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FINANCIAL FRAUDSTERS WHO DUPE PEOPLES’ MONEY NEED TO BE DEALT WITH SEVERLY IN INDIA

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As the science and technology is advancing so are the frauds, particularly the economic frauds galloping with high speed duping hundreds of thousands of innocent people in the vast country like India which is the second largest country in the world in terms of population with more than 60% people still living in rural India and not so literate.

Therefore the fraudsters find more scope to commit their illegal acts duping investers in the names of doubling their money in a short span of time enticing them in the name of reputation or big brands and finally eloping with huge amounts.

In India such economic frauds have become the order of the day with fraudsters and tricksters fleeing out of the states or country and seeking foreign citizenship or tranmitting/ transacting the entire money collected illegally from investors or their so called valued customers in foreign banks finally physically eloping abroad with families thus leaving hundreds of thousands of investors who’d invested their hard earned money in lurch and utter shock.

There have allegedly been hundreds of suicides by the people who’d lost their lacs of Rupees, even crores or say the entire savings of the life by being tricked, defaulted or betrayed by such fraudsters. I remember a company called City Lumisoune which duped thousands of investers of several thousand crores, myself being one of the victims with bounced checks still in my possession n no hope of getting back the invested hard earned money.

There are builders, big finance companies, chit fund dealers and those who promise to double the income in a year or two years time thus manipulatingly enticing investers out of the greed of getting the money doubled.

But the most worrisome part the whole story is, the successive governments at the centre or states have not shown any evidence of being serious in penalising these fraudsters who are till date active in various parts of the country.

As far as I personally know not a single investor duped by these fraud outlets or companies or in negligible numbers have received back his or her hard earned money invested in these fraud companies.

Slowly n gradually the duped invester is compelled to forget the fraud due to various other problems cropping up in their lives and hence these financial criminals get off conveniently from the shackles of law, to again go for such financial misadventures.

India, unfortunately has allegedly become a safe haven for these fraud companies or individual fraudsters who influence the system, police, financial regulators by allegedly in league with them and finally getting off.

If one seriously goes to check the record of such financial fraudsters and if the government agencies really, earnestly release their records in the open for the general public viewing, I am sure not only will we find several unresolved cases but would also be shocked to find the duped amount by these dubios financial companies or private players in fraud businesses going in hundreds of thousands of crores.

The few instances of Ponji Scheme fraud of 500 crores, City Lumisuone fraud, Mumbai, fraud in the name of tree plantatiin, Sahara, Kingfisher, Neerav Modi and Mehul Chouksi and Lalit Modi etc etc are in front of us( that have been highlighted by the media) and the government of the day is not able to do anything credible to bring them back to India and retrieve the government’s money which ultimately is the miney of publiq exchequer, that amounts to more than 15000 crores.

Just imagine that if the system could not recover its own money from these financial fraudsters, how would the general public duped by these fraudsters ever receive their individual money. Sounds shocking.

These days a new fraud is being committed right under the nose of the banking system. There are hundreds of fraud call centres working in India clandestinely who are making false calls and duping people of their entire bank savings after imposting themselves as bank managers or employees and asking them their pan numbers or Adhar Card details inorder to reopen their regular bank account which these fraudsters claim has been closed.

The account holder usually gets confused, particularly the not so educated, women or senior citizens and part with the pan numbers or other adhar card or bank details finally finding their entire savings having been siphoned off by these fraudsters.

But hardly anything seems to have been done from the government’s side, as such fraud calls and threatening is on, on peoples’ mobiles disturbing their peace of mind and confusing them very often.

Just today in my presence a friend of mine got a fake or prank call from two mobile phone numbers ( secured with him) asking him his adhar details and pan card details under the pretext that his SBI account has been closed and for reopening it , the fake caller, who claimed himself as the SBI branch manager said that he needs them urgently.

When he called back and pressurised the caller to reveal his details : he said that he is calling from the main SBI headquarter Kurla, Mumbai and disconnected the call in a huff. The receiver of the call said that this is the third call he has received today.
What’s your take friends?

Sunil Negi is a veteran journalist and President of Uttarakhand Journalists Forum. He majorly writes on politics, current affairs and social issues.

Business

GST Coucil meet on January 10: Home buyers, small businesses likely to get huge relief

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The GST Council in its 32nd meeting on Thursday could provide huge relief to MSMEs and small business. Favourable announcements for the service sector is also expected. Sources told Zee Media Breau that the council might increase the threashold limit of Rs 20 lkah to Rs 50 lakh.
The increased limit would benefit small businesses and micro-small and medium enterprises (MSMEs) with turnover Rs 20-50 lakh.
Besides, the GoM could also allowed disaster management cess for Kerala. The GoM has proposed 1% tax for initial two years.
Home buyers and real estate sector could also get massive boost in the GST Council meet tomorrow.
According to sources, sin googs can attract more tax, however, not all states are on the same page over this.
The GST Council in its meeting on January 10 will discuss the recommendations of the two ministerial panels.
The council, in its previous meeting on December 22, 2018, had rationalised the 28 per cent tax slab and reduced rates on 23 goods and services.
Briefing reporters after the recent council meeting, Jaitley had said that the next meeting would consider rationalisation of tax rates on residential properties and raising the threshold limit for MSMEs from the current Rs 20 lakh.
Also, the council would consider a composition scheme for small suppliers, apart from discussing levying a calamity cess as well as GST rates on the lottery.
The GST Council is likely to consider lowering GST on under-construction flats and houses to 5 per cent, PTI reported.
Currently, the Goods and Services Tax (GST) is levied at 12 per cent on payments made for under-construction property or ready-to-move-in flats where completion certificate has not been issued at the time of sale.
However, GST is not levied on buyers of real estate properties for which completion certificate has been issued at the time of sale.

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Business

Insurer may ask for basic income documents for high value coverage

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While buying a life insurance policy do I have to show the rental income from my property along with my salary income as proof? – Parag Keswani

Insurance is a contract of utmost good faith. Hence most of the companies allow issuance of insurance coverage basis declaration (for example income, health, etc) and KYC documents. No income documents are required up to specified sum assured. This cut-off will vary with every insurer, basis their sourcing experience. However, for high value coverage, companies do ask for basic income documents and for a salaried individual, if there is an additional income in form of rent, the same would reflect in his ITRs. Companies do not insist on additional documents. However, its always prudent for insured to provide every disclosure, as appropriate.

I have a pension policy purchased more than 15 years ago. I pay Rs 10,000 premium every year. After retirement it will give me very little pension every month. Should I discontinue it? – Prema Ravichandran

Considering you have been invested for over 15 years, it would be advisable to continue paying premiums to fully avail the benefits of the plan including the tax perk. If you choose to discontinue, the cash value will be lower than the corpus you are likely to receive at the end of the policy tenure. As this is a pension plan, the amount received at the end of the tenure needs to be utilised purchasing annuities only. Also, I would refer you to your insurer to understand the complete details of the product as the returns on the plan would vary at maturity based on whether it is a market-linked or traditional pension plan.

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Business

Indian stock market becomes 7th largest globally: All you need to know

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Indian stock market has achieved the latest milestone. India’s domestoc and equity market has surpassed Germany to become world’s seventh largest stock market.

It should be noted that Germany is Europe’s biggest share market.

According to Bloomberg data, Indian stock market, for the first time in seven years, has surpassed European’s largest economy.

The achievement came after India’s positive returns as firms depend upon domestic demand.

Meanwhile, Indian companies have raised nearly Rs 6 lakh crore from equity and debt instruments in 2018, but volatile market conditions brought down the kitty by 30 per cent and political uncertainties ahead of the 2019 general elections may again cast a shadow on fund-raising activities in first half of the new year.

Experts, however, are hopeful the fund-raising will gather steam in second half of 2019 with a pick-up in the overall investment climate.

The data shows the debt market remains the most preferred route for raising funds to support business needs of the corporate world.

Out of the cumulative Rs 5.9 lakh crore garnered so far this year from capital markets, a large chunk or Rs 5.1 lakh crore has been mopped up from the debt market and the remaining amount of about Rs 78,500 came from equity markets, figures compiled by data analytics major Prime Database showed.

In 2017, firms had raised Rs 8.6 lakh crore, including nearly Rs 7 lakh crore through debt markets and Rs 1.6 lakh crore from equities.

In equity market, funds mostly came from initial public offers (IPOs) and issuance of shares to institutional investors.

The final figures may go up to end the year at around Rs 6 lakh crore for debt and equities, experts said.

The funds have been raised mainly for business expansion plans, loan repayments and to support working capital, while a large amount raised from IPOs also went to the promoters, private equity firms and other existing shareholders for part or full sale of their investments.

 

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Business

HC rejects plea against LIC move to acquire 51 pc stake in IDBI

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The Delhi High Court on Monday dismissed a plea challenging the LIC move to acquire 51 per cent stake in the Industrial Development Bank of India (IDBI).

Justice Vibhu Bakhru rejected the petition by the All India IDBI Officers Association, which had opposed the move of Life Insurance Corporation (LIC) on the ground that change in shareholding could take away the public sector bank status of IDBI.

The association was concerned that taking away public sector status of IDBI could affect the employment conditions of its staff.

LIC had earlier told the court it wanted to acquire 51 per cent stake in the IDBI as the state-run insurance company has been toying with the idea of having banking operations since 2000.

LIC said it had in the past made several attempts to have a bank of its own, but its endeavours had “failed” as “nothing fructified”.

Additional Solicitor General Tushar Mehta, appearing for LIC, had also said it has applied for a banking licence.

Senior advocate Sandeep Sethi, representing the bank, said that consent of employees was not required while changing the status of the company by government’s dis-investment.

IDBI, in which the government holds 85.96 per cent stake, had posted a net loss of Rs 2,409.89 crore in the quarter ended June 2018. It had posted a gross non-performing asset (NPA) of about Rs 57,807 crore.

The association, represented by advocate Prashant Bhushan, had claimed that the change in shareholding was not in public interest as it “exposes the investments made by the public in the IDBI and corrodes the ability of the LIC to pay back its policy holders since it will have to invest an amount of Rs 13,000 crores to acquire the 51 per cent stake”.

The petition had stated, “The said investment will be made from the funds of 38 crore policy holders of the LIC who have invested their hard earned money to secure their own futures.

The said investment made by the LIC will adversely hamper its own abilities to pay its insurance holders.”

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Business

Good news: Flipkart offers massive discounts on flight and bus tickets, check details

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Walmart-owned Flipkart has announced huge discounts on flight and bus tickets. With lucrative deals on hotel offerings, Flipkart has curated full package discounts for travellers.

Flipkart is offering flat Rs 1000 discount on domestic flights and flat 12% off on international flights.

Besides, it offers up to 50% off on hotel bookings.

For those who would prefer traveling by bus, Flipkart is ofering 20% off on bus tickets.

The best part is of the offer is that you don’t have to use any coupon code to avail the offers as they are available on the latest version of Flipkart android app. The offer is on all Debit card & credit card and even net banking.

Meanwhile, today is the last day of IndiGo’s new year sale.

Under the offer, IndiGo is offering international flights tickets at starting price of Rs 3,299.

Customers need to book their tickets between December 12, 2018 to December 16, 2018. Under the offer, the travel time period is from December 27, 2018 to April 15, 2019.

“As December marks the beginning of Christmas and New Year celebrations across the world, we are offering the lowest fares to our customers who wish to travel overseas with family and friends as part of their winter vacations. Through this special sale initiative, we wish our customers Merry Christmas and a great 2019,” IndiGo said.

Corporate and leisure customers willing to plan their travel under the offer can book tickets via airline’s official website- goindigo.in. This offer is available across all distribution channels, IndiGo added.

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Bollywood

Mukesh and Nita Ambani’s daughter Isha Ambani to wed Anand Piramal at Antilla tonight

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Isha Ambani and Anand Piramal’s pre-wedding festivities have
Isha Ambani and Anand Piramal’s pre-wedding festivities have set unattainable celebration goals. Now, the Ambanis move to the wedding ceremony, which will take place at the family abode, Antilla located at Altamount Road in South Mumbai. Those who couldn’t make it for the events, which were held in Udaipur over the last weekend, are likely to attend the nuptials today evening. A number of top industrialists, politicians and B-Towners are on the guest list. The functions will apparently begin at 3 pm and will go on till the wee hours. The shaadi will culminate with the bidaai ritual. The Ambanis ensured that all preparations were being taken care of even as the family participated in the pre-wedding events in Udaipur. After Isha and Anand tie the knot, they will have two receptions.

DECEMBER 14
After the shaadi, the first reception will take place at Jio Gardens. The Ambanis and Piramals will be joined by their family members and friends.

DECEMBER 15
The second reception will be for their employees and work associates. Isha and Anand will meet guests at this do, which will also be held at the same venue.
et unattainable celebration goals. Now, the Ambanis move to the wedding ceremony, which will take place at the family abode, Antilla located at Altamount Road in South Mumbai. Those who couldn’t make it for the events, which were held in Udaipur over the last weekend, are likely to attend the nuptials today evening. A number of top industrialists, politicians and B-Towners are on the guest list. The functions will apparently begin at 3 pm and will go on till the wee hours. The shaadi will culminate with the bidaai ritual. The Ambanis ensured that all preparations were being taken care of even as the family participated in the pre-wedding events in Udaipur. After Isha and Anand tie the knot, they will have two receptions.
DECEMBER 14
After the shaadi, the first reception will take place at Jio Gardens. The Ambanis and Piramals will be joined by their family members and friends.
DECEMBER 15
The second reception will be for their employees and work associates. Isha and Anand will meet guests at this do, which will also be held at the same venue.

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Business

CEO Ananath Narayanan quits Myntra, Flipkart likely to abolish post

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After Binny Bansal’s exit from Walmart owned Flipkart, it’s now Myntra’s Chief Executive Officer who has resigned. According to a LiveMint report, Flipkart executive Amar Nagaram would head Myntra now. Citing three unnamed people, the report stated that Flipkart is also looking to abolish Myntra CEO post after Ananath Narayanan’s exit.

Ananath Narayanan‘s resignation came weeks after his comments that he had ‘no reason to quit’.

Key Myntra leaders such as chief revenue officer Mithun Sundar, who took charge in April, and human resources head Manpreet Ratia, who also oversaw operations, supply chain and customer experience at Myntra, have also resigned, the report claimed.

The retention packages have, however, not been offered to those at the senior vice president level, sources told the publication.

Earlier, Flipkart’s Chief Executive Officer Binny Bansal had quit after allegations of personal misconduct. The chief executive of Flipkart Group, Walmart Inc’s Indian e-commerce business, resigned following an internal probe into accusations of “serious personal misconduct,” Walmart said.

The misconduct accusations followed an allegation of sexual assault, two people familiar with the matter said.

In a note sent to Flipkart employees, which was seen by Reuters, Bansal said recent events led him to step down from his role as chairman and CEO. He said the events related to a claim of misconduct against him, “which was uncorroborated after a thorough investigation completed by an independent law firm.” Bansal did not give details of the nature of the claim. “The allegations left me stunned and I strongly deny them,” he wrote.

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Business

UAE group takes control of Assam Co, the oldest tea company

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BR Shetty group of UAE, which has a strong presence in India, has taken control of country’s oldest tea planter, Assam Co, through the insolvency process by infusion of initial capital of Rs 600 crore in cash.

But hurdles remain for the new owner that has investments like UAE Exchange, Remit2India and Narayana Hospital.

Market regulator Securities and Exchange Board of India has objected to the delisting proposal as approved in the resolution plan claiming Assam Co is under investigation for being a shell company.

The case in now being heard at National Company Law Appellate Tribunal (NCLAT) and hearing is continuing.

In absence of clearance for the delisting proposal, the resolution scheme is now being implemented without this aspect of the plan, and only the promoters’ shares are being extinguished with the infusion of Rs 600 crore of upfront payment.

The Income Tax Department, meanwhile, has been asked by NCLAT to approach the company with outstanding tax demand after rejecting plea of tax authorities to stall the insolvency process.

“Pursuant to the (resolution) plan, the successful resolution applicant has taken control the affairs of the company and also made payment of the first tranche amount to Rs 600 crore,” the company said, adding that the entire promoters’ capital of 12.78 crore shares would now get extinguished as per the resolution plan.

The extinguishment of shares of public shareholders would have to wait till the decision on the case filed by Sebi with NCLAT, which has given an interim order to hold back the delisting, and the next hearing has been fixed for December 11.

As part of its clampdown on an initial list of 331 alleged shell companies in 2017, the market regulator in December that year ordered forensic audit of the books of Assam Co.

During the earlier hearings, Sebi deposed before NCLAT that “an investigation is underway and it has passed an interim order on December 8, 2017, directing appointment of an independent forensic auditor to verify financial irregularities and misuse of funds”.

Even as Assam Co awaits the order on delisting plan, the I-T Department is likely to knock its doors with a Rs 2.30 crore demand for dues for the period 2005-09.

The resolution marks the exit of the UK-based Jajodias and entry of BRS Group of Abu Dhabi, a powerful conglomerate of UAE as the new promoters of Assam Co, which was set up in 1839 by a royal charter of Queen Victoria to introduce tea plantation in India.

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Business

Exceptional Buffalo YUVRAJ weighing 15 quintals fetches Rs 50 lakhs annually for its owner through sperms’ sale

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Photo by: Sr. journalist Dinesh Kandwal

The Uttarakhand government’s Agricultural and Animal fair ( Krishi avom Pashu Mela) is a star attraction of Dehradun which has been organised by the Ministry of Agriculture and Animal Husbandary of government of Uttarakhand at Parade ground Dehradun. It was inaugurated by the state’s Agriculture and Animal Husbandary minister Subodh Uniya.

The one of the grand attractions of this show is a highly glamourised Buffalo owned by Karamveer Singh of Kurukshetra Haryana. Known as Yuvaraj, a strong and extremely well built Yuvraj as he is known can be termed as a Super potent Buffalo. Why is he being counted in the catagory of a Super Buffalo is the fact that it is unique, different and outstanding from other buffaloes of Hayana as well as those living in other states or parts of the country.

Yuvraj’s maalik, proprietor Karamveer takes’ special care of him to maintain its physical credibility and as such is fed with 20 litres of milk, 10 kilograms of fruits especially turnip, apples, five kg worth of green fodder and a similar quantity of straw fodder on daily basis. Special care is taken to ensure that Yuvraj takes a twelve kilometre walk daily to keep the digestion in order and blood circulation active.

One would be surprised and shocked to know that this Super Buffalo ‘Yuvraj’ Is Worth Rs 13 Crore And earns Rs 50 Lakh A Year for his proprietor Selling Semen! According to “Yuvraj” this 10year-old buffalo …weighs 15 quintal and is 11.5 feet long and 5.8 feet tall.

According to senior journalist Dinesh Kandwal Yuvraj was the chief attraction of the Agriculture and Animal Fair hosted by the state government at Parade ground Dehradun.

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Business

95 year old Mahashay Dharampal, the king of spices, is still alive n healthy claims his daughter

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Social media sites are significant if used for constructive and healthy purposes but bad if misused. This is what has happened a day before yesterday when rumours spread n went viral on facebook about the death of the owner of globally renowned MDH spices’ owner Mahashay Dharampal living in the posh Vasant Vihar locality of New Delhi saying that the 95 year old proprietor of globally famous Mahashay Di Hatti has left for his heavenly abode creating a furore amongst his family members, close relatives, accquaintances and in the business circles of the country.

Still seen active in good number of television advertisements acting himself for his company’s brands MDH spices this old man in a red pagri with moustache was born in 1923 at Sialkot, Pakistan where his father Chunnilal Gulati had a spices shop. After partition Mahashay Dharampal came to Delhi under extreme challenging circumstance with scarce resources.

He even rode the horsecart ( Taanga) in old Delhi say sources to earn livelyhood but lateron by the dint of hard work and dedication opened a small shop of spices in Karol Bagh Delhi followed by opening a first factory in 1959 in Kirti Nagar, Delhi never to look back again.

A successful symbol of a rags to riches story, Mahashay Dharampal, a highly labourious man with a penchant and ambition for being a rich man one day his business of spices flourished and prospered multiply and demands for spices under the brand name MDH KE MASALE through a vast advertisement campaign and sale network not only increased in India multiply n manifold but also abroad.

His 50 variety of spices under the popular brand of MDH became a household name in India and abroad and the annual turnover of the company increased manifold in hundreds of crores. Today Mahashay Dharampal owns fifteen factories and a prestigious Chanan Devi Hospital in Janakpuri, Delhi.

As per the 2016 figures popularly known as MDH spices ( Mahashay Di Hatti) posted a 15% jump in revenues to Rs 924 crore with a 24% increase in net profit at Rs 213 crore.

He is rated amongst the maximum salary earning CMD of his famous company MDH spices, eighty pecent of which goes in charities. After the rumours of his death going viral in social media, the daughter and son of 95 year old Dharampal Mahashay had to issue a denial by introducing the latest vedio in the media, showing him folding hands n smiling.

According to the family members Mahashay Dharampal still at the age of 95 keeps himself busy in the business activities by participating in the meetings and showing his curiosity about its progress. He also visits the Chanan Devi Hospital named after his mother, situated in Janakpuri occassionally being its chairman.

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