
IPO watch: Which Indian startups are next to hit the stock market?
Synopsis
A significant number of companies hailing from a wide range of sectors––from fintech to consumer goods and logistics––are set to mark their entry into the Indian stock market soon.

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Study of money mules in Karnataka cybercrimes calls for regulation of cryptocurrency to check galloping crime rate
The lack of regulation of the cryptocurrency market in India has been identified as being among the key factors in controlling money laundering linked to cyber crimes in the country by a 'Study on the Use of Money Mules in Cyber Crimes' conducted by the Centre for Cybercrime Investigation Training and Research of CID police in Karnataka. The combination of an unregulated cryptocurrency market and acceptance of cryptocurrency deposits by gaming platforms and casinos has made recovery of funds stolen in cybercrimes highly challenging, the study, which was unveiled at a conference of senior police officers in Bengaluru on Friday, has reported. Quoting data from the National Cyber Crime Reporting Portal (NCRP) for the year 2024, the study states that ₹2,915 crore was lost in 6.11 lakh cyber crimes in Karnataka – ₹1860 crore from private banks (3.02 lakh cases) and ₹948 crore from public banks (2.55 lakh cases). The losses caused by cyber crimes in Karnataka are reported to have increased fourfold in 2024 from ₹660 crore reported in 2023. The study has looked at the subject of money mules who knowingly or unknowingly facilitate the usage of bank accounts to facilitate the laundering and layering of money stolen from lakhs of innocent victims through scams like investment frauds, digital arrests etc, leading to the eventual transfer of the stolen funds to the operators of cybercrime networks through modes like cryptos or direct withdrawals. 'The unregulated cryptocurrency market is exacerbating the issue of money muling. Recent cases have revealed that laundered money is either converted into cryptocurrency using a money mule or transacted through P2P transactions with genuine crypto traders,' says the report authored by cybercrime police experts and the Data Security Council of India. The laundering of cybercrime proceeds through cryptos 'is further complicated by certain gaming platforms, such as casinos, that allow cryptocurrency deposits. Many cryptocurrency exchanges either do not require KYC or are based in foreign countries with lenient regulatory frameworks, both of which pose challenges for investigators,' says the study. The study has identified the tracking of the conversion of money stolen in cybercrime as 'a significant challenge for law enforcement agencies'. Apart from cash withdrawals at overseas ATMs using Indian debit cards in locations such as Dubai, Hong Kong, and Bangkok, as well as ATMs in remote areas across India, cryptocurrency conversions are seen as a key challenge. 'In many instances, illicit funds are converted into cryptocurrency through peer-to-peer (P2P) transfers on unregistered platforms and exchanges) changes). According to the CFCFRMS (Citizen Financial Cyber Fraud Reporting and Management System) platform, crypto valued at approximately ₹ 5.52 crores was transferred from March to May 2024 via the Bitget multi-exchange platform,' states the Karnataka study. 'In this process, criminals use mule accounts to funnel funds into international payment aggregators and global wallets such as Pypl from which the money is subsequently transferred to Binance,' states the report. The study has identified regulation of the cryptocurrency market as a key step in regulating the exploding rate of cyber crimes in states like Karnataka. 'There is a pressing need to regulate the cryptocurrency market in India. This regulation should not only require cryptocurrency exchanges to follow specific norms for collecting and verifying user details but also include penal provisions for money laundering and other illegal activities,' says the study on money mules in cyber crimes. In addition 'gaming and other platforms that receive direct cryptocurrency payments need to be regulated, requiring registration and mandatory KYC verification for customers. The government may consider banning non-compliant platforms and prohibiting Indian residents from transacting on cryptocurrency platforms not registered with the Government of India,' says the report. The study has also called for better monitoring of accounts by the banking sector to identify the creation and usage of mule accounts which tend to be dormant accounts or new accounts opened with fictitious details of identity and location. 'Cybercriminals are exploiting the online account opening facilities offered by numerous banks to open mule accounts using fake and nonlocal addresses. For instance, an individual located in Rajasthan may open an online account while providing a Bengaluru address. In one of the cases investigated at CID Bengaluru, up to 125 mule accounts have been opened in a private bank through online channels, where only basic KYC is required, and no physical verification is conducted by the banks,' states the study. Banks not flagging suspicious transactions While the RBI has mandated the generation of 'Suspicious Transaction Reports' to the centralised Financial Intelligence Unit India (FIU-IND) with warnings against non-compliance as part of efforts to regulate cyber crimes, banks tend to default on STRs, says the report. 'Investigations have revealed that banks sometimes fail to flag transactions as suspicious when large volumes occur. This failure is often attributed to negligence on the part of the banks, and in some rare cases, insiders in the bank colluding,' says the cybercrime report. Banks also tend to allow individuals to easily change the registered phone numbers on their bank accounts, and 'genuine accounts are sold to fraudsters who then link their phone numbers, enabling control over internet banking' even if the new mobile number does not match the one registered with Aadhaar. 'Despite the RBI mandates for strict due diligence on mobile number changes, this is not uniformly enforced across banks,' says the study. The study has pointed out that the RBI has also developed an in-house Artificial Intelligence/Machine Learning based solution called 'to detect suspected mule accounts'. 'Another factor aiding the proliferation of mule accounts is the ease with which fraudsters acquire mobile SIM cards. Cybercriminals procure SIMs using forged Aadhaar cards and other identities,' the study has reported. In terms of legal provisions the absence of punitive measures against money mules in the existing laws in the country has been a hindrance to regulating cybercrimes, says the report. 'As neither the Bharatiya Nyaya Sanhita (BNS), 2023 nor the Information Technology Act, 2000 contains sections solely and expressly dealing with money mules, individuals knowingly operating these accounts do not face criminal penalties in cybercrime cases specifically for being a money mule,' the report has stated. 'The entire gamut of cyber crime offences are occurring in the white economy of the country. The mechanisms introduced for financial inclusion like bank accounts and net banking are being misused for cyber crime. The cyber crimes involve the theft of white money through regular banking channels and not unknown networks,' a Karnataka cybercrime officer said.


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Kolhapuri Chappals: Prada accepts Indian craftsmanship, open for meaningful exchange with artisans
New Delhi: After facing severe backlash, Italian fashion house Prada has officially admitted that the Kolhapuri Chappals, featured in the recent Prada Men's 2026 Fashion Show, is inspired by India's handcrafted footwear traditions. In a letter to Lalit Gandhi, president of Maharashtra Chamber of Commerce, Industry, and Agriculture, Prada noted that it is 'open for meaningful exchange with artisans'. 'We acknowledge that the sandals featured in the recent Prada Men's 2026 Fashion Show are inspired by traditional Indian handcrafted footwear, with a centuries-old heritage. We deeply recognise the cultural significance of such Indian craftsmanship,' said Lorenzo Bertelli, Prada Group Head of Corporate Social Responsibility, in a letter to Gandhi. The luxury fashion house came under fire after showcasing the sandals during its Spring/Summer 2026 menswear show in Milan, priced at more than Rs 1 lakh as against the Rs 300-Rs 1500 sold in Kolhapur's markets. After images of the collection surfaced online, social media users and Indian officials criticised the label for failing to credit the heritage behind the designs. They accused Prada of cultural appropriation and disregard for the traditional artisans who have crafted these leather sandals for generations. Gandhi had in a letter to Prada shared concerns that 'the collection includes footwear designs that bear a close resemblance to Kolhapuri Chappals (Footwear) a traditional handcrafted leather sandal that has been awarded Geographical Indication (GI) status by the Government of India in 2019'. Besides representing the 'centuries-old regional identity of Maharashtra', the Kolhapuri Chappals also support the livelihoods of thousands of artisans and families in the Kolhapur region and surrounding districts, Gandhi wrote. Gandhi called out Prada for commercialising the centuries-old footwear designs 'without due acknowledgment, credit, or collaboration with the artisan communities', and urged them to 'consider supporting ethical fashion practices that respect traditional knowledge and cultural rights'. In his response, Bertelli wrote, 'Please note that, for now, the entire collection is currently at an early stage of design. Development and none of the pieces are confirmed to be produced or commercialised. 'We are committed to responsible design practices, fostering cultural engagement, and opening a dialogue for a meaningful exchange with local Indian artisan communities as we have done in the past in other collections to ensure the rightful recognition of their craft,' he said.