Latest news with #Ranka
Hindustan Times
26-06-2025
- Business
- Hindustan Times
Three arrested for running Ponzi scheme, duping investors of ₹25 crore, assaulting clients
MUMBAI: The property cell of the crime branch has arrested three men for a Ponzi scheme in which several investors were duped of around ₹ 25 crore. The accused also allegedly threatened and assaulted their clients, said the police. Arrested computer hacker and cyber criminal with handcuffs, close up of hands (Getty Images/iStockphoto) The accused were identified as Ankit Jain, Hetul Ranka and Omkar Singh. Jain and Ranka are childhood friends with a masters in business administration (MBA). Together they began AJ Enterprises, a firm with an office in Goregaon which supplies computer accessories and other stationery. According to the police, the accused told their customers that they will soon be launching a factory to manufacture A4 size paper and began offering part ownership of the new franchise to clients in exchange for deposits. The police said the accused also promised clients that they had another investment business which was offering 18% monthly returns. They even hired agents to convince prospective clients that they would make a 10%-15% interest on their investments, and promised the agents a commission fee, said police inspector Mangesh Desai of the property cell. So far the police crime branch has recorded 200 people who bought into their lies, some even selling their property, gold ornaments, and taking police have recorded the victims' statements and as of now the fraud adds up to around ₹ 25 crore. The incident came to light after the accused were short on money and stopped paying interest to their clients and refused to return the original amount. When clients protested the accused threatened them, beat them, and filmed the assault in a dark room in their office, said the police. The police heard of the crime through their sources last week, conducted a preliminary investigation and then registered a case against Jain, Ranka and Singh and arrested them. The police added that Jain and Ranka have cases against them for previous crimes with a similar modus operandi. The three were produced before the court and their police custody was extended till June 30. The police have also booked Jain's father Deepak Jain but he has not been arrested yet.
Hindustan Times
30-04-2025
- Automotive
- Hindustan Times
Gold continues to glitter in Pune on Akshaya Tritiya
On the auspicious occasion of Akshaya Tritiya on Wednesday, considered one of the most significant days in the Hindu calendar, a large number of people flocked to markets to purchase gold, continuing a long-standing tradition believed to bring prosperity. Shops like PNG Jewellers, Ranka Jewellers, Ashtekar Jewellers and many others witnessed significant footfall throughout the day. Shailesh Ranka, director of Ranka Jewellers, said, 'Even though gold prices have crossed ₹95,000, people's faith in the auspiciousness of Akshaya Tritiya remains strong. Many are still buying at least one tola (approximately 10 grams) of gold today.' He added that all three of their showrooms in Pune saw brisk business. 'We have evolved our designs over time, and currently, lightweight jewellery is in high demand among customers,' Ranka said. 'Every year on Akshaya Tritiya, we make it a point to buy at least a small piece of gold it's a tradition in our family. This time, even though the prices were quite high, I still bought a pair of gold earrings for my daughter. I believe buying gold on this day brings long-term prosperity and blessings,' said Meena Pardeshi a citizen. The price of 24-carat gold was ₹97,970 per 10 grams, while 22-carat gold was priced at ₹89,750 per 10 grams. The rate for 24-carat gold has dropped by ₹60. However, with GST applicable on gold purchases, the net price difference was not significant. Meanwhile, there has been a decrease in two-wheeler vehicle registration this year during the Akshaya Tritiya period at the Pune Regional Transport Office (RTO) compared to last year. Interestingly there is a rise in the four-wheeler registration compared to other types of vehicles. As per the data shared by the Pune RTO, between April 22 and April 29, a total of 6710 vehicles were registered whereas from May 2 to May 9 last year a total of 7,191 vehicles were registered under Pune RTO. Last year a total of 1,593 cars were registered compared to this year a total of 1,680 cars were registered during this period. 'We had been planning to buy a new car for a while, and Akshaya Tritiya felt like the perfect day to go ahead with the plan. We booked a compact SUV and even performed a small pooja at the dealership,' said Rajesh Kulkarni, an IT professional.
Time of India
29-04-2025
- Business
- Time of India
India ranks among top IPO markets with $2.8 billion raised in Q1 2025: EY Report
Live Events India's Initial Public Offering (IPO) market continues to demonstrate resilience, securing a 22% share of global IPO activity in the first quarter of 2025, according to the Q1 2025 IPO Trends Report by EY With 62 IPOs raising a total of $2.8 billion, India remains a leading destination for companies seeking to go public, even amidst a backdrop of global market per the EY report, the largest IPO during this period was by Hexaware Technologies Ltd. , which successfully raised USD 1.0 billion, highlighting the ongoing demand for technology-related offerings in the Indian the overall IPO activity in India saw a decline of approximately 20% compared to the previous year, reflecting a cautious investor sentiment as the BSE SENSEX index experienced a slight decrease of 1.1 %Prashant Singhal, Partner and Markets Leader, EY India, stated, "While the impressive IPO proceeds in Q1 2025 highlight the strength of India's capital markets, the record-breaking Mergers and Acquisitions (M&A) market further demonstrates its maturity. Q1 2025 saw all-time high M&A deal volumes with transactions valued at billions of dollars, reflecting strong investor confidence and strategic investments.""This M&A surge, driven by domestic activity and international interest, complements the IPO market, showcasing a healthy and dynamic Indian financial landscape. We anticipate continued momentum in both public and private markets as companies pursue growth," he to the report India secured a 22% share of global IPO activity in the first quarter of 2025, with 62 IPOs raised $2.8 billion, showcasing continued interest from EY report highlights that the IPO landscape in India remains diverse, with significant activity across sectors such as Industrials, Real Estate, Hospitality & Construction, and Health & Life health sector, in particular, recorded notable growth, with a substantial increase in the IPO pipeline. Despite the mixed performance in completed listings, the strong fundamentals of many companies are expected to attract investor dynamic stock market, coupled with favourable economic indicators, continues to bolster investor confidence. The growing participation of retail investors is evident, as the market adapts to shifting dynamics and investor Ranka, Partner and Financial Accounting Advisory Services Leader, Indian member firm of EY Global, commented, "India's IPO market continues to be a beacon of resilience and growth. The strong performance in Q1 2025, despite global uncertainties, highlights the robust fundamentals and investor confidence in our market. We are optimistic that this momentum will carry forward, driven by supportive policies and a dynamic economic environment."The EY report further states that the outlook for India's IPO market in 2025 appears promising, with a healthy pipeline of companies preparing to enter the resilience shown in Q1 2025 sets a positive tone for the remainder of the year, as companies continue to adapt to the evolving market landscape.
