logo
Techie loses Rs 1 crore in online trading fraud

Techie loses Rs 1 crore in online trading fraud

Time of India6 days ago
Pune: A 35-year-old software engineer from Wakad lost Rs 1 crore to cybercrooks in share trading fraud between April and June this year.
The victim lodged a complaint on Saturday with the Pimpri Chinchwad cyber police.
Senior inspector Ravikirnan Nale of the Pimpri Chinchwad cyber police, who is investigating the case, told TOI that cybercrooks added the techie to a group of investors in April this year. "They provided him with details about the stock market and offered good profits on his investments in stocks through them. The crooks also sent the victim a link to download their firm's app to make investments and monitor the profit," Nale said.
You Can Also Check:
Pune AQI
|
Weather in Pune
|
Bank Holidays in Pune
|
Public Holidays in Pune
The techie, between April and June 21, transferred Rs 1 crore to nine bank accounts.
"The techie could see a profit of Rs 4 crore on his investments in the app. However, when he tried to withdraw his money, the crooks took additional money from him by citing various reasons," the officer said.
"When he started pursuing the suspects for his money, they deleted the app. After realising that he was duped, the techie lodged a complaint," he said.
Nale said the techie not only exhausted his entire savings but also obtained a personal loan from the bank and transferred it to the crooks to earn more profit. "We have sought the details of these bank accounts," Nale said.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Mcap of 7 of top-10 valued firms erodes by Rs 1.35 lakh cr; TCS biggest laggard
Mcap of 7 of top-10 valued firms erodes by Rs 1.35 lakh cr; TCS biggest laggard

Economic Times

time9 minutes ago

  • Economic Times

Mcap of 7 of top-10 valued firms erodes by Rs 1.35 lakh cr; TCS biggest laggard

The combined market valuation of seven of the 10 most valued firms eroded by Rs 1.35 lakh crore last week, with Tata Consultancy Services (TCS) taking the biggest hit. ADVERTISEMENT Last week, the BSE benchmark tanked 863.18 points or 1.05 per cent. TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, Life Insurance Corporation of India (LIC) and Bajaj Finance faced a combined erosion of Rs 1,35,349.93 crore from their market valuation last week. However, Reliance Industries, HDFC Bank and Hindustan Unilever saw an increase in their mcap. Together, these three firms added Rs 39,989.72 crore in market valuation. The valuation of TCS tumbled Rs 47,487.4 crore to Rs 10,86,547.86 crore. The market capitalisation (mcap) of Bharti Airtel eroded by Rs 29,936.06 crore to Rs 10,74,903.87 crore. ADVERTISEMENT Bajaj Finance's valuation tanked Rs 22,806.44 crore to Rs 5,44,962.09 crore and that of Infosys dropped by Rs 18,694.23 crore to Rs 6,10,927.33 crore. The mcap of State Bank of India declined by Rs 11,584.43 crore to Rs 7,32,864.88 crore. ADVERTISEMENT ICICI Bank faced an erosion of Rs 3,608 crore to Rs 10,50,215.14 crore from its market valuation while LIC lost Rs 1,233.37 crore to Rs 5,59,509.30 crore. However, Hindustan Unilever Ltd added Rs 32,013.18 crore, taking its valuation to Rs 5,99,462.97 crore. ADVERTISEMENT The mcap of HDFC Bank jumped Rs 5,946.67 crore to Rs 15,44,025.62 crore and that of Reliance Industries Ltd climbed Rs 2,029.87 crore to Rs 18,85,885.39 crore. Reliance Industries remained the most valued firm, followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, Hindustan Unilever, LIC and Bajaj Finance.

Fake two-wheeler spare parts and engine oil racket busted in Delhi, 5 arrested
Fake two-wheeler spare parts and engine oil racket busted in Delhi, 5 arrested

Indian Express

time9 minutes ago

  • Indian Express

Fake two-wheeler spare parts and engine oil racket busted in Delhi, 5 arrested

The Delhi Police Crime Branch Saturday claimed to have arrested five people allegedly involved in the manufacturing and selling of fake two-wheeler spare parts and engine oil in North West and Central Delhi. Harsh Indora, Deputy Commissioner of Police (Crime), said the police seized a large quantity of fake automobile spare parts and engine oils worth approximately Rs 10 lakh, preventing their circulation in the market. He said The police received specific intelligence regarding the manufacture and sale of counterfeit products, including two-wheeler spare parts and engine oil, bearing the trademarks of reputed companies such as Honda Motorcycle, ASK, and TVS Motors. 'Acting on the directions of senior officers, the information was further developed, and contact was established with the authorised legal representatives of the companies. On July 15, a dedicated team led by Inspector Ajay Gahlawat under the close supervision of Assistant Commissioner of Police Ashok Sharma was constituted,' Indora said. He said the police conducted a raid at the Madanpur Dabas village in North West Delhi, and recovered a significant quantity of counterfeit two-wheeler engine oils, empty bottles, and packing materials bearing the branding of Honda and TVS Automobiles. Subsequently, on July 25, following further leads provided by the authorised legal representatives of Honda Motorcycle, ASK, and TVS Motors, the police undertook another raid at a shop in Nai Wala Market in Karol Bagh and Madanpur Dabas. This operation led to the recovery of a substantial stock of counterfeit two-wheeler spare parts and packaging materials of Honda and ASK, said the police. The police said during interrogation, an accused, Shubham Panjiyar, 29, of Uttam Nagar in West Delhi, confessed to being involved in the sale and purchase of counterfeit vehicle spare parts since 2020. He also disclosed his prior involvement in a similar case registered at Nihal Vihar area under the Copyright Act, said the police, adding that her revealed the names of co-accused: Shubham Panjiyar, Himanshu Kawatra, Naveen alias Deepak Taneja, Ramakant Chaurasia and Shyam Narain. The police said further investigation is underway to identify the broader network behind this illegal activity. These coordinated operations have dealt a significant blow to the illegal counterfeit trade and reaffirmed the Delhi Police Crime Branch's commitment to safeguarding consumer rights and brand integrity, the DCP said.

Decathlon India eyes $1 bn sales in 5 years with double-digit growth
Decathlon India eyes $1 bn sales in 5 years with double-digit growth

Business Standard

time9 minutes ago

  • Business Standard

Decathlon India eyes $1 bn sales in 5 years with double-digit growth

French sports goods retailer Decathlon plans to reach nearly a billion-dollar sales in the Indian sports market over the next five years, helped by the expansion of its retail channels and product portfolio and growing sports culture in the country, its India Chief Executive Officer Sankar Chatterjee has said. Decthlon, which currently operates 132 stores in 55 cities across India, plans to expand its retail footprint to over 90 cities by 2030 and plans to register a revenue of around Rs 8,000 crore by then. "We are looking towards a double-digit growth in terms of our revenue year by year. After having a double-digit growth for the next five years, we believe that we will be able to get a significant market share in the sports market in India," Chatterjee said. In FY24, Decathlon Sports India Pvt Ltd reported its revenue from operations at Rs 4,008.26 crore and returned to profitability. When asked whether Decathlon Sports India aspires to be billion billion-dollar company in the next four to five years, the chief executive said: "That's our target". "In the next five years, we will be looking towards a number (revenue) which is a little more than Rs 7,500 crore and 8,000 crore," he said. Stating that the current market condition is very agile, he said Decathlon has started navigating for the very long run in the country. "But at the same time, we are looking towards a consistent double-digit growth in the Indian segment in the next five years, which will help us to reach a significant number, and take more market share in the sports segment for India," he added. According to Chatterjee, Decathlon has "big plans for India", where it has increased local sourcing to 70 per cent, intending to step it further to 90 per cent by 2030. "India is an important country for Decathlon, we are looking towards a double-digit growth year by year, over the next five years, and at the same time, we are scaling with 10 to 15 stores in a year," he said. Though as per its retail growth strategy, it is not only focusing majorly on metropolitan cities, especially the top seven, but also entering into smaller tier II and III cities, which have a good sports culture. The company has opened stores in small places as Prayagraj (UP), Kolhapur (Maharashtra), Solan (Himachal Pradesh), Udaipur (Rajasthan), besides in metro cities like Phoenix Marketcity in Kurla, Mumbai and Pondy Bazaar, Chennai. "So, we are looking towards opening in different cities, also concentrating on existing cities and scale up," he said, adding that "we are opening more stores, penetrating more with digital at the same time, opening new geography". Decathlon is focusing on places where sports awareness is high, such as Panipat in Haryana and Chandigarh, where it has opened stores. Besides, it is also planning to open more stores in the Northeast region. "We believe that the top 50 cities of India have a real potential for sports, where the government wants to penetrate, and we have quite a lot of success in those new geographies," he noted. Besides, Decathlon is also looking at the omnichannel system, strategically integrating its online platforms and offline retail stores. When asked about the growth of online and brick and mortar channels, he said Decathlon expects a right share of growth by each channel to take more market share. Over the expansion of the product portfolio, he said, now in India, the company is witnessing an increase in the expertise level of products in many sports. "It could be Mountain Sports, it could be sports of running. It could be racket sports like pickleball, which is picking up very well," said Chatterjee. Moreover, to make its products more affordable, Decathlon has also started a circular business model in the country, where it is offering repair services, sale of refurbished products at its stores and buyback of used equipment. "Second Life (resale), buyback and also selling those products, we have a very good response," he said, adding that "today, we have a limited typology of the products, but it could be expanded in a much bigger way in terms of usage for circularity". The company entered India by starting production in 1999 and retail operations in the country in 2009. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store