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Time of India
26 minutes ago
- Time of India
Noida man loses Rs 70 lakh in fake trading scam
Noida: A man was allegedly duped of Rs 70 lakh in a fake investment and stock trading scam. A complaint was registered with the Cyber Crime Police on 12 June against a company for allegedly luring the man into an over-the-counter (OTC) and initial public offering (IPO) investment scam. A resident of Sector 128, the man, in his complaint, said that in June, the company allegedly added him to a WhatsApp group and shared investment offers on their website. He then opened an advanced broker account and was asked where and how much he wanted to invest. He was then allotted thousands of shares in his name and was provided with details of a current account for deposit, where he made a total of 17 deposits, each to a different account, adding up to over Rs 69 lakh. You Can Also Check: Noida AQI | Weather in Noida | Bank Holidays in Noida | Public Holidays in Noida When he asked to withdraw his funds from the account, they refused and asked him for more money. He then realised he had been scammed and approached the police for help. Based on his statements, a case was filed under sections 318(4) (cheating), 319(2) (cheating by personation), and 66D of the Information Technology Act. Further investigation is underway.


Economic Times
28 minutes ago
- Economic Times
US-based Capital group buys 360 ONE WAM shares for Rs 245 cr
Financial services company Capital group on Thursday bought shares of asset and wealth management firm 360 ONE WAM for Rs 245 crore through an open market transaction. ADVERTISEMENT US-based Capital group, through its affiliate New World Fund, Inc, purchased 20.94 lakh shares or 0.52 per cent stake in Mumbai-based 360 ONE WAM, as per the bulk deal data on the BSE. The transaction was valued around Rs 245.02 crore, executed at an average price of Rs 1,170 apiece. After the latest transaction, Capital group's combined holding in 360 ONE WAM through its affiliates -- Capital Income Builder and Smallcap World Fund, Inc -- rose to 12.11 per cent from 11.59 per cent. Detail of the sellers of 360 ONE WAM's shares could not be ascertained on the exchange. Shares of 360 ONE WAM fell 2.12 per cent to close at Rs 1,165 per piece on the BSE. ADVERTISEMENT On Tuesday, 360 ONE WAM said that Multi Commodity Exchange Clearing Corp Ltd (MCXCCL) slapped a penalty of Rs 25 lakh on its wholly-owned subsidiary 360 ONE distribution services for allegedly violating the norms. "The penalty is levied by MCXCCL for alleged false reporting of excess collateral by 360 ONE DSL, a wholly-owned subsidiary of the company, on certain days during the period October 2022 to September 2023," the company said in a regulatory filing. ADVERTISEMENT However, 360 ONE WAM said that its arm 360 ONE DSL will appeal against the imposition of this penalty before the appropriate authority of the exchange. The company also clarified that there will be no material impact on the company's financials or operations due to levy of the penalty. (You can now subscribe to our ETMarkets WhatsApp channel)


Economic Times
30 minutes ago
- Economic Times
Reliance Defence secures 600cr export order from Rheinmetall Germany
Agencies Reliance Defence secures export order (Representational Image) Reliance Defence secured Rs 600 crore worth of export order from Germany's leading defence manufacturer RheinmetallWaffe Munition its recently announced strategic partnership with Rheinmetall, this order is one of the largest contracts in the high-tech ammunition domain. This partnership represents a defining milestone for the country's private defence manufacturing sector, said Anil Ambani, Founder Chairman of the Reliance Group. 'The strategic partnership with Rheinmetall brings cutting-edge capabilities to India and represents a defining milestone for the country's private defence manufacturing this, we aim to enable India not only to meet its domestic defence needs with confidence, but also to establish itself as a trusted force in the global defence supply chain, said Ambani. 'This strategic partnership of Rheinmetall with Reliance Defence led by Anil Ambani's Reliance Group illustrates our strong commitment to partner with India under the strong leadership of Prime Minister Modi," said Armin Papperger, CEO of Rheinmetall AG while announcing the collaboration. This collaboration aims to strengthen India's indigenous defence manufacturing capabilities. Reliance Infrastructure Limited promoted, Reliance Defence Limited aims to be amongst top three Defence exporters in the country.