Biz cartel scam swells to Rs 800cr, involving 86 fake firms
Nagpur: The Nagpur police presented a strong argument before the magistrate court on Thursday, seeking extension of remand of two arrested members of the business cartel, which made fraudulent transactions of Rs 800 crore through 86 fake companies in two years.
The amount siphoned off is likely to increase further with cops seeking details from GST and other departments and the probe likely to reach Pune. Two chartered accountants linked to the cartel were quizzed on Thursday to ascertain their role in the scam. Police have launched a search for a bookie, Govind Tanna, and conduit, Riyaz Ali, who generated funds through online gaming and cricket betting through shell companies.
Around 10 accounts were used by arrested cartel members, Bunty Shahu and Jayesh Shahu, to conduct betting transactions with cops zeroing in on the account holders. Another 17 accounts have been traced in the name of Bunty Shahu's family.
Based on the arguments, the court extended police custody of the Shahu duo till May 27. The court had granted bail to GST consultant, Brijkishor Maniyar, on medical grounds. Two other arrested accused, Rishi Lakhani and Arun Harde, were sent to magisterial custody in Nagpur central prison, said crime branch officials.
While Lakhani was involved in hawala transactions for the cartel, Harde ploughed money through the smart city credit cooperative bank, said an official privy to the probe. Crime branch teams are now engaged in searches for remaining accused. Apart from Riyaz Ali and Tanna, police are trying to nab other cartel members — Rajesh Shahu, Anshul Mishra and Avinash Shahu.
Police sources said, Bunty and Jayesh had hired office boys to handle the operation of fake companies.
"Each office employee was given cheque books, ATM cards, SIM cards to generate OTPs, fake receipt books, account books, ledgers, invoices, and transport bills of different companies. These office boys would create fake records," said officials, adding four transport companies are under the scanner.
The probe, under DCP crime Rahul Maknikar and ACP Abhijeet Patil, is being conducted by senior inspector Kamlakar Gaddime and others. "Around 12 places have been searched so far. We have recovered electronic evidence and documentary records which are being scanned now," said an official.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Standard
4 minutes ago
- Business Standard
C E Info Systems slumps after block deal
C E Info Systems dropped 8.55% to Rs 1785.30 after heavy block deal activity early today, 12 June 2025. While the buyers and sellers are unknown, media reports suggest that PhonePe likely sold off a 5% equity stake in the company through a block deal valued at Rs 476.2 crore. The transaction was reportedly offered at a floor price of Rs 1,750 per share, which represents a 10.36% discount to the stock's last closing price. Trading volumes surged with BSE seeing 32.30 lakh shares change hands, compared to the 3-month average of 5,787 shares. NSE volumes surged to 21.52 lakh shares, above the 3-month average of 1.01 lakh. As of March 2025, promoters held a 51.65% stake in C.E. Info Systems. Among public shareholders, PhonePe held 18.74% stake. C.E. Info Systems ("MapmyIndia") is Indias leading deep-tech digital map data, geospatial software and location-based IoT products, platforms, solutions and APIs company, offering proprietary digital maps as a service ("MaaS"), software as a service ("SaaS") and platform as a service ("PaaS"). The company provides its digital maps, software products, platforms, application programming interfaces ("APIs"), IoT and solutions to new-age tech companies, businesses across industry verticals, automotive OEMs, government organisations, developers and consumers, under the Mappls MapmyIndia brand. On a consolidated basis, net profit of C E Info Systems rose 28.02% to Rs 48.57 crore while net sales rose 34.28% to Rs 143.55 crore in Q4 March 2025 over Q4 March 2024.
News18
5 minutes ago
- News18
Sensex Tanks 950 Points, Nifty Below 25,000; Key Reasons Why Market Is Down Today
Last Updated: Indian equity markets witnessed a sharp sell-off across segments on Thursday; Know key reasons behind the crash Stock Market Crash: Indian equity markets witnessed a sharp sell-off across segments on Thursday, June 12, as weak global cues and profit-booking triggered a broad-based decline. Benchmark indices — the Sensex and Nifty 50 — fell nearly 1%, while broader markets followed suit with mid- and small-cap indices sliding over 1% each. The BSE Sensex opened marginally higher at 82,571.67 but soon turned negative, plunging as much as 853 points to hit an intraday low of 81,661.68. It eventually closed deep in the red. Similarly, the Nifty 50, which opened at 25,164.45, slipped below the key 24,900 mark during the session, touching a low of 24,871. The sharp fall wiped off substantial investor wealth. The total market capitalisation of BSE-listed companies dropped to around Rs 451 lakh crore, compared to ₹456 lakh crore in the previous session — a loss of nearly Rs 5 lakh crore in a single trading day. Why is the Indian Stock Market Falling on June 12? 1. Escalating Geopolitical Tensions Global markets, including India, were rattled by renewed geopolitical tensions in the Middle East. Asian and European indices fell sharply amid rising fears of a conflict between the US and Iran. According to reports by The Times of Israel, the US is evacuating non-essential personnel from the Middle East due to heightened regional tensions and the deteriorating status of nuclear negotiations with Iran. There is growing speculation that Israeli forces may strike Iran's nuclear facilities, adding to investor nervousness. Meanwhile, US President Donald Trump has reiterated his stance against allowing Iran to acquire nuclear weapons. The much-anticipated trade deal between the United States and China has failed to lift market sentiment, as investors were expecting a more comprehensive and conclusive agreement. On Wednesday, former US President Donald Trump claimed that China would supply the US with rare-earth minerals and magnets, while the US would continue to welcome Chinese students into its universities. However, the final terms of the deal still await approval from both Trump and Chinese President Xi Jinping. 'Our deal with China is done, subject to final approval with President Xi and me," Trump wrote on Truth Social. 'We are getting a total of 55% tariffs, and China is getting 10%… The relationship is excellent!" Despite this optimistic tone, market experts remain skeptical. 'There are reports of a possible agreement between the US and China. But the Chinese haven't officially confirmed anything," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services. 'Trump is talking about a 55 percent tariff on China and a 10 percent tariff on the US. Given his track record, it's too early to view this as a positive for markets." 3. Global Markets Weaken Amid Risk-Off Mood Global equities extended losses on Thursday, adding pressure to Indian markets as investors grappled with a combination of tepid U.S. inflation data, ongoing trade concerns, and heightened geopolitical tensions. European markets were poised for a subdued start, with futures on Germany's DAX and the UK's FTSE 100 down 0.8% and 0.4%, respectively. U.S. equity futures also indicated a flat-to-negative open, reflecting caution on Wall Street. Across Asia, MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.2%, retreating from a three-year high recorded a day earlier. Japan's Nikkei 225 declined 0.5%, while key indices in China and Hong Kong also pulled back, reversing recent gains. 4. Dollar Slides as Fed Rate Cut Bets Rise The U.S. dollar weakened to its lowest level in nearly two months, amid rising expectations that the Federal Reserve could initiate rate cuts later this year. The dollar index, which tracks the greenback against a basket of major currencies, slipped to 98.246—its weakest since April 22—and was last seen at 98.419, down 0.04%. So far in 2025, the index has lost 10%. The retreat in the dollar followed softer-than-expected U.S. inflation data and lingering doubts over the durability of the recent U.S.-China trade framework. Combined with elevated geopolitical risks, this has prompted investors to scale back exposure to the dollar. According to Reuters, traders are now pricing in two 25-basis-point rate cuts by the end of 2025, and potentially up to 100 basis points by September 2026. 5. Oil Price Volatility Adds to Market Jitters Crude oil prices slipped on Thursday, following a sharp rally in the previous session driven by escalating tensions in the Middle East ahead of planned U.S.-Iran negotiations. Brent crude declined 0.7% to $69.28 per barrel after surging over 4% on Wednesday to hit a two-month high. top videos View all 'The spike in Brent crude to $70 on heightened security risks is a clear negative for oil-importing countries like India," noted Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services. 'Industries such as paints, tyres, aviation, and adhesives may come under pressure, while upstream oil producers stand to benefit." Shares of ONGC and Oil India gained up to 5% on improved realisation expectations, whereas oil marketing companies such as IOC, BPCL, and HPCL fell between 2% and 4.5% on margin concerns. Aviation and tyre stocks also saw declines due to rising input cost pressures, with MRF, CEAT, and IndiGo among the key losers. Stay updated with all the latest news on the Stock Market, including market trends, Sensex and Nifty updates, top gainers and losers, and expert analysis. Get real-time insights, financial reports, and investment strategies—only on News18. tags : Nifty sensex Location : New Delhi, India, India First Published: June 12, 2025, 14:21 IST News business » markets Sensex Tanks 950 Points, Nifty Below 25,000; Key Reasons Why Market Is Down Today
News18
5 minutes ago
- News18
Who Pays In Case Of A Plane Crash? All About Travel Insurance After Ahmedabad Tragedy
Last Updated: An Air India plane with 242 passengers crashed after takeoff from Ahmedabad, causing casualties. Know about travel insurance and what happens in the case of a flight mishap. A London-bound Air India plane carrying 242 passengers and crew crashed moments after taking off from the Ahmedabad airport on Thursday afternoon. Several casualties were feared. The tragic Air India crash in Ahmedabad has raised pressing questions about passenger safety and the financial aftermath of such disasters. The Boeing aircraft, which could be seen losing altitude quickly, crashed in Meghaninagar area near the Ahmedabad international airport around 2 pm. From airline liabilities to travel insurance payouts, here's a breakdown of how compensation works after a plane crash — and what every air traveller should know. Airline Liability: What Are Airlines Legally Bound To Pay? In India, airline liabilities in the event of death or injury are governed by international conventions such as the Montreal Convention, 1999, to which India is a signatory. Under this, airlines are liable to pay: Up to 128,821 special drawing rights (SDRs) (around Rs 1.4 crore) per passenger in case of death or bodily injury, irrespective of fault. Compensation beyond that limit is also possible if the airline is proven negligent. For international flights, this compensation becomes mandatory under the Convention, but Indian domestic airlines often follow similar standards under DGCA guidelines. Many comprehensive travel insurance policies offer: Experts, however, said the benefit goes only to policyholders who actively opt for and purchase a travel insurance plan before flying. Many Indian flyers still overlook this option, especially for domestic flights. What If A Traveller Didn't Buy Travel Insurance? If you didn't buy separate travel insurance, you may still be eligible for: Some passengers are covered under group insurance plans offered by tour operators or employer-sponsored travel policies. Legal Battles: When Compensation Isn't Straightforward In several past incidents, families of crash victims have had to wait months or even years for compensation, especially when: The crash is under investigation Liability is disputed The passenger did not have any travel insurance or nominee details In such cases, families may have to approach consumer courts, civil courts, or grievance redressal bodies like the Insurance Ombudsman. Why Insurance is Non-Negotiable The Ahmedabad crash is a grim reminder that air travel, though statistically safe, is not risk-free. The financial and emotional impact on families can be devastating, and insurance can at least ease part of the burden, the expert said. Things every traveller should do: N Chandrasekaran, chairman of Air India, said, 'With profound sorrow I confirm that Air India flight, AI 171 operating Ahmedabad-London Gatwick was involved in a tragic accident today. Our thoughts and deepest condolences are with the families and loved ones of all those affected by this devastating event. At this moment, our primary focus is on supporting all the affected people and their families. We are doing everything in our power to assist the emergency response teams at the site and to provide all necessary support and care to those impacted." An emergency centre has been activated and support team have been set up for families seeking information, he added. tags : Air India Location : New Delhi, India, India First Published: June 12, 2025, 15:10 IST News business Who Pays In Case Of A Plane Crash? All About Travel Insurance After Ahmedabad Tragedy
