Employee gets asked to work every weekend. Netizens react: ‘They are stealing her labour'
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Economic Times
an hour ago
- Economic Times
Rs 3.2 lakh monthly income, no home yet: Is a Rs 32 lakh car too much?
Synopsis A Reddit post sparked debate after a financially stable young couple earning Rs 3.2 lakh monthly considered buying a Rs 32 lakh luxury car, despite not yet owning a home. While they had solid savings and investments, many users advised against prioritizing a depreciating asset over real estate or long-term goals like family planning. Cautioning about hidden costs, poor road conditions, and limited tax benefits, commenters suggested aligning the car budget with income benchmarks or opting for a more modest vehicle, recommending instead to focus on wealth-building and future security. Couple Plans Rs 32 Lakh Car Purchase Without a House As rising incomes reshape the lifestyle aspirations of young professionals in India, big-ticket purchases like high-end cars are increasingly seen as attainable. However, these decisions often raise difficult questions about long-term planning and financial prudence. Is it wise to splurge on a luxury car before owning a home or securing other essentials? This dilemma recently took centre stage on Reddit, where a financially stable couple questioned whether purchasing a Rs 32 lakh car would be a sound decision at their stage in the post, a 30-year-old man shared that he and his wife, both working in the IT consulting sector, bring home a combined Rs 3.2 lakh per month. Their monthly expenses, which include vacations, family support, and daily needs, average around Rs 1.7 lakh. Financially, they appear well-prepared, with Rs 15 lakh in savings, Rs 22 lakh in mutual funds, and Rs 45 lakh in provident funds. They also maintain a Rs 30 lakh health insurance policy. Although they currently rent and do not own property, they hope to buy a home within the next decade. With no children yet, but plans to start a family next year, the poster explained that he was drawn to a car priced at Rs 31–32 lakh on-road, and is considering making the purchase next year after accumulating more savings for a higher down response from Reddit users was largely cautious. Many highlighted the risk of investing in a depreciating asset like a car over appreciating assets like real estate. Some urged the user to prioritise home ownership, pointing out that a property not only builds equity but also gains value over time. One commenter even stated plainly that buying a Rs 32 lakh car without a house should be ruled out offered practical benchmarks, suggesting that car purchases should ideally not exceed six months' worth of take-home salary—in this case, approximately Rs 19–20 lakh. Anything significantly beyond that was seen as financially risky, especially considering job market uncertainties and future obligations like raising a users weighed in on the question of whether to buy the car outright or through a loan. Some argued in favour of financing, saying that with vehicle loan interest rates generally ranging from 7–12%, the remaining funds could be invested in mutual funds, which historically offer better long-term returns. However, others pushed back, cautioning that salaried individuals don't benefit from the same tax deductions on vehicle loan interest as businesses do, and investment gains are still the purchase price, commenters also brought attention to the ongoing costs of owning a premium vehicle. Higher insurance premiums, servicing charges, and repair expenses were flagged as important considerations. Several users also pointed out the poor road conditions in many Indian cities and the potential for frequent vehicle wear and tear—factors that could further diminish the value of an expensive respondents suggested buying a smaller, more affordable car under Rs 10–12 lakh and investing the remaining money into long-term goals such as a child's higher education or eventual home interiors. ( Originally published on Aug 02, 2025 )
Time of India
2 hours ago
- Time of India
Retired TCS employee duped of Rs 3 crore by share trading fraudsters
Mumbai: A 58-year-old retired TCS executive lodged a complaint after being duped of almost Rs 3 crore from cyber fraudsters in an online scam. Impersonating officials of a reputed share trading platform, the fraudsters lured him twice and duped him of Rs 2.6 crore. The victim, a resident of Navroz Bagh in Lalbaug, detailed how he was lured through deceptive advertisements on Facebook and tricked over a span of two months. According to the complaint, the victim, who dabbled in stock trading for the past five years, came across an advertisement for "Kuvera Finance" while browsing Facebook on June 10. On clicking the link, he was added to a WhatsApp group named "K21 - Kuvera Appha Club - Learn & Grow Your Wealth." The group was allegedly moderated by Rutuja Lad, who claimed to be a manager at Kuvera Finance, and Neelabh Sanyal, who posed as an investment advisor. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai The fraudsters convinced the victim to open a "Kuvera Fast Trade Account" through a link they provided. Under their guidance, he began transferring funds into various bank accounts, which included names like Sweet and Salt, Yash Traders, Axiopay Infotech Pvt. Ltd, and Sahil Enterprises, among others. Over a period of weeks, he was duped into transferring Rs 56.2 lakh under the pretext of stock investments that were displayed as virtual profits on fake trading apps. In a parallel operation, the victim encountered another fraudulent scheme through a Facebook advertisement for UTI AMC. This led him to a WhatsApp group named "UTI Capital Storm," where individuals identified as Sanya Kapoor and Imtaiazur Rahman introduced themselves as managers of UTI Mutual Fund. They used similar tactics, guiding the victim to invest by sending funds to accounts under names like Prudent Services Ltd, A.K. Traders, Harish Kumar, Sri Kalai Enterprise, Brightview Technologies, Hasan Creation, and Prince Corporation. Between June 16 and July 29, the victim transferred an additional Rs 2 crore to these accounts. The fraudsters repeatedly showed inflated profits on virtual dashboards but refused to allow withdrawals, citing fabricated "processing fees." When the victim attempted to withdraw his investments on July 29, the accused demanded a 5% payment on the invested sum. Sensing foul play, the victim attempted to contact the accused, but they became unresponsive. Realising he was cheated, the victim immediately filed complaints with the 1930 Cyber Helpline, an FIR was lodged against Rutuja Lad, Neelabh Sanyal, Sanya Kapoor, and Imtaiazur Rahman—and lists multiple bank account holders used as conduits for the scam. These accounts spanned across several banks. The complainant has submitted screenshots of WhatsApp chats, payment details, and other evidence to assist in the investigation. Authorities suspect that the scam is part of a larger pan-India racket involving mule accounts and international operatives. A senior officer from the cyber cell said, "We are tracing the digital footprint of the accused and are in touch with the respective banks to freeze the accounts. Preliminary investigations indicate the involvement of a well-organised cyber syndicate."
Time of India
4 hours ago
- Time of India
54-year-old housewife defrauded of 1.6cr in job, crypto investment scam
1 2 Hyderabad: A 54-year-old housewife from Mehdipatnam lost over 1.6 crore to fraudsters running an online part-time job and cryptocurrency trading scam. On June 2, the victim received a WhatsApp message offering a steady income for posting online reviews. After clicking the link in the message, she was added to a Telegram group. The group's administrators persuaded her to invest in cryptocurrency via a weblink, ' You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad "I initially invested 2,000 and received 2,800 in return. Encouraged by the administrators, I began investing incrementally," the victim said. Between June 17 and July 25, she transferred more than 1.6 crore across 24 bank transactions. During this time, she received 89,800 in 59 transactions. These early returns created the illusion of legitimacy. However, within weeks, the fraudsters began demanding increasingly large sums, citing issues such as credit score errors, taxes, and service charges. " When I refused to pay more, they threatened to freeze my trading balance of 1.6 crore unless I paid an 80% 'unfreeze fee'. That's when I realised it was a scam ," she told cyber crime police. Following her complaint, cyber crime police registered a case on August 2 under BNS against unknown individuals. Tech analysis revealed the defrauded sum was routed through 30 beneficiary bank accounts.
