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Time of India
4 days ago
- Business
- Time of India
Lured in earning high returns in stock market, 4 lose 1.25cr
Pune: Cybercrooks cheated four people in city out of Rs 1.24 crore in separate online share trading frauds between Oct last year and June. Separate cases have been registered with the Bavdhan, Koregaon Park, and Kondhwa police on Thursday. Inspector Bhaksar Kadam of the Bavdhan police said a woman (35) from Bhugaon, an employee of a prominent software company in Yerawada, lost Rs 52.4 lakh to cybercrooks in Oct last year. She filed an online complaint. After preliminary investigations, a case was registered on Thursday. "The complainant told us that a woman contacted her and claimed that she was from a prominent brokerage firm. She assured the victim of good profit on her investments in the stock market through their firm," Kadam said. You Can Also Check: Pune AQI | Weather in Pune | Bank Holidays in Pune | Public Holidays in Pune The officer said the victim downloaded the firm's app and started investing money. She transferred amounts and could see in the app that she was earning a good profit. After transferring Rs 47.38 lakh to different bank accounts, the complainant tried to withdraw her money. She was then told to pay Rs 5 lakh in tax. The victim transferred that amount as well. "The victim became suspicious when the brokerage firm stopped responding to her calls. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Many Are Watching Tariffs - Few Are Watching What Nvidia Just Launched Seeking Alpha Read More Undo She realised she was duped and approached the police," Kadam said. Similarly, a medical practitioner (28) from Koregaon Park lost Rs 28.2 lakh between May and June this year. She stated in her complaint that she came into contact with the cybercrooks through her father, who was already in a group of investors on his mobile messenger app. She was added to another group of investors, where she was given information about the stock market. She was then told to download an app to make investments. "Initially, the complainant transferred Rs 50,000 and earned a profit of Rs 4,500 on her investment. Between May and June, she transferred Rs 28.20 lakh to different bank account numbers," an officer from the Koregaon Park police said. The officer said when the woman tried to withdraw her money, she was told to pay Rs 12 lakh, claiming that she had been given additional IPOs of that amount. When the woman refused to pay the money, the crooks stopped responding to her calls and duped her, the officer said. Using same modus operandi, cybercrooks duped a private company official (46) from Katraj and a pharmaceutical firm manager (33) of Rs36 lakh and Rs7.76 lakh, respectively, between March and June. Two separate cases were registered with the Kondhwa police on Thursday. The 46-year-old victim was promised a 10% profit on his investments in the stock market and crooks took money from him to different bank accounts under the pretext of purchasing IPOs and payment of tax, an officer from the Kondhwa police said.
Express Tribune
10-07-2025
- Business
- Express Tribune
Stocks bounce back 1,205 points
Segregation of client assets is critical as brokers have been penalised for using client money illegally. PHOTO: AFP Listen to article Following a retreat in the previous session, investor confidence returned to the Pakistan Stock Exchange (PSX) on Thursday as the benchmark KSE-100 index surged past its previous record, posting a gain of more than 1,200 points. The upward trend was fueled by positive economic signals and strengthened investor sentiment. In a landmark achievement, Pakistan witnessed its highest-ever annual inflow of home remittances, which crossed $38 billion during fiscal year 2024–25. This exceptional growth is largely attributed to effective policy initiatives and consistent efforts by the federal government, along with the State Bank of Pakistan (SBP), to promote the use of official remittance channels. During the session, the index swung between an intra-day peak of 133,902 and an intra-day low of 132,706. By the close of trading, the index stood at 133,782.35, marking an increase of 1,205.36 points, or 0.91%. Read More: Remittances hit record $38.3b Arif Habib Limited wrote in its report that stocks held the support zone at 132–133k this week, with the market hitting a low of 132.3k before resuming its advance. Some 63 shares rose, while 34 declined. Meezan Bank (3.17%), MCB Bank (2.59%), and United Bank (1.09%) contributed the most to index gains. Pakistan Services (-5.34%), Oil and Gas Development Company (-0.61%), and Pakistan State Oil (-1%) were the biggest drags. Among major news, Pakistan was seeking a valuation of at least $1 billion for the Roosevelt Hotel in New York. In addition, Kohat Cement jumped 8.5% after approving the creation of a wholly owned subsidiary, Ultra Properties, to handle real estate development, marketing, and rental operations. In the June quarter, AHL's banking universe outperformed the KSE-100 by 17 percentage points in total returns, recording a 24% gain. Heading into the last session of the week, the KSE-100 is currently up 1.4%, with 134.1k as the level to watch for Friday's session, it predicted. Topline Securities, in its review, said that after a two-day breather, bulls roared back to life at the PSX as the KSE-100 index surged 1,205 points (+0.91%), closing at 133,782—just shy of the intra-day high of 1,325 points. Also Read: Govt raises Rs1.62 trillion via T-bill, bond auctions The upbeat momentum was underpinned by growing investor optimism ahead of the corporate results season, set to kick off on Friday. Anticipation of strong earnings spurred broad-based buying across key sectors. In the textile sector, Nishat Mills Limited (NML) emerged as a standout performer. Topline maintained its "buy" stance on NML with a June 2026 target price of Rs225, adding fuel to the bullish sentiment in the stock. Overall trading volumes jumped to 941.7 million shares, compared to Wednesday's tally of 905.7 million. The value of shares traded was Rs36 billion. Shares of 479 companies were traded; of these, 260 stocks closed higher, 195 declined, and 24 remained unchanged.
Time of India
05-07-2025
- Business
- Time of India
T wo private firm employees lose 45L in online share trading fraud
1 2 Pune: Two people, including a woman working as a neuro technician in a city-based private hospital, collectively lost Rs45 lakh in online share trading frauds between March and May. Separate complaints were registered with the Shivajinagar and Kharadi police in this connection on Thursday. A 41-year-old woman stated in her complaint with the Shivajinagar police that she came into contact with the cybercrooks through a social media platform in April. She was added to a group of investors created in the name of a prominent share trading firm. The admins of the group claimed that they were the firm's employees and used to share tips on earning profit in the stock market. The crooks then opened her demat account by sending her a link. You Can Also Check: Pune AQI | Weather in Pune | Bank Holidays in Pune | Public Holidays in Pune The woman initially invested small amounts to purchase shares. She could see in her account the profit. The crooks then told the woman to invest more and earn more profit. Believing them, the woman transferred over Rs25 lakh to the different bank account numbers provided to her between April 24 and May 17. Her demat account showed that she earned a profit of Rs36 lakh on her investments. An officer said, "When the woman tried to withdraw Rs6 lakh from her profit on May 23, she was told to pay 15% tax. The woman transferred that amount to a bank account number provided to her. She became suspicious when her request for withdrawal was rejected again citing that she did not pay a 10 percent commission." The woman then sent a personal message to some of the group members and enquired if the company was fake. All of them assured her that they earned a good profit through this company. Believing them, the woman paid the commission too. In total, she transferred Rs29 lakh to the crooks. The officer said when she tried to withdraw her money again, she was asked to pay Rs2 lakh more. When the woman told them that she did not have money, the crooks removed her from the group and duped her. She initially filed an online complaint. After preliminary investigations, a case was registered with the Shivajinagar police on Thursday. In a similar fraud, a 43-year-old official working with a multinational bank lost Rs15.34 lakh to cybercrooks between March and April this year. According to the complainant, he came into contact with the crooks through a social media platform. Initially, he was given some profit on his investments and later told to download an app of a foreign-based brokerage firm. He transferred Rs16.97 lakh through the app between March and April and could see that he earned a profit of Rs36 lakh. The complainant managed to withdraw Rs1.62 lakh and lost the remaining Rs15.34 lakh to the crooks. He lodged a complaint with the Kharadi police on Thursday.
Time of India
04-07-2025
- Politics
- Time of India
Wadettiwar Slams Govt Over ‘Empty Promises', Demands Loan Waiver for Farmers
Nagpur: Congress Legislature Party leader Vijay Wadettiwar on Friday launched a sharp attack against the BJP-led Maharashtra govt, accusing it of deceiving farmers with unfulfilled promises and reduced compensation. He demanded the immediate implementation of a blanket loan waiver and said, "Farmers don't want any more committees. They want justice." Speaking in the Legislative Assembly on a proposal concerning agrarian issues, the Bramhapuri MLA said that the govt had slashed previously announced compensation rates after the election. "Before elections, it promised Rs13,500 per hectare for dry crops, Rs27,000 for irrigated land, and Rs36,000 for orchards, with an eligibility cap of 3 hectares. Now they've quietly reduced it to Rs8,500, Rs17,000 and Rs22,000 respectively with a 2-hectare limit," he said. Referring to the govt's pre-poll pledge of full loan waivers, Wadettiwar questioned why a committee was now being proposed. "Where is the waiver you promised? If you meant to form a committee later, why did you not say so in your manifesto?" he asked. Criticising the state's agriculture minister for 'repeatedly insulting farmers', Wadettiwar added, "He says the agriculture department is like a powerless village chiefdom. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Why seniors are rushing to get this Internet box – here's why! Techno Mag Learn More Undo That mindset shows how insensitive he is. If he can't respect farmers, he must resign." He also demanded that the state ensure fair minimum support prices for soybean and rice, which he alleged were currently being sold below cost. "Farmers haven't received paddy payments. They're struggling. Inputs like fertilisers and pesticides have become expensive, while the MSP is stagnant. You give Rs6,000 through PM-Kisan and then hike input prices. What kind of relief is that?" Wadettiwar asked. Taking aim at what he described as govt hypocrisy, he added, "You waive corporate loans and subsidise mega projects but turn a blind eye to dying farmers. Is your compassion only reserved for industrialists?"
Time of India
03-07-2025
- Health
- Time of India
Excess Fluoride Found In 21% Of City Water Samples
Nagpur: With fluoride contamination detected in one out of every five groundwater samples in Nagpur, a public interest litigation (PIL) (No. 27/2021) filed before the Nagpur bench of the Bombay high court has sought urgent revival of the city's deteriorating public wells. The petitioner-activist Sandesh Singalkar asked the court to direct Nagpur Municipal Corporation (NMC) to approve a Rs36 lakh proposal submitted by National Environmental Engineering Research Institute (Neeri) to restore wells and safeguard drinking water sources. The court was also urged to direct Maharashtra Pollution Control Board to submit an action plan for the restoration of wells across the city. The NMC, represented by counsel Sudhir Puranik, was granted one week to respond to the petition. According to a recent report by the Central Ground Water Authority (CGWA), 12 out of 57 water samples tested in the city were found to contain excess fluoride, raising concerns over long-term health impacts. "Fluoride above permissible limits can cause serious harm to human health, including skeletal and dental fluorosis," petitioner's counsel Smita Singalkar told the court. The PIL, heard on Thursday by a division bench of Justices Nitin Sambre and Sachin Deshmukh, alleges that more than half of Nagpur's 860 public wells are either dry or severely polluted. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like American Investor Warren Buffett Recommends: 5 Books For Turning Your Life Around Blinkist: Warren Buffett's Reading List Undo The petitioner claimed 120 wells are officially declared defunct by the NMC, while many others have become dumping grounds. "These wells were meant to serve the public, not to breed guppy fish," the petitioner contended, pointing to the presence of fish farming in at least 138 wells. Singalkar further informed the court that he personally inspected 11 wells across the city and found their condition "deplorable." Despite this, he said, the NMC has taken no concrete steps toward rejuvenating the affected water sources. In its plan submitted earlier, the Neeri had offered to conduct a detailed survey and recommend revival strategies for the city's wells, at a cost of Rs36 lakh. The NMC is yet to approve the plan, despite having an annual budget of Rs5,500 crore, the petition notes. "A civic body with thousands of crores in spending capacity should not hesitate to allocate Rs36 lakh to safeguard public health," the petitioner argued.
