Latest news with #RiteshJain
Time of India
4 days ago
- Business
- Time of India
Mumbai court nixes Rs 1,478cr money laundering case accused Ritesh Jain's plea for family holiday abroad
Mumbai: Observing that there is possibility of the accused absconding and hampering investigations, a special PMLA court has rejected the plea of businessman Ritesh Jain, an accused in a Rs 1,478-crore money laundering case related to Rajeshwar Exports Pvt Ltd, to travel to the UK and the UAE for a family holiday. While Jain submitted that his family had endured significant mental turmoil due to the cases against him and his companies, and the trip was intended to "weed out negativity and instill enthusiasm and positivity" in their lives following the recent death of his father, the judge noted that there were no urgent and compelling reasons. Jain had sought permission to travel to the UK from July 1-8 and to the UAE from July 8-15 and requested abeyance of any look out circular against him. His lawyers submitted that Jain was innocent and had been falsely implicated. They also submitted that the right to travel abroad is a fundamental right under Article 21 of the Constitution of India. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai Opposing the application, Enforcement Directorate (ED) said that Jain, along with others, conspired to entice individuals into opening bank accounts for companies like Macquire Multitrade Pvt Ltd, Kalpana Trading Company, and Unique Trading Company, which were allegedly used for illegal transactions, cheating individuals for personal gain and causing loss to govt. The investigations allegedly revealed that Jain and his associates incorporated "paper companies or entities" such as Unique Trading and Macquire Multitrade, transferring funds from these to Rajeshwar Exports. Outward remittances were made under the guise of importing jewellery and diamonds, purportedly to park tainted funds abroad. ED also informed the court that Jain is an accused in another case related to Auro Gold Jewellery Pvt Ltd and is considered the "kingpin" of a setup designed to park funds outside the country by establishing a web of entities with dummy directors. An LOC was issued against him on Jan 6, 2017, as he is considered a prime conspirator. ED submitted that Jain has repeatedly failed to appear despite multiple summons, evading the process of law. The court noted that while the right to travel abroad is a fundamental right, it is subject to restrictions during ongoing criminal investigations. Considering Jain's "past conduct" and the existing LOC, the court concluded there was a strong possibility of him absconding if permitted to travel abroad, which would hamper the investigation.
Entrepreneur
26-06-2025
- Business
- Entrepreneur
FlexiLoans Crosses INR 10,000 Cr in Loan Disbursements, Powers 1.7 Lakh MSME Loans
Notably, 66% of these borrowers are from tier II, III, and IV regions. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Digital lending platform FlexiLoans has announced a significant milestone: the company has crossed INR 10,000 crore in cumulative loan disbursements, supporting over 1.7 lakh loans across more than 3,000 towns and cities. Notably, 66% of these borrowers are from tier II, III, and IV regions. Founded with a vision to empower small businesses, FlexiLoans claims to have financed over 59,000 MSMEs since inception—many of them first-time borrowers. Notably, over 10% of its loan book comprises women-led enterprises. With assets under management (AUM) now exceeding INR 2,300 crore and an impressive 83% CAGR between FY22 and FY25, the company has maintained profitability for three consecutive years. "The gap is real—but so is the opportunity," said Ritesh Jain, Co-founder of FlexiLoans. "Digital lending is no longer a parallel stream, it's the mainstream. Legacy systems can't serve the future of MSME credit. That's where digital-first lenders like us are shifting the paradigm." FlexiLoans' platform sees over 1.3 million monthly visits, indicating increasing digital trust and adoption among MSMEs, especially outside metro cities. Jain added, "What we're witnessing is Bharat's fintech moment. MSMEs in smaller towns are digitally savvy and actively seeking fast, flexible credit solutions built for their realities." India's MSME sector contributes nearly 30% to the GDP and employs 110 million people. Yet, timely and adequate credit access remains a hurdle—especially for micro-enterprises. According to SIDBI, the sector faces a credit gap of INR 30 lakh crore, with formal lending covering just 53% of the INR 95.6 lakh crore total debt demand. FlexiLoans' fully digital and paperless lending model proved crucial during the COVID-19 crisis, helping businesses recover through quick access to working capital. Between FY21 and FY24, NBFCs like FlexiLoans recorded a 32% CAGR in MSME lending, far outpacing private and public sector banks. With technology-driven innovations like AI-based underwriting, alternate data usage, and embedded finance, FlexiLoans is helping drive a shift toward agile, inclusive financial access.
Entrepreneur
11-06-2025
- Business
- Entrepreneur
FlexiLoans Raises INR 375 Crore in Series C Round to Boost MSME Lending
he round was led by existing investors including Fundamentum, Accion Digital Transformation Fund, Nuveen, and Maj Invest, while British International Investment (BII), the UK's development finance institution, joined as a new backer You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Digital lending platform FlexiLoans has raised INR 375 crore in fresh equity funding as part of its Series C round, according to a press release issued by the company. The latest tranche adds to the INR 290 crore raised in September 2024, taking the total capital infusion to INR 665 crore over the last six months. The round was led by existing investors including Fundamentum, Accion Digital Transformation Fund, Nuveen, and Maj Invest, while British International Investment (BII), the UK's development finance institution, joined as a new backer. The investment mix includes both primary capital to drive operational expansion and secondary transactions that provided liquidity to early investors. Founded in 2016 by Deepak Jain, Ritesh Jain, and Manish Lunia, FlexiLoans operates as a digital-first NBFC focused on serving India's underserved MSME sector. The firm said the fresh funds will be used to scale operations, broaden its suite of credit products, and strengthen its technology platform aimed at small businesses, particularly in non-metro areas. Less than 10 per cent of the estimated 60 million MSMEs have access to formal credit. FlexiLoans targets this credit gap, with 66 per cent of its loan book spread across Tier II and Tier III cities. "We are pleased to have secured an additional INR 375 crores from our existing investors and are proud to welcome BII to our cap table," said Deepak Jain, co-founder of FlexiLoans. "This round not only enabled us to return capital to our early investors, but also gives us the firepower to double down on our mission—empowering underserved MSMEs across India with fast, accessible financing to grow, scale, and thrive." FlexiLoans operates without physical branches, using a fully digital infrastructure to approve and disburse loans—often within 48 hours—by leveraging alternative data and digital partnerships. The firm has disbursed over INR 10,000 crore across more than 2,100 towns and cities. Its current assets under management (AUM) stands at INR 2,300 crore, with a compound annual growth rate (CAGR) of 83 per cent from FY22 to FY25. Srini Nagarajan, managing director and head of Asia at BII, said: "We are delighted to support FlexiLoans in their mission to empower MSMEs across India with its innovative digital-only model. Financial inclusion is a key part of our strategy, and this investment underscores our commitment to supporting underserved businesses and entrepreneurs." Unitus Capital acted as the exclusive advisor to the transaction.
Economic Times
10-06-2025
- Business
- Economic Times
Silver prices surge as market anticipates record-breaking rally
The ratio had made an all-time high of 126.55 in March 2020, from where silver prices had doubled by August. Silver is poised for a potential record-breaking surge, surpassing $36 per ounce for the first time in 13 years, driven by technical strength and a weakening dollar. Analysts anticipate silver outperforming gold, potentially reaching $50 by year-end. Favorable technical patterns and expectations of easing trade tensions further fuel the bullish outlook for the white metal. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Mumbai: Silver may be on the cusp of a record-breaking rally after having topped the $36 per ounce mark in international markets for the first time in 13 years late last week. With technical charts pointing to continued strength and a weaker dollar boosting demand for hard assets, analysts expect the white metal to play catch-up rally with gold prices were trading at $36.3 per ounce on Monday, up 0.9% on the international market. In India, it was trading at ₹1,05,520 per kilogram on MCX."With gold likely to consolidate after a strong run, silver has the potential to outperform," said Ritesh Jain, founder, Pinetree Macro. "If silver holds above $36, it could retest the $50 highs seen during the Hunt Brothers era by the end of this year."In 2025, international gold prices have gone up 43.7%, fuelled by growing demand for safe-haven assets in the wake of Donald Trump's tariff actions and geopolitical uncertainties. Silver has rallied 22.3%. In comparision, the equity benchmark Nifty 50 has gone up 5.7%, Nifty Midcap 150 has advanced 3.6% and Smallcap 250 index has declined 1.3%.Silver is known for its short and swift run-ups. In 17 instances since 2005 when it has made a fresh high, the average three-month, six-month and one-year returns thereafter have been 5.2%, 13.3% and 26.1%, respectively, according to Samco the technical charts, silver is pointing to a breakout. Apurva Sheth, head of research at Samco Securities, said a rare 'Cup and Handle' pattern is forming not just on the weekly chart, but also on the multi-decade (yearly) chart."This technical formation is often a precursor to explosive breakouts. What makes this instance remarkable is its repetition across timeframes, hinting at deep market structure alignment," said and traders could bet on the white metal by buying Silver Exchange-traded Funds, Silver Fund of Funds, or by trading in Silver futures on of a sharp rally in silver have been driven by factors such as softening US dollar, renewed hopes of easing trade tensions between the US and Chinese presidents, and the European Central Bank's seventh consecutive rate cut, said Ramesh Varakhedkar, head commodities at ICICI said silver's dual role as both a financial asset and an industrial input makes its current rally particularly the gold to silver ratio - a measure of how many ounces of silver it takes to buy one ounce of gold - stood at 91.3 on Monday, the lowest since April 2, said Varakhedkar. The gauge, which compares the prices of gold and silver, is signalling that silver offers better value at the juncture. The ratio had made an all-time high of 126.55 in March 2020, from where silver prices had doubled by August."In the short-term, silver could rise further to around $37.2, and on the MCX, Silver July contract, short-term price range is expected between ₹102,400 and ₹108,200 per kilogram, provided it maintains above ₹102,400 (currently at ₹1,05,520)," said Varakhedkar.
Time of India
10-06-2025
- Business
- Time of India
Silver prices surge as market anticipates record-breaking rally
The ratio had made an all-time high of 126.55 in March 2020, from where silver prices had doubled by August. Silver is poised for a potential record-breaking surge, surpassing $36 per ounce for the first time in 13 years, driven by technical strength and a weakening dollar. Analysts anticipate silver outperforming gold, potentially reaching $50 by year-end. Favorable technical patterns and expectations of easing trade tensions further fuel the bullish outlook for the white metal. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Mumbai: Silver may be on the cusp of a record-breaking rally after having topped the $36 per ounce mark in international markets for the first time in 13 years late last week. With technical charts pointing to continued strength and a weaker dollar boosting demand for hard assets, analysts expect the white metal to play catch-up rally with gold prices were trading at $36.3 per ounce on Monday, up 0.9% on the international market. In India, it was trading at ₹1,05,520 per kilogram on MCX."With gold likely to consolidate after a strong run, silver has the potential to outperform," said Ritesh Jain, founder, Pinetree Macro. "If silver holds above $36, it could retest the $50 highs seen during the Hunt Brothers era by the end of this year."In 2025, international gold prices have gone up 43.7%, fuelled by growing demand for safe-haven assets in the wake of Donald Trump's tariff actions and geopolitical uncertainties. Silver has rallied 22.3%. In comparision, the equity benchmark Nifty 50 has gone up 5.7%, Nifty Midcap 150 has advanced 3.6% and Smallcap 250 index has declined 1.3%.Silver is known for its short and swift run-ups. In 17 instances since 2005 when it has made a fresh high, the average three-month, six-month and one-year returns thereafter have been 5.2%, 13.3% and 26.1%, respectively, according to Samco the technical charts, silver is pointing to a breakout. Apurva Sheth, head of research at Samco Securities, said a rare 'Cup and Handle' pattern is forming not just on the weekly chart, but also on the multi-decade (yearly) chart."This technical formation is often a precursor to explosive breakouts. What makes this instance remarkable is its repetition across timeframes, hinting at deep market structure alignment," said and traders could bet on the white metal by buying Silver Exchange-traded Funds, Silver Fund of Funds, or by trading in Silver futures on of a sharp rally in silver have been driven by factors such as softening US dollar, renewed hopes of easing trade tensions between the US and Chinese presidents, and the European Central Bank's seventh consecutive rate cut, said Ramesh Varakhedkar, head commodities at ICICI said silver's dual role as both a financial asset and an industrial input makes its current rally particularly the gold to silver ratio - a measure of how many ounces of silver it takes to buy one ounce of gold - stood at 91.3 on Monday, the lowest since April 2, said Varakhedkar. The gauge, which compares the prices of gold and silver, is signalling that silver offers better value at the juncture. The ratio had made an all-time high of 126.55 in March 2020, from where silver prices had doubled by August."In the short-term, silver could rise further to around $37.2, and on the MCX, Silver July contract, short-term price range is expected between ₹102,400 and ₹108,200 per kilogram, provided it maintains above ₹102,400 (currently at ₹1,05,520)," said Varakhedkar.
