Latest news with #KarnatakaBank
Time of India
10 hours ago
- Business
- Time of India
Click, invest, regret: Rs 39L lost in two online scams
1 2 3 Chandigarh: In a double blow to digital trust, two residents of Sector 22 were conned out of a staggering Rs 39 lakh in separate online investment scams that promised high returns but delivered only heartbreak. Gurdeep Kaur's ordeal began with a seemingly harmless Facebook group offering stock tips. With 102 members and five administrators, the group looked legitimate. One admin, Aradhya Mishra, reached out via WhatsApp, offering investment advice. Gurdeep started small — Rs 10,000 in Akai Metals, earning Rs 282 in a day. Encouraged, she invested more, including Rs 2.5 lakh in Hitachi Energy India Ltd and Rs 1 lakh via Karnataka Bank. Her dashboard showed profits soaring to Rs 1.62 crore, but when she tried to withdraw, she was told her account was frozen due to an IPO win worth Rs 2.12 crore. The catch? She had to pay Rs 60 lakh to unlock it. Realizing she'd been duped, Gurdeep filed a complaint with the cyber cell, which is now investigating the matter. In another case, Abhishek Jain was lured by a woman posing as a receptionist for an online firm. She offered paid review tasks, which built trust. Soon, she pitched an investment scheme via Telegram, claiming ties to CBOE Global Markets. Jain invested Rs 16.45 lakh over a month, but his withdrawals failed after initial success. He received just Rs 43,452 in return. Both victims transferred funds via RTGS, IMPS, and Google Pay to multiple accounts. The UT cyber cell has registered cases and is trailing the digital footprints of the fraudsters.
The Hindu
14 hours ago
- The Hindu
Ongole police bust online betting racket, arrest six
Ongole Taluka police on Wednesday arrested six persons for their involvement in the operation of an online betting racket and misusing bank accounts of people to transfer money to foreign countries. The police are in the process of arresting eight others who are also linked to the betting racket. The accused created and sold multiple bank accounts to facilitate their monetary transactions. Shaik Nayab Rasool from S.N. Padu, Arusumalla Praneeth Kumar from Hyderabad, Syed Shahijad Ali from Udayagiri, Singanaboina Chaitanya from Nellore, Shaik Khadarunnisa from Kurnool, and Shaik Ayesha from S.N. Padu were arrested near Peerlamanyam and Arunodaya Colony at Pernmitta village, S.N. Padu mandal, in Prakasam district on Wednesday. Addressing a press conference, Prakasam Superintendent of Police (SP) A.R. Damodar said, 'The main orchestrator, Shaik Yasin, a native of Udayagiri and currently residing in Hyderabad, maintained contacts with international online betting app operators named White, Jimmy, and Maunika through the Telegram app.' 'The group offered lucrative amounts from ₹15,000 to ₹45,000 in exchange for opening savings and current accounts, along with submission of ATM cards, SIM cards, and bank passbooks. Praneeth, Nayab Rasool, and others coordinated with individuals like Syam, Ajay, Vijay, Chaitanya, and others to deliver the account kits to foreign handlers via couriers,' he informed. These accounts were used to route betting money internationally, exploiting net banking and digital verification methods. They have operated across Nellore, Ongole, and Hyderabad, and have used banks like Karnataka Bank, Indian Overseas Bank, and Federal Bank to create fake accounts. Efforts are on to arrest Ajay, Vijay, Syam, Rabbu, Shaik Yasin, Jimmy, White and Maunika, police said.
Time of India
16-07-2025
- Business
- Time of India
Karnataka Bank's chief assures stability, growth
Mangaluru: Raghavendra S Bhat took charge as the new MD & CEO of Karnataka Bank at its corporate headquarters in Mangaluru on Wednesday. Addressing recent concerns, Bhat assured customers that the bank remains fundamentally strong. He told reporters, "Karnataka Bank has consistently maintained profitability and declared dividends since its inception, which is unique in the Indian banking sector." O utlining his vision, Bhat said his immediate goal is to increase the bank's business turnover from Rs 1.8 lakh crore to Rs 2 lakh crore. "I am committed to taking every necessary step in the best interest of the bank and its stakeholders," he said. Dismissing speculation, Bhat firmly ruled out any plans to shift the bank's headquarters from Mangaluru or to change its name. "We are proud of our strong regional roots and legacy," he affirmed. With a career at Karnataka Bank spanning nearly four decades, Bhat began as a clerk in 1981 and rose through the ranks to become chief general manager and chief operating officer before retiring in 2019. "It is a matter of great pride and joy to return to the institution that shaped my professional journey. However, the post comes with a lot of responsibility," he said. Bhat called for collective support from employees and customers and assured that the vision of supporting agriculture, MSMEs and other sectors will continue.
Time of India
15-07-2025
- Business
- Time of India
Karnataka Bank appoints COO as interim MD & CEO
Kolkata: Karnataka Bank has appointed its chief operating officer Raghavendra Srinivas Bhat as managing director & chief executive officer for three months from July 16, 2025. Meanwhile, the bank continues to search for a regular MD & CEO. The vacuum at the bank's top position was created earlier in the month as MD Srikrishnan Hari Hara Sarma and executive director Sekhar Rao stepped down from their respective positions after a conflict with the board. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo Bhat will step aside if a new head comes before his three-month stint. Bhat has resigned from the COO position and has been appointed as an additional director at the board. Our Bureau
Business Standard
14-07-2025
- Business
- Business Standard
Karnataka Bank gains after appointing Raghavendra Srinivas Bhat as MD & CEO
Karnataka Bank rose 1.39% to Rs 193.15 after the bank announced the appointment of Raghavendra Srinivas Bhat as an additional director in the capacity of managing director & CEO for a period of three months, effective from 16 July 2025. According to an exchange filing, the board approved Bhats appointment for a term of three months or until the appointment of a regular MD & CEO, whichever is earlier, based on the approval received from the Reserve Bank of India (RBI). Prior to this, Raghavendra Srinivas Bhat served as the Chief Operating Officer (COO) of the bank. He has resigned from the role of COO with effect from the close of business hours on 15 July 2025. Raghavendra Srinivas Bhat began his career at Karnataka Bank in 1981 as a clerk. He has spent 38 years with the bank. He rose through the ranks and served as COO in the CGM cadre until 2019. During his time there, he managed various key functions, including HR, IT and digital banking, treasury, forex operations, insurance (third-party products), and rural economy. The bank credited his leadership and strategic vision as significant in shaping high-level decisions. Karnataka Bank, a leading 'A' Class Scheduled Commercial Bank in India, was incorporated on 18th February 1924 at Mangaluru. The bank fell 3.90% to Rs 199.40 after the bank's net profit fell 7.97% year-on-year to Rs 252.37 crore in Q4 March 2025. The bank's total income rose 2.55% YoY to Rs 2,686.69 crore in Q4 FY25.
