Hyderabad cybercrime police have arrested two individuals involved in a 'digital arrest fraud' case where an elderly man was duped of Rs 29.17 lakh. The accused facilitated mule bank accounts and cryptocurrency transactions to conceal the money trail for an absconding third accused. The victim was threatened with arrest by fraudsters impersonating officials from Delhi Police, CBI, and ED.
Global brokerage Goldman Sachs has maintained its 'Buy' rating on Paytm, revising its 12-month price target to Rs 2,010. The brokerage anticipates a valuation re-rating for the fintech company, driven by sustained revenue growth, expanding margins, and continuous market share gains, particularly in consumer payments and financial services. Despite flagging higher device capital expenditure, Goldman Sachs remains positive on Paytm's underlying business momentum and future earnings potential.
A man from Kochi has been arrested in connection with a 'digital arrest' scam that defrauded a retired judge in Rajasthan of Rs 2.5 crore. The accused allegedly threatened the judge with false links to hawala transactions and the Pulwama case, leading to his apprehension in a coordinated police operation.
Rajasthan police have made a second arrest in Kochi in connection with a "digital arrest" fraud where a 90-year-old retired judge was defrauded of Rs 2.5 crore. The victim was allegedly kept under digital arrest for 15 days and coerced into transferring money by fraudsters posing as CBI officials and an RBI manager.
The Special Investigation Team (SIT) has arrested an Assistant Section Officer (ASO), Rohit Koltakke, in connection with the Maharashtra Public Service Commission (MPSC) drug inspector exam paper leak, bringing the total arrests to 13. Koltakke allegedly obtained confidential question sets from MPSC under secretary Abhijit Lendve. The leak compromised the integrity of the March 22 screening examination for Drug Inspector posts.
A report by IIT Bombay suggests that the proposed Merchant Discount Rate (MDR) framework for Unified Payments Interface (UPI) transactions needs rationalisation before implementation to safeguard public trust in the digital payments system, highlighting that UPI's long-term economic benefits outweigh potential incremental income from merchant fees.
The CBI has registered a case against former Sashastra Seema Bal (SSB) assistant commandant Amit for alleged cross-border smuggling activities along the India-Nepal border. He is accused of establishing a nexus with smugglers, facilitating large-scale operations, and engaging in suspicious financial transactions during his posting in Sitamarhi.
Police in Kollam, Kerala, busted an alleged counterfeit currency printing unit at a man's house, seizing equipment and fake notes worth approximately Rs 2.5 crore. The discovery was made during a probe into the man's disappearance and suspected hawala transactions.
Over a dozen mutual fund houses in India have temporarily suspended fresh subscriptions in their gold fund of funds (FoFs) and gold-silver FoFs, a move believed to be influenced by directions from the Securities and Exchange Board of India (Sebi) ahead of the festive season.
Punjab & Sind Bank MD and CEO Swarup Kumar Saha clarified that merchants cannot pass on Merchant Discount Rate (MDR) charges to customers for UPI payments, ensuring consumers only pay the displayed price. The new MDR structure, effective October 15, applies a 0.4% charge on P2M transactions above Rs 2,000, with specific flat rates for certain sectors, but small-value transactions remain free.
Property ownership disputes depend on the registered deed, the parties' intentions, financial contributions and available evidence.
The Enforcement Directorate has made its sixth arrest, Mukesh Kumar Pukhraj Jain, in a pan-India cyber fraud and digital arrest case involving transactions worth Rs 30,000 crore. Jain is accused of acting as an RTGS agent for the criminal network. The probe, initiated by a Goa Police FIR, uncovered a vast money laundering operation across 20 states, with funds converted into foreign currency and linked to numerous shell companies.
Kerala's Vigilance and Anti-Corruption Bureau conducted a surprise inspection at the Vaikom Circle Inspector's office following allegations of bribery. The officer is accused of using a bank account opened in an Assam native's name to receive illicit payments from the soil mafia, lorry operators, and criminal accused, with Rs 2.28 lakh reportedly credited within a month.
Hyderabad Police Commissioner V C Sajjanar warned that replying 'NO' to unsolicited WhatsApp messages regarding unauthorised bank debits could allow fraudsters to steal your money without needing an OTP or a link.
Jammu police have arrested the main accused in an alleged Rs 4.10 crore fraud involving fake job offers in the railways and tenders for water bottle supply. The investigation is ongoing to identify and apprehend other suspects and trace financial transactions.
The Delhi Police's Financial Monitoring Cell prevented potential losses of Rs 1.53 crore in "digital arrest" scams across five states. Their Proactive Victim Identification and Protection Team intervened to save multiple victims, including senior citizens, from transferring additional money to fraudsters who impersonated officials and threatened arrest for fabricated crimes.
More important than the offer is whether the developer can deliver the home as promised.
UPI transactions saw a 27% volume increase and 20% value increase in the first half of the current fiscal year. Despite a slight moderation in September, the digital payment system is set to implement a 0.4% merchant discount rate on transactions over Rs 2,000, aiming for a sustainable revenue model. Small merchants and person-to-person payments remain exempt, and UPI's global presence continues to expand.
India's net direct tax collection witnessed a robust 13.21 per cent increase, reaching approximately Rs 13.38 lakh crore between April 1 and October 14, primarily fuelled by a strong performance in corporate tax mop-up.
A 57-year-old woman in Kozhikode allegedly lost Rs 1.35 crore to cyber fraudsters who posed as Mumbai Crime Branch officers. They threatened her with criminal cases and coerced her into transferring money for "verification" to the Reserve Bank of India, promising a return with interest. Police have registered a case and are investigating the incident.
Two men from Bihar have been arrested for allegedly blackmailing a 22-year-old IT employee in Pune through fake social media accounts, extorting Rs 1.77 lakh, and driving him to suicide. The victim's father lodged a complaint, leading to the arrests and seizure of electronic devices. Police are searching for other suspects involved in the case.
A health inspector from the Thiruvananthapuram corporation, Anuroop, has been arrested in connection with the alleged sexual assault of a 16-year-old girl from Andhra Pradesh at a spa in Kovalam. The arrest follows an investigation by a Special Investigation Team, which also led to the arrest of spa owners. The case involves cash transactions between the inspector and the establishment, and the girl's maternal aunt and her husband have also been taken into custody.
The first thing cardholders should do after spotting a suspicious charge is block the card.
The Indian Cabinet has approved Fairfax Financial Holdings' Rs 52,878 crore bid to acquire a 60.72 per cent stake in IDBI Bank, marking the country's largest foreign direct investment in the financial sector.
A 41-year-old man, Pawan Kumar Dugar, has been arrested in New Delhi for allegedly defrauding a garment trader of approximately Rs 2 lakh. Dugar posed as a supplier, shared fake documents, and took money for goods that were never delivered. Police apprehended him in Badarpur and recovered a mobile phone used in the crime.
UPI processed an average 802 million transactions a day in September, about 1 per cent more than the 792 million a day over the same period in August.
Delhi Police have apprehended three more individuals, including a couple, in connection with a drug supply network in Burari, North Delhi, where a minor was allegedly used to sell heroin. This brings the total arrests to six, with significant seizures of heroin, cocaine, and MDMA. The investigation is ongoing to trace the drug source and other involved parties.
The Calcutta High Court on Thursday rejected the anticipatory bail plea of former West Bengal minister Indranil Sen in a cheating case. Sen is accused of commercialising Durga Puja by selling high-priced preview show tickets through an organisation allegedly linked to him and his family, diverting government funds. The court noted "trappings of corruption" and the Enforcement Directorate is also investigating.
Police have arrested Sakthivel, manager of Gem Granites, in connection with the alleged sexual abuse of minors by granite baron R Veeramani. This arrest is part of a widening probe that has seen multiple arrests and the registration of a seventh POCSO case against Veeramani, involving complaints from 11 minor girls.
Police in Thane district have arrested 10 individuals for allegedly operating a work-from-home scam. The fraudsters reportedly lured job seekers, collected their bank details and SIM cards, and then diverted their money into illegal online betting platforms. The racket was exposed following a complaint, leading to a raid in Mumbai where several electronic devices were seized and the accused apprehended.
A 41-year-old man, Pawan Kumar Dugar, has been arrested in New Delhi for allegedly defrauding a garment trader of approximately Rs 2 lakh. Dugar reportedly posed as a supplier, shared fake documents, and took money for goods that were never delivered.
The Allahabad High Court has admitted an appeal filed by Muskan Rastogi and Sahil Shukla, challenging their death sentence in the notorious blue drum murder case. The duo was convicted by a Meerut court for the murder of Saurabh Rajput and attempting to conceal his body. The High Court has fixed November 30 for hearing the appeal, where the convicts argue the trial court's verdict was illegal and based on circumstantial evidence without sufficient proof.
Unified Payments Interface (UPI) transactions moderated slightly in June from a record high in May, reaching Rs 28.9 lakh crore. Despite a month-on-month decrease in volume, the daily average transactions hit a new high, indicating UPI's strong adoption for low-value payments. The platform also demonstrated significant annual growth and expanding international presence.
Two builders have been arrested by the Mira-Bhayandar, Vasai-Virar Police in Maharashtra for allegedly constructing an illegal eight-storey residential building in Virar using forged construction permissions and cheating 113 flat purchasers. The developers used fake commencement certificates and fraudulent documents. They are currently in police custody until October 29.
The Reserve Bank of India has opened a special dollar window for three public sector oil marketing companies (OMCs) to meet their daily dollar requirements, aiming to curb the rupee's depreciation amidst global economic uncertainty. Additionally, the RBI has introduced new regulatory measures for the foreign exchange market, including reducing the threshold for derivative transactions without underlying exposure and introducing a Foreign Exchange Risk Reserve (FERR).
Festival shoppers are increasingly turning to EMIs and other affordability options for high-value purchases, especially beyond metro cities.
Manipur police have arrested 13 individuals, including a juvenile, for allegedly circulating and monetising non-consensual sexually explicit content, including child sexual abuse material, on Telegram. The arrests were made across Bishnupur, Imphal West, and Kakching districts as part of 'Operation Dignity', with 14 mobile phones seized and over 150 channels identified.
The Enforcement Directorate conducted raids at eight locations in Kolkata on Monday morning as part of an ongoing money laundering investigation. The searches targeted premises in Tollygunge and Sarat Bose Road, focusing on suspected financial fraud and the collection of funds from the public with promises of high returns, with money allegedly routed to real estate and other ventures.
Four individuals have been arrested by the Mira Bhayandar-Vasai Virar Police in Maharashtra for allegedly constructing approximately 2,000 unauthorised structures on land earmarked for the Virar-Alibaug Multi-modal Corridor project. The accused reportedly forged documents to illegally claim compensation, exploiting advance intelligence about state land acquisition between 2022 and 2023. The ongoing investigation has uncovered a wider criminal conspiracy, leading to severe charges under the Indian Penal Code.
'Read the prospectus as a capital allocator deciding whether the business deserves your capital at the offered price.'
