Did Jane Street manipulate Indian market or exploit its shallowness?
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The Hindu
5 hours ago
- The Hindu
EV maker VinFast signs pacts with 13 dealer groups; aims 35 dealerships in India by 2025-end
VinFast Auto India, a subsidiary of Vietnam-based electric vehicle maker VinFast, has signed agreements with 13 dealer groups for opening 32 dealerships across 27 cities, a statement said on Saturday (July 12, 2025). VinFast, which is gearing up to launch its electric vehicles in the Indian market, aims to establish 35 dealerships across the country by the end of 2025, according to the statement. These collaborations underscore VinFast's commitment to establishing a robust 3S (sales, service, spares) network and laying the groundwork for the upcoming pre-booking of the VF 6 and the VF 7 models on July 15, it said. The agreements are part of VinFast's plan to expand its footprint in the country. The initial set of dealerships will be established in key urban and emerging EV markets, including Delhi, Gurugram, Noida, Chennai, Bengaluru, Hyderabad, Pune, Jaipur, Ahmedabad, Kolkata, Cochin, Bhubaneswar, Thiruvananthapuram, Chandigarh, and Lucknow. These cities have been strategically selected based on their growing EV adoption, infrastructure readiness, and strong demand potential. VinFast Asia CEO Pham Sanh Chau said, "The partnership reinforces our focus on delivering an elevated EV experience backed by reliability, customer trust, and service excellence. As we prepare to bring our electric SUVs to Indian roads, we are focused on ensuring that customers across key cities have seamless access to VinFast's world-class products and support infrastructure."
Time of India
6 hours ago
- Time of India
‘Sooner or later…': Paytm founder sees impact of AI on jobs as ‘inevitable'; says artificial intelligence will also create new roles
The impact of artificial intelligence (AI) on jobs is "inevitable", according to founder Vijay Shekhar Sharma, who said AI will become part of routine business processes sooner rather than later. Tired of too many ads? go ad free now 'Sooner or later we will have to start using AI as an employee or even as a CFO,' Sharma said at an AI-focused event in New Delhi. He said AI will eventually perform most tasks currently done by humans, and stressed the need to build core products instead. Sharma also outlined a broader vision for the company — to move beyond its fintech roots and become an AI-first firm, according to an ET report. Although AI will automate several human functions, Sharma said it will also create fresh roles in the workforce. The remarks come at a time when Paytm's parent, One97 Communications, is undergoing job cuts. ET reported last month that the company had laid off an unspecified number of employees. The overall sales team headcount dropped by about 3,500 in the March 2024 quarter, taking the total to 36,521. This decline was largely linked to the Reserve Bank of India's restrictions on Paytm Payments Bank operations. In the March quarter, Paytm posted a consolidated net loss of Rs 540 crore, compared with Rs 550 crore in the year-ago period. In June, Paytm stood third in the UPI rankings with 1.27 billion transactions worth Rs 1.34 lakh crore — accounting for 6.9% of total volume and 5.6% of value. PhonePe remained in the lead with 8.55 billion transactions valued at Rs 11.99 lakh crore. As part of its AI initiatives, Sharma announced a new passbook feature that would use Paytm's data to generate a rap song summarising monthly expenses. Though no launch date has been shared, Sharma said it would be made available to users soon. Paytm had earlier partnered with US-based AI startup Perplexity to introduce AI-powered search capabilities in its app.
Time of India
6 hours ago
- Time of India
Enforcement Directorate arrests 2 partners of ‘fake' call centre that targeted US citizens, to bring them to Mumbai for remand
Mumbai: The Enforcement Directorate (ED) arrested two men from Jaipur as part of its money laundering investigation against a Pune-based dubious call centre which allegedly targeted US citizens through a fraudulent loan scheme and 'digital arrest' threats. ED also seized 7kg of gold, 62kg of silver, Rs 1.2 crore cash and documents related to immovable assets worth Rs 9.2 crore during related searches at multiple locations in Ahmedabad, Jaipur, Jabalpur and Pune. A court in Jaipur remanded the two accused — Sanjay More and Ajit Soni, partners of Magnatel BPS Consultants and LLP — into custody, and directed ED to produce them before the court in Mumbai for regular remand. The ED's money laundering investigation is based on an FIR registered in Pune against eight individuals, along with others, who were involved in operating the call centre, Magnatel BPS Consultants and LLP, from the ninth floor of Pride Icon building in Pune since July 2024. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai Earlier, Pune police had arrested five of the eight accused in the case. With ED apprehending More and Soni, now only one accused is on the run. ED claimed that the accused targeted US citizens by offering loans at low interest rates, but requiring advance payments to clear the loan and defrauding the victims after receiving the money. They also targeted senior citizens and retired individuals, claiming that their bank account numbers were connected with drug trafficking syndicates and forcing them to purchase gift cards to avoid arrest. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Fastest Selling Plots of Mysore from 40L | 40+ Amenities PurpleBrick Learn More Undo All these calls were made from the company's call centres in Pune and other locations, employing over a hundred employees. During investigation, ED found that the defrauded amounts were routed through accomplices based in the US and subsequently converted into cryptocurrency, primarily in the form of USDT. The digital assets were stored in crypto wallets, including Trust Wallet and Exodus Wallet. ED officials found that part of the funds was transferred to India and encashed in Ahmedabad through angadias. The money was then funneled through mule accounts and credited into the company's bank accounts, which were used primarily for purchasing software and paying rent for the office premises from which the fraudulent activities were conducted, the probe agency said. The accused also used the funds to purchase personal assets such as bullion, jewellery, vehicles and immovable assets, ED added.
