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Time of India
17 minutes ago
- Time of India
ED freezes Rs 284 crore assets of online gaming company
Chandigarh: The (ED) on Wednesday claimed to have frozen fixed deposits and share documents worth Rs 284.5 crore, along with three bank lockers, during operations carried out on four premises of the promoters of a gaming company in Gurugram and Jind on Tuesday and Wednesday. Tired of too many ads? go ad free now The operations followed the registration of an FIR against Probo Media Technologies Private Limited and its promoters, Sachin Subhaschandra Gupta and Ashish Garg, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in connection with the company's illegal gambling and betting activities across the country. Probo Media Technologies operates the app and website "Probo", which provides a platform for online gaming. The investigation revealed that the company received Rs 134.84 crore against the issue of preference shares from foreign entities based in Mauritius, Cayman Islands, and others. According to officials, multiple FIRs were registered under various sections of BNS, 2023, and the Public Gambling Act, 1867, against the company and its directors and promoters in Gurugram, Palwal and Agra in Uttar Pradesh. The complainants alleged that they were cheated and dishonestly presented with a scheme of earning money through simple "yes or no" questions, while the scheme promoted gambling. The ED investigation revealed that the app and websites defraud their users by initially promoting a deceptive image of a legitimate skill-based platform, only to ultimately exploit them through a betting mechanism where success was governed entirely by chance and not by the user's abilities or insights. The company claims its platform is 'opinion trading' and that knowledge or skill is required to play the game. However, analysis of the games, according to ED, shows that all the games can be answered with 'yes or no,' and hence, there are only two possible outcomes, which makes it indistinguishable from gambling or betting. MSID:: 122346161 413 |
NDTV
21 minutes ago
- NDTV
Trump Announces 50% Tariff On Brazil Over Bolsonaro Trial
Washington: US President Donald Trump announced a 50 percent tariff Wednesday targeting Brazil as he blasted the trial of the country's ex-leader, while widening a push to secure more bilateral trade deals with other partners. In a letter addressed to President Luiz Inacio Lula da Silva, Trump criticized the treatment of Jair Bolsonaro as an "international disgrace," adding that the trial "should not be taking place." He also said Washington would launch an investigation into Brazil's trade practices. The latest tariff threat came after Brazil said it had summoned the US charge d'affaires in a diplomatic row over Trump's earlier criticism of the coup trial of Bolsonaro. Bolsonaro denies he was involved in an attempt to wrest power back from Lula in an alleged coup plot prosecutors say failed only for a lack of military backing. The 50 percent US tariff on Brazilian goods will take effect August 1, Trump said in his letter, mirroring a deadline that dozens of other economies face. While Trump has started to issue letters to trading partners this week as he ramps up pressure towards more deals, he has focused on partners with which his country runs significant deficits. Brazil had not been among those threatened with these higher duties previously. The United States runs a goods trade surplus instead with Brazil. - Escalation threats - Trump's message to Lula was the latest in more than 20 such letters the US president has released since Monday, setting out tariff rates as Washington tries to bring about more trade pacts. On Wednesday, Trump had addressed letters to leaders of the Philippines, Sri Lanka, Brunei, Algeria, Libya, Iraq and Moldova, spelling out duties ranging from 20 percent to 30 percent that would also take effect on August 1. Similar to a first batch of documents published Monday, the levels were not too far from those originally threatened in April, although some partners received notably lower rates this time. While Trump in April imposed a 10 percent levy on almost all trading partners, he unveiled -- and then withheld -- higher rates for dozens of economies. The deadline for those steeper levels to take effect was meant to be Wednesday, before Trump postponed it further to August 1. Countries that faced the threats of elevated duties began receiving letters spelling out US tariff rates on their products. In the messages, Trump justified his tariffs as a response to trade ties that he says are "far from Reciprocal." The letters urged countries to manufacture products in the United States to avoid duties, while threatening further escalation if leaders retaliated. Other countries that have received Trump's letters include key US allies Japan and South Korea, as well as Indonesia, Bangladesh and Thailand. - EU deal in 'coming days'? - Analysts have noted that Asian countries have been a key target so far. But all eyes are on the state of negotiations with major partners who have yet to receive such letters, including the European Union. The Trump administration is under pressure to unveil more trade pacts. So far, Washington has only reached agreements with Britain and Vietnam, alongside a deal to temporarily lower tit-for-tat levies with China. Trump on Tuesday said that his government was "probably two days off" from sending the EU a letter with an updated tariff rate for the bloc. An EU spokesman said Wednesday that the bloc wants to strike a deal with the United States "in the coming days," and has shown readiness to reach an agreement in principle. Apart from tariffs targeting goods from different countries, Trump has rolled out sector-specific duties on steel, aluminum and autos since returning to the White House in January. On Tuesday, Trump said levies were incoming on copper and pharmaceuticals. The planned rate for copper is 50 percent, he added, while pharmaceutical products face a levy as high as 200 percent -- but manufacturers would be given time to relocate operations to the United States.
Indian Express
31 minutes ago
- Indian Express
Political interference has undermined institutions beyond repair, says Deepak Nayyar
Deepak Nayyar, Emeritus Professor of Economics at Jawaharlal Nehru University, said on Wednesday that India's higher education system is in crisis because of political interference, underfunding and lack of autonomy. Speaking at the BG Deshmukh Memorial Lecture 2025 in New Delhi, Nayyar also criticised the University Grants Commission (UGC), saying it has stripped institutions of independence and imposed 'one-size-fits-all' regulations that stifle excellence and diversity. 'The fortunate few who do well in the Class 12 examinations take up limited seats in public universities. Most others make do with expensive, low-quality private institutions. And a growing number now simply go abroad,' he said, noting that nearly $27 billion was spent by Indian students overseas in 2023 alone, roughly equal to India's foreign exchange earnings from tourism. 'It is no accident our universities have not produced any Nobel laureates. And I think they never will in the next 25 years, the way we are going,' he said. Nayyar argued that without high-quality education and research, India risks falling into the 'middle-income trap' that has afflicted many Latin American and Asian economies. 'India has the potential to attain upper-middle-income status by 2035, but reaching high-income status by 2047 is close to negligible unless higher education is transformed,' he said. Nayyar emphasised an urgent need to restore autonomy, encourage academic freedom, and overhaul governance structures if universities are to reclaim their role in nation-building.
