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France 24
3 days ago
- General
- France 24
Trump floats 15 to 20% blanket tariff on trading partners
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The Print
06-06-2025
- Business
- The Print
How Rajasthan bank employee ‘duped' 41 villagers of Rs 4.5 cr over 3 yrs, to fuel ‘stock trading addiction'
This meant her activities stayed under the radar as customers didn't receive OTPs for withdrawals and the strategy kept working until it didn't. If it hadn't been for a customer trying to withdraw his money from a fixed deposit account in February, Gupta might have been able to go on. Her luck ran out when the bank manager launched an inquiry into the matter and submitted a police complaint on 18 February, attaching an inquiry report that said money had been taken out of 41 bank accounts. Gupta was arrested on 31 May. Between 2020 and 2023, Gupta is accused of having siphoned off a staggering Rs 4.58 crore from 110 bank accounts under the User FD (Fixed Deposit) scheme, turning a position of trust into a tool of deception. She used this money to keep investing in the stock market, where she incurred heavy losses repeatedly. But she didn't stop. Investigators from the Rajasthan Police attribute her actions to an alleged addiction to stock market trading. However, the gamble failed as she kept losing money, derailing her original plan to return the money to the fixed deposits. 'She has said during interrogation that she wanted to be rich quickly. Her knowledge of finance and banking helped her. She kept investing the money from FDs knowing that someone breaking FDs would be a lesser risk for her as people invest for longer periods of time,' a senior police officer told ThePrint. As per her LinkedIn profile, the 26-year-old has been working for ICICI Bank for nearly six years, since October 2019. She completed her graduation in Chemistry from Delhi University in 2018 and then got a post graduate degree in banking and finance from the Manipal Academy of Higher Education. This was her first job. Officers say that the losses didn't dissuade Gupta. 'She kept taking out more and more money in the hope that she would get it all back and end up being rich,' the officer added. Senior police officers said that in the past, Gupta had also invested Rs 90 lakh, taken from her father and relatives, and invested it in the share market. Here too, she lost all the money. Investigators said that the 26-year-old devised a strategy to make trading accounts in the name of the villagers, whose money she siphoned out. 'With her exercising full control on their deposits and the OTP system, she kept doing it without anyone getting a whiff about it,' another officer said. During the probe, sources said that all account holders were questioned and her name cropped up as the connecting link. The police zeroed in on her after they accessed the systems of all employees. 'We found the saved data on her system and then took her devices to check. Investigation directed all fingers at her and she confessed to the crime during interrogation,' a senior police officer said. She is a native of Chittorgarh, and lives in Kota after her marriage. Her husband works at the HDFC bank. So far, police say, the probe doesn't suggest that the husband was aware of his wife's 'illegal' activities. An ICICI Bank spokesperson said, 'The interest of our customers is of paramount importance to us. Immediately upon discovering the fraudulent activity, we filed an FIR with the police. We have a zero-tolerance policy against any fraudulent activity and thus suspended the employee involved. We would like to reassure that genuine claims of impacted customers have been settled.' (Edited by Viny Mishra)
The Hindu
27-05-2025
- Business
- The Hindu
CEA bats for advancing land, labour reforms
Chief Economic Adviser V. Anantha Nageswaran on Tuesday underscored the need for India to view the crisis in global economy as an opportunity to introduce more reforms, especially land and labour. India's macroeconomic picture may be one of smooth sailing despite turbulent global waters. Yet the 'ongoing or brewing crisis' in global economy presents an opportunity to advance the cause of reforms in factor markets like land, labour and even intangible factor of production like knowledge, he told a Data User's Conference the NSO, Union Ministry of Statistics and Programme Implementation organised at the Indian School of Business here on Tuesday. Countries use crises as opportunities to surge ahead in prosperity and standards of living, said, seeking to highlight the growth opportunities emerging amid the China +1 production strategy of global firms. 'Right now, India's macro numbers paint a very promising picture. As per the Second Advanced estimates published by the National Statistics Office, the GDP real and nominal growth rates have been pegged at 6.5% and 9.9% respectively in 2024-25. This is the highest amount the major economies of the world,' he said. The conference was on the results of Annual Survey of Unincorporated Sector Enterprises (ASUSE) 2023-24 and the Forward-Looking Survey on Private Sector Capital Expenditure (CAPEX) Investment Intentions. Noting granular data is crucial for building conviction for policy reform, Mr. Nageswaran said the findings of the two surveys provide insights into the state of the health of the private sector. Much remains to be done from that perspective, he said, adding how 'firms don't seem to be keen on opportunistic effects, which this survey defines as investment on new business activities expected to have more profitability or scope in the future.' An indication of this is meagre share of research and development in the provisional capex per enterprise. Large enterprises ought to pursue a medium to long term thinking beyond short term profitability, he said. Secretary to MoSPI Saurabh Garg highlighted enhancements in data dissemination through an upgraded portal featuring API access, interactive visualisations and strategic collaborations with academic and global partners. The conference was aimed to foster constructive dialogue between data producers and data users, facilitating knowledge exchange and showcasing India's rigorous data collection as a foundation for transformative policy reforms, the organisers said in a release. ISB Dean Madan Pillutla said in an era of advanced analytics, integrity of data is critical for building robust predictive models and deriving actionable insights.
CTV News
20-05-2025
- General
- CTV News
LIVE NOW: Karoline Leavitt holds White House briefing
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