Crypto currency may render recognised money untraceable: Delhi HC
Justice Girish Kathpalia therefore denied bail to a businessman in a corruption case related to crypto currency.
"Dealing in crypto currency has profound implications on economy of our country by way of dissolution of recognised money into the dark unknown and untraceable money. The allegations against the accused in this multi-victim scam are quite serious, more so in the light of his antecedents of involvement in as many as 13 more cases of similar nature," the court said.
Umesh Verma was arrested in December 2020 and was currently out on interim bail in the matter.
The judge directed Verma, accused in the case against Dubai-based crypto currency company, Pluto Exchange, to surrender before the investigating officer or the trial court. The judge said his act of collecting money even after de-recognition of crypto currency showed mala fide. The court prima facie noted that the accused duped 61 investors after "painting a rosy picture" of getting them returns of 20 per cent to 30 per cent on their investments in crypto currency, the process which he continued against the gullible persons even after derecognition of crypto currency.
"The deep pockets of the accused, coupled with the nature and expanse of offence in the present case and 13 more cases with consequential possibility of long incarceration lends credence to the apprehension of prosecution that the accused is a flight risk," the judge added.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
26 minutes ago
- Time of India
Sattva-Blackstone backed KRT gets Sebi nod to launch Rs 4,800-cr REIT-IPO
Knowledge Realty Trust , sponsored by realty firm Sattva Group and Blackstone , has got Sebi approval to launch its REIT public offering to raise Rs 4,800 crore fund. Last month, Knowledge Realty Trust (KRT) had raised Rs 1,400 crore from investors ahead of its maiden REIT public issue. Explore courses from Top Institutes in Please select course: Select a Course Category Healthcare Data Science Cybersecurity PGDM Data Science Project Management Public Policy healthcare Leadership Design Thinking Data Analytics Technology MCA Product Management others Operations Management MBA Others Degree Finance Management CXO Digital Marketing Artificial Intelligence Skills you'll gain: Financial Analysis in Healthcare Financial Management & Investing Strategic Management in Healthcare Process Design & Analysis Duration: 12 Weeks Indian School of Business Certificate Program in Healthcare Management Starts on Jun 13, 2024 Get Details by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like No annual fees for life UnionBank Credit Card Apply Now In early March, the KRT filed the draft red herring prospectus (DRHP) with Sebi to launch an initial public offering (IPO) and list the REIT on stock exchanges. This is part of a strategy to monetise its 30 prime office assets across major cities. According to sources, KRT received Sebi approval to launch its REIT-IPO, which is scheduled to hit the capital markets in the first week of August. Live Events The company plans to raise Rs 4,800 crore through the public issue as it has already raised Rs 1,400 crore from investors, they added. Sattva Group spokesperson declined to comment. The company will start the roadshow this week, and the price band is likely to be announced on August 30. KRT is set to become India's largest REIT by gross asset value (around Rs 62,000 crore). Its net operating income stood at Rs 3,432 crore in the previous fiscal year. The KRT owns over 46 millions sq ft of office assets across 29 assets in six cities, primarily Mumbai, Bengaluru, and Hyderabad. The assets include One BKC and One World Center in Mumbai, Knowledge City, and Knowledge Park in Hyderabad and Cessna Business Park and Sattva Softzone in Bengaluru. Blackstone and Sattva will continue to own about 80 per cent of the REIT. At present, there are four listed REITs in India -- Brookfield India Real Estate Trust, Embassy Office Parks REIT, Mindspace Business Parks REIT, and Nexus Select Trust. Apart from Nexus Select Trust, the other three REITs are backed by rent-yielding office assets. Nexus owns a large portfolio of retail real estate spaces. Bengaluru-based Sattva Developers has so far constructed 74 million sq ft across seven Indian cities in commercial, residential, co-living, co-working, hospitality, and data centre sectors. An additional 75 million sq ft is in planning and implementation stage. Blackstone, one of the leading global investment firms, has a huge exposure in the Indian real estate market. The two sponsors have decided to adopt brand brand-neutral strategy to grow the KRT portfolio inorganically through third-party acquisitions. The existing four REITs have a combined portfolio of over 126 million sq ft of Grade A office and retail space across the country. Since their inception, these REITs have collectively distributed over Rs 21,000 crore to unitholders. PTI
New Indian Express
40 minutes ago
- New Indian Express
US and China to talk in Stockholm on trade with eye on Trump-Xi summit later this year
Fentanyl-related tariffs are likely a focus for China In Stockholm, Beijing will likely demand the removal of the 20% fentanyl-related tariff that Trump imposed earlier this year, said Sun Yun, director of the China program at the Washington-based Stimson Center. This round of the U.S.-China trade dispute began with fentanyl, when Trump in February imposed a 10% tariff on Chinese goods, citing that China failed to curb the outflow of the chemicals used to make the drug. The following month, Trump added another 10% tax for the same reason. Beijing retaliated with extra duties on some U.S. goods, including coal, liquefied natural gas, and farm products such as beef, chicken, pork and soy. In Geneva, both sides climbed down from three-digit tariffs rolled out following Trump's "Liberation Day" tariffs in April, but the U.S. kept the 20% "fentanyl" tariffs, in addition to the 10% baseline rate — to which China responded by keeping the same 10% rate on U.S. products. These across-the-board duties were unchanged when the two sides met in London a month later to negotiate over non-tariff measures such as export controls on critical products. The Chinese government has long protested that American politicians blame China for the fentanyl crisis in the U.S. but argued the root problem lies with the U.S. itself. Washington says Beijing is not doing enough to regulate precursor chemicals that flow out of China into the hands of drug dealers. In July, China placed two fentanyl ingredients under enhanced control, a move seen as in response to U.S. pressure and signaling goodwill. Gabriel Wildau, managing director at the consultancy Teneo, said he doesn't expect any tariff to go away in Stockholm but that tariff relief could be part of a final trade deal. "It's possible that Trump would cancel the 20% tariff that he has explicitly linked with fentanyl, but I would expect the final tariff level on China to be at least as high as the 15-20% rate contained in the recent deals with Japan, Indonesia, Vietnam," Wildau said.
Mint
2 hours ago
- Mint
Astronomer PR Pivot - Celebrity cameo turns crisis management into B-school Case
Mumbai: Little did Astronomer, the Boston-based digital solutions provider and cloud data platform, know that the way it handled the global backlash following its top CXOs being caught in a compromising position in public would eventually be taught in classrooms at some of the top business schools in India. The company's attempt to change the narrative by bringing in actor and lifestyle brand founder Gwyneth Paltrow as a 'temporary spokesperson" is now poised to become a discussion point in academic circles. Management students will debate whether wry humour (since Paltrow is the ex-wife of Chris Martin, lead singer of the band Coldplay, during whose concert the couple was caught on camera) will be enough. They will question whether this step was a 'clever or wise" form of crisis management, and whether shareholders and consumers are truly swayed by star power. 'I can envisage this becoming a massive case study in the coming days. The case illustrates the power of humour, irony, and sarcasm as tools to convey a strong message effectively, especially when facing negative PR," said Viswanath Pingali, who teaches economics at Indian Institute of Management (IIM) Ahmedabad. Pingali's research interests include digital markets and healthcare. 'The text clearly communicates what the firm stands for, and what its core business is. Everything else is ephemeral and should be treated as such. Sarcasm and irony, when used in the right amounts, can convey the message very effectively," Pingali pointed out. "The opening remark, 'I am hired on a very temporary basis,' is also highly suggestive of what Astronomer thinks, and what it wants us to think about the crisis." IIMs and other business schools regularly discuss case studies on the dos and don'ts of corporate governance, brand management, and, often, live cases — those that are ongoing. These could include global events, major mergers and acquisitions, or sectoral shifts during rare occurrences like a pandemic, which force firms to alter their operations and adapt quickly. Classes in Strategy, HR, Marketing, and Economics are where such cases are discussed to understand their impact on share prices, client perceptions, and business outcomes. For instance, last year, strategy management, business development, and market analysis were threads picked up while discussing the general elections in classrooms. Some case studies also get published. IIM Bangalore's case study on the use of digital media in the promotion of the film 1920: Evil Returns was published by Harvard Business Publishing. According to the institute's website, the case study is being used by students even in the US, Canada, Norway, and Slovenia. The IIM Bangalore study highlighted the social media marketing strategy of this smaller budget movie, and how it was targeted at an audience that knew about the franchises and watched the horror genre. Speaking about the inclusion of the Astronomer episode in the classroom, Debashis Chatterjee, director of IIM Kozhikode, said the students will be given open-ended questions. 'They will debate 'clever versus wise' crisis management. Will the image portrayed by the firm over the weekend become a case of perception management, and what would have been the 'right' thing to do?" On 26 July, a video on Astronomer's social media featured Paltrow sidestepping the controversy to speak about the work the firm does. 'I've been hired on a very temporary basis to speak on behalf of the 300+ employees at Astronomer," she said. Barely a month ago, the company's chief executive officer (CEO) Andy Byron and the human resources head, Kristen Cabot, were caught on camera during a Coldplay concert 'Kiss Cam' moment. The firm then faced tremendous backlash regarding ethics and management challenges. However, the recent video once again turned online conversations toward whether the crisis might be averted, as the firm attempts to refocus attention on its core business. 'The events of the past few days have received a level of media attention that few companies--let alone startups in our small corner of the data and AI world--ever encounter. The spotlight has been unusual and surreal for our team, and while I would never have wished for it to happen like this, Astronomer is now a household name," said interim CEO Pete DeJoy in a note posted on the firm's website. A professor who teaches entrepreneurship at one of the IIMs said the question posed to students will be: 'How do you tell an audience that you and your firm are different from the episode?" 'You have to make fundamental changes and show the audience that you've addressed the issue, and detail what went wrong and why," said the professor, who wished to remain anonymous. The discussion could also veer around on how to convert a sticky situation into an opportunity. 'One needs to see if the funnel of talent and client will increase for the company in the long term since it is a B2B (business-to-business) firm and not a B2C (business-to-consumer), said Sourav Mukherji, who teaches Organizational Behaviour & Human Resources Management at IIM Bangalore. "The class may also discuss how no publicity, however infamous, is bad publicity," he said, wrapping it up.
