Sahana System emerges as the lowest bidder for Indian Navy contract
The project involves providing Non-RF infrastructure for upgradation of RF measurement system, the company said in an exchange filing. Non-RF refers to technologies and systems that do not use radio frequencies for communication or other purposes.
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Hindustan Times
19 minutes ago
- Hindustan Times
Delhi man held for ₹2 crore cyber fraud, links with Chinese-linked syndicate
Gurugram: Faridabad police arrested a 39-year-old Delhi resident, who runs a hotel and nightclub in Dubai, for allegedly orchestrating a ₹2.02 crore cyber fraud in collaboration with a Chinese-linked syndicate, officials said on Friday. Faridabad police arrested a 39-year-old Delhi resident, who runs a hotel and nightclub in Dubai, for a ₹ 2.02 crore cyber fraud. (Getty Images) Bhupesh Arora, originally from Karnal and currently residing in northwest Delhi's Rohini Sector 11, operates a four-star hotel and eight nightclubs in Dubai, police said, adding that he was taken into custody on Wednesday upon returning to India and is now on a four-day police remand. According to investigators, Arora and his business partner, also based in Dubai, ran a cyber fraud operation alongside their hospitality ventures. The duo facilitated illegal fund transfers from India to Dubai using payment gateways, later converting the funds into cryptocurrencies and handing them over to Chinese handlers after deducting a commission. Police said Arora was compelled to return to India 20 days back on the directions of the Punjab and Haryana high court. Faridabad police had got a lookout circular issued for him against which he had moved the high court. Though the court had quashed the circular, it had directed him to come to India and cooperate with the Faridabad police by joining the investigation of the case. Yashpal Yadav, Faridabad Police PRO, said investigators traced Arora through a payment gateway account linked to him, into which ₹2.8 lakh of the duped money was transferred. 'This payment gateway helped us identify Arora. The bank account holder couldn't be traced and may have been created fraudulently,' he said. Arora allegedly retained 30% of the proceeds, with the remaining 70% going to his Dubai-based partner, who liaised directly with the Chinese network, Yadav said. Arora is the 12th person arrested in this case. Police are now pursuing his business partner and three others. 'We will issue an LOC against his partner so he can be arrested on arrival in India,' said Yadav. The victim, whose name police have witheld, a 51-year-old man from Sector 88 in Faridabad, was duped in January 2024 after falling for a fake investment scheme promoted through social media ads. Believing he was investing in stock markets, he transferred ₹2.02 crore to 11 different bank accounts. A case was registered at the Cybercrime Police Station (Central), and police have so far recovered ₹60 lakh, which was returned to the victim. The remaining amount, officers said, had already been siphoned abroad.
Hans India
22 minutes ago
- Hans India
Sebi bans US-based Jane Street from securities market
Markets regulator Sebi has barred US-based Jane Street Group (JS Group) from the securities markets and directed the group to disgorge unlawful gains of Rs4,843 crore for allegedly manipulating stock indices through positions taken in derivatives segment. This could be the highest disgorgement amount ever directed by the Securities and Exchange Board of India (Sebi). In its interim order, the regulator has debarred JSI Investments, JSI2 Investments Pvt Ltd, Jane Street Singapore Pte Ltd, and Jane Street Asia Trading -- entities collectively referred to as the Jane Street Group -- from trading until further notice, while continuing its investigation. Established in 2000, Jane Street Group LLC is a global proprietary trading firm in the financial services industry. It employs more than 2,600 people across five offices in the US, Europe, and Asia, and conducts trading operations in 45 countries. The Jane Street (JS) Group has come under Sebi's scrutiny for allegedly manipulating index levels in the stock market to earn illegal profits, primarily through the highly liquid Bank Nifty and Nifty index options segments. Meanwhile, shares of Nuvama Wealth Management, which is the trading partner of JS Group for Indian stock market, fell over 10 per cent to Rs7,280.50 on NSE. An investigation by Sebi revealed that over 21 expiry days between January 2023 and May 2025, the group executed large trades in the underlying cash and futures markets to influence index movements and profit from massive positions in the options market. Two key strategies were identified-- one involved buying heavily in Bank Nifty stocks and futures in the morning and selling them aggressively in the afternoon to create a softer close, while the other involved concentrated selling or buying in the last two hours of the expiry day to sway index levels. These actions helped the group earn illegal profits of about Rs4,843 crore, even as they incurred smaller losses in cash and futures trades, the regulator said. Sebi also noted that between January 2023 and March 2025, the JS Group recorded substantial trading activity across various segments of the market. The group made gains of Rs44,358 crore from index options trading, which formed the bulk of their profits. However, these were partially offset by losses of Rs7,208 crore in stock futures, Rs191 crore in index futures, and Rs288 crore in the cash market. After accounting for all gains and losses, the JS Group reported a net total profit of Rs36,671 crore during this period, Sebi noted. The case stems from media reports in April 2024, which suggested that Jane Street and its related entities may have used unauthorised proprietary trading strategies in the Indian options market. Sebi noted that the JS Group continued to carry out suspicious trading activities, mainly near market closing on expiry day, by making large and aggressive trades to unfairly influence the index, even after receiving a warning in February and making promises to the NSE to stop such practices. 'Such egregious behaviour, in clear disregard/ defiance of the explicit advisory issued to them by NSE in February 2025, amply demonstrates that unlike the vast majority of Foreign Portfolio Investors and other market participants, JS Group is not a good faith actor that can be, or deserves to be, trusted. In the face of such a strong prima facie case that allowing the JS Group to continue as before may severely compromise investor protection on an extraordinary scale, Sebi has a duty to directly intervene,' Sebi added. Accordingly, Sebi said, 'the total amount of unlawful gains earned by the JS Group from the alleged violations, Rs4,843.57 crore, shall be impounded jointly and severally.' The entities have been restrained from accessing the securities market and are further prohibited from buying, selling or otherwise dealing in securities, directly or indirectly. Additionally, banks where the entities are holding accounts have been directed to ensure that no debits are made, without Sebi's permission, except for the purpose of complying with this order.
Time of India
43 minutes ago
- Time of India
Second-hand car prices in Delhi drop due to restrictions on end-of-life vehicles, says trade body
Prices of second-hand cars in the national capital have witnessed a sharp fall in recent days, with traders reporting a decline of 40 to 50 per cent, the Chamber of Trade and Industry (CTI) said on Friday. CTI Chairman Brijesh Goyal said the market for overage vehicles in Delhi has been severely affected, with nearly 60 lakh vehicles impacted by the sudden downturn. He attributed the price crash to restrictions related to End-of-Life (EOL) vehicles, which have crossed the permissible age limit for operation in Delhi. Goyal, who is also an automobile businessman, claimed that traders are being forced to sell cars at significantly lower prices. "In the last five days, the prices of second-hand cars have dropped by 40 to 50 per cent. Businessmen in Delhi are now compelled to sell vehicles at one-fourth of their original price," he said. He said that second-hand cars from Delhi are usually sold in Punjab, Rajasthan, Uttar Pradesh, Bihar, Tamil Nadu, Karnataka and Kerala. However, the demand from outside states is now accompanied by aggressive bargaining. "Luxury used cars that earlier fetched Rs six to seven lakh are now being sold for barely Rs four to five lakh. Buyers from other states are aware of the challenges faced by Delhi-based traders and are negotiating accordingly," Goyal said. He further added that over 1,000 traders in areas like Karol Bagh, Preet Vihar, Pitampura, and Moti Nagar are involved in the business of selling second-hand vehicles. Car dealers have also raised concerns over difficulties in obtaining the No Objection Certificate (NOC) from the Transport Department, which is required to sell used vehicles in other states. Earlier, the process was relatively smooth, but now traders say they are facing delays and complications. The Delhi government had banned fuel for end-of-life vehicles -- 10 years or older for diesel vehicles and 15 years or older for petrol vehicles -- that are deregistered and not allowed to ply on the roads from July 1, following a court order. However, on Thursday, the government requested the Commission for Air Quality Management (CAQM) to put the ban on hold with immediate effect, arguing that the fuel ban on overage vehicles is not feasible due to technological challenges.
