Latest news with #Rs1.17
Time of India
12-07-2025
- Time of India
Retired bank officer cheated out of over Rs1 crore in digital arrest case
Pune: Online fraudsters, posing as crime branch personnel of the Mumbai police , cheated out a retired bank officer (70) of Rs1.17 crore between June 11 and 13 after digitally arresting him in a bogus money laundering case. According to police, the retired officer and his wife stay in a flat in Kothrud. Their son is based in the USA. The victim approached the Pune cyber police with his complaint earlier this month. After verifying the bank transactions, the cyber police registered an FIR. The cyber police stated that the suspects, posing as personnel of the Mumbai crime branch, told the retired bank officer that they were investigating a pan-India investment scam. The fraudsters told him that some suspects from Delhi had duped people of Rs2,283 crore. You Can Also Check: Pune AQI | Weather in Pune | Bank Holidays in Pune | Public Holidays in Pune A bogus police officer in the scamsters' group told the complainant that his Aadhaar card and bank account were used in the investment scam. The fradusters said they would arrest the retired bank officer. They also told the victim that he would be jailed for years and it would defame his family. Later, the suspects told the retired officer that they would arrest him digitally, considering his age. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Learn & Earn Upto 5k Daily By This Method of Intraday Trading TradeWise Learn More Undo They ordered him to keep his video call on for the next three days and kept him under digital arrest, the police said. According to the police, the suspects promised to release him from the digital arrest if he paid them some money. The fraudsters shared details of three bank accounts with him, and the victim transferred money to those. After transferring the money to the suspects, the retired bank officer spoke with his son in the US. The latter advised him to approach the police.
Business Recorder
03-07-2025
- Business
- Business Recorder
FIA arrests former RAILCOP officials over Rs1.17bn fake bank guarantees scam
The Federal Investigation Agency (FIA) has arrested three former senior officials of RAILCOP, a subsidiary of Pakistan Railways, in a high-profile corruption case involving fake bank guarantees worth over Rs1.16 billion, a statement from the Ministry of Railways said on Thursday. Those arrested include Syed Najam Saeed, former chief executive officer of RAILCOP; Muhammad Zubair Hussain, ex-controller finance and accounts; and Meh Run Nisa, former director of commercial & marketing. The arrests were made by the FIA's Anti-Corruption Circle in Islamabad under FIR No. 37/2025 registered on June 30, according to the statement. The three former executives are accused of colluding with Irfan Hameed Khan, chairman of M/s Indus Valley Industrial Junction (IVIJ), to prepare and submit 14 fake/bogus bank guarantees of United Bank Limited and Bank Al Habib Limited worth Rs1.17 billion in favour of different government departments for participation in tendering processes of development projects. According to the statement, M/s IVIJ received Rs164,969,160/- (nearly Rs165 million) as commission from RAILCOP Islamabad in respect of providing said 14 fake/bogus Bank Guarantees illegally. 'Thus, they caused huge loss to the tune of Rs164,969,160/- to national exchequer,' the ministry said, 'Tomorrow they will be produced in court for remand.' Investigation is underway.
Time of India
27-06-2025
- Business
- Time of India
Delhi set to become a bigger link in India's supply chain: State Industry Minister
New Delhi: The three planned industrial hubs in the national capital will integrate logistics distribution centres , warehousing parks and multimodal facilities, enhancing the city's role in the national supply chain, Delhi minister for industry and food & supplies Manjinder Singh Sirsa said. Speaking at the ET Edge Supply Chain Management Fest 2025 here, the minister described supply chain as a core economic pillar that is emerging as "a national growth engine". Delhi, with more than 8,000 operational factories and nearly 400,000 workers, plays a key role in strengthening the regional and national supply chains. The city accounts for about 16% of India's warehousing market, he added. Referring to the recent establishment of the Delhi Trader Welfare Board , the minister said it ensures that the voices of traders and logistics players are integrated into policymaking. Speaking at the event, Inland Waterways Authority of India chairman Vijay Kumar made a case for transporting cargo via waterways, saying that it "cuts emissions and reduces logistics costs by up to 60% compared to road transport". Live Events In a fireside chat, Balfour Manuel, managing director of express package distribution company Blue Dart , detailed the demands of serving India's fast-paced ecommerce market. He emphasised that speed and reliability are non-negotiable for the operations. Amid discussions on growth, a critical warning emerged from Sungita Sharma, a former special secretary at the Central Board of Indirect Taxes and Customs. She highlighted the threat of illicit trade, calling it a global issue costing India over Rs1.17 lakh crore annually in sectors like tobacco, FMCG, and pharmaceuticals. Sharma called for "stronger enforcement, tech-enabled tracking, and industry collaboration" to protect supply chain integrity and consumer safety. State government leaders, including representatives from Maharashtra, Tamil Nadu and Andhra Pradesh also shared their industrial development strategies at the event. The summit concluded with an awards ceremony recognising leaders who are redefining the supply chain landscape.
Express Tribune
21-04-2025
- Business
- Express Tribune
PTCL demands swift approval of merger
Pakistan Telecommunication Company Limited (PTCL) and Ufone 4G President and Group Chief Executive Officer Hatem Bamatraf has called for speedy approval of the PTCL-Telenor merger transaction and warned that the amalgamation agreement may be affected due to certain timelines. Talking to media on Monday, the CEO said that they had submitted all documents to the Competition Commission of Pakistan (CCP) pertaining to the merger. "We are surprised over the delay in the transaction for the last one year," he said, adding that Etisalat had been engaging in such transactions in other countries, which did not face such delay. He pointed out that there were certain timelines in the transaction agreement that could affect the PTCL-Telenor merger. Another PTCL official said that they were expecting further growth in PTCL following its merger with Telenor. Hatem Bamatraf called unfair the delay on the part of competition body in granting approval to the merger with Telenor Pakistan. "We are waiting for the approval and are surprised over the delay; it should not have taken place," he said while responding to a query from the media. On the occasion, the PTCL management presented financial results for the first quarter of calendar year 2025. The company CEO said that PTCL had compiled documents for the CCP and the announcement of the decision was critical. He even referred to the investment made by Etisalat in Pakistan and other markets where the UAE-based company was operating. Bamatraf added that if the required permission from the CCP was not received in time, the loan agreement between PTCL and the International Finance Corporation – a member of the World Bank group – might not be completed. The financial results for the period from January-March 2025 showed that the company maintained its loss-making track despite a 22% revenue growth during the quarter. The revenue of the PTCL group in the three months was Rs61.85 billion, but the group faced a net loss of Rs3.97 billion. The three main entities of the PTCL group were PTCL, Ufone and Ubank. The key reason for the continuous loss incurred by PTCL was the financial condition of Ufone, which was in the red, despite a 21% revenue increase in the first three months of 2025. However, PTCL made a net profit of Rs1.17 billion.
