least 2 years in permanent employment and at least 1 year in current organization, but this varies on a case to case and bank to bank basis. .


At least 2 years in the same profession with ITR filed

Balance Transfer


Minimum 12-18 months’ track record of regular repayment of existing loan


Minimum 12-18 months’ track record of regular repayment of existing loan

14/11/2015

Your Guide to Money Matters
Money as a means of payment, consists of coins, paper money and with drawable bank deposits. Today, credit cards and electronic cash form an important component of the payment system. For a common person though, money simply means currency and coins. This is so because in India, the payment system, especially for retail transactions still revolves around currency and coins. There is very little, however, that the common person knows about currency and coins he handles on a daily basis.

Some Basics

What is the Indian currency called?
*The Indian currency is called the Indian Rupee (INR) and the coins are called paise. One Rupee consists of 100 paise.

What are the present denominations of bank notes in India?
**At present, notes in India are issued in the denomination of Rs.5, Rs.10, Rs.20, Rs.50, Rs.100, Rs.500 and Rs.1000. These notes are called bank notes as they are issued by the Reserve Bank of India (Reserve Bank). The printing of notes in the denominations of Re.1 and Rs.2 has been discontinued as these denominations have been coinised. However, such notes issued earlier are still in circulation. The printing of notes in the denomination of Rs.5 had also been discontinued; however, it has been decided to reintroduce these notes so as to meet the gap between the demand and supply of coins in this denomination.

What are the present available denominations of coins in India?
*Coins in India are available in denominations of 10 paise, 20 paise, 25 paise, 50 paise, one rupee, two rupees and five rupees. Coins up to 50 paise are called 'small coins' and coins of Rupee one and above are called 'Rupee Coins'.

Can bank notes and coins be issued only in these denominations?
*Not necessarily. The Reserve Bank can also issue notes in the denominations of one thousand rupees, five thousand rupees and ten thousand rupees, or any other denomination that the Central Government may specify. There cannot, though, be notes in denominations higher than ten thousand rupees in terms of the current provisions of the Reserve Bank of India Act, 1934. Coins can be issued up to the denomination of Rs.1000.

Why are Re1, Rs.2 and Rs.5 notes not being printed?
*Volume-wise, the share of such small denomination notes in the total notes in circulation was as high as 57 per cent but constituted only 7 per cent in terms of value. The average life of these notes was found to be around a year. The cost of printing and servicing these notes was, thus, not commensurate with their life. Printing of these notes was, therefore, discontinued. These denominations were, therefore, coinised. However, it has been decided that notes in the denomination of Rs.5 be re-introduced so as to meet the gap between the demand and supply of coins in this denomination.

*****Soiled and Mutilated Notes

What are soiled and mutilated notes?
*Soiled notes are notes, which have become dirty and limp due to excessive use. Mutilated notes are notes, which are torn, disfigured, burnt, washed, eaten by white ants, etc. A double numbered note cut into two pieces but on which both the numbers are intact is now being treated as soiled note.

Can such notes be exchanged for value?
*Yes. Soiled notes can be tendered at all bank branches for and exchange obtained.

Are there any special features introduced in the notes of Mahatma Gandhi series?
The new Mahatma Gandhi series of notes contain several special features vis-à-vis the notes issued earlier. These are:

i) Security thread: Rs.10, Rs.20 and Rs.50 notes contain a readable but fully embedded security windowed security thread. Rs.100, Rs.500 and Rs.1000 notes contain a readable windowed security thread. This thread is partially exposed and partially embedded. When held against light, this thread can be seen as one continuous line. Other than on Rs.1000 notes, this thread contains the words 'Bharat' in the devnagri script and 'RBI' appearing alternately. The security thread of the Rs.1000 note contains the inscription 'Bharat' in the devnagri script, '1000' and 'RBI'. Notes issued earlier have a plain, non-readable fully embedded security thread.

ii) Latent Image: A vertical band behind on the right side of the Mahatma Gandhi’s portrait, which contains a latent image, showing the denominational value 20, 50, 100, 500 or 1000 as the case may be. The value can be seen only when the note is held on the palm and light allowed to fall on it at 45° ; otherwise this feature appears only as a vertical band.

iii) Microletterings: This feature appears between the vertical band and Mahatma Gandhi portrait. It contains the word ‘RBI’ in Rs.10. Notes of Rs.20 and above also contain the denominational value of the notes. This feature can be seen better under a magnifying glass.

iv) Identification mark: A special intaglio feature has been introduced on the left of the watermark window on all notes except Rs.10/- note. This feature is in different shapes for various denominations (Rs.20-Vertical Rectangle, Rs.50-Square, Rs.100-Triangle, Rs.500-Circle, Rs.1000-Diamond) and helps the visually impaired to identify the denomination.

v) Intaglio Printing: The portrait of Mahatma Gandhi, Reserve Bank seal, guarantee and promise clause, Ashoka Pillar Emblem on the left, RBI Governor's signature are printed in intaglio i.e. in raised prints in Rs.20, Rs.50, Rs.100, Rs.500 and Rs.1000 notes.

vi) Fluorescence: The number panels of the notes are printed in fluorescent ink. The notes also have optical fibres. Both can be seen when the notes are exposed to ultra-violet lamp.

vii) Optically Variable Ink: The numeral 500 & 1000 on the Rs.500 [revised colour scheme of mild yellow, mauve and brown] and Rs.1000 notes are printed in Optically Variable Ink viz., a colour-shifting ink. The colour of these numerals appear green when the notes are held flat but would change to blue when the notes are held at an angle.

Forgeries

How does one differentiate between a genuine note and a forged note?
The notes on which the above features are not available can be suspected as forged notes and examined minutely.

What are the legal provisions relating to printing and circulation of forged notes?
Printing and circulation of forged notes are offences under Sections 489A to 489E of the Indian Penal Code and are punishable in the courts of law by fine or imprisonment or both, depending on the offence.

Remember: An aware public is the best safeguard against forgeries

09/11/2015

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03/11/2015

IIFL Home Finance trims lending rate by 0.25 per cent

Read more at:
http://economictimes.indiatimes.com/articleshow/46932363.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst