Tech Mahindra's Q1 profit up 34% to 1,141 crore, revenue rises nearly 3%
Revenue at the nation's fifth largest software service provider rose 2.7% from a year earlier to Rs 13,351 crore. Its largest region for business, the Americas that accounts for nearly half of its revenue, posted an almost 6% drop in revenue, but growth in Europe and the rest of the world more than offset the impact.
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India.com
21 minutes ago
- India.com
Fake embassy case: Investigation unearths shocking details related to Hawala money, shell company, and a name
New Delhi: The arrest of Harshvardhan Jain on charges of running a fake embassy from a two-storey bungalow in Ghaziabad's Kavinagar has exposed the layers of international fraud and hawala racket. The most surprising name that has emerged in the UP STF investigation is that of Ehsan Ali Syed, who is a native of Hyderabad and has now taken Turkish citizenship. Who is Ehsan Ali? Ehsan has lived in London for a long time and has been involved in many fraudulent activities. Ehsan Ali is the same person who has been considered very close to the controversial religious leader Chandraswami. On his advice, Harshvardhan Jain set up dozens of shell companies abroad. What does the investigation say? The investigation has revealed that these companies were used for hawala transactions, money laundering and large-scale economic fraud. Names of some of these fake companies are: State Trading Corporation Ltd (UK) East India Company UK Ltd (UK) Island General Trading Co LLC (Dubai) Indira Overseas Ltd (Mauritius) Cameron Ispat Sarl (Cameroon, Africa) Where were Ehsan Ali Saeed's businesses based? Ehsan Ali Saeed's company Western Advisory Group was based in Switzerland and Bahrain. This company arranged loans of about 70 million pounds (about Rs 735 crore) in the name of getting loans to Swiss companies between 2008 and 2011 and charged brokerage of 25 million pounds (about Rs 262 crore) in return. After getting the money, Saeed absconded. On the request of the Swiss government, London police arrested him in November 2022. After this, in July 2023, the Westminster Court approved his extradition. Finally, the Zurich Court of Switzerland sentenced Saeed to 6 years and 6 months in prison for fraud and absconding with the money. What was Harshvardhan's role? Interrogation of Harshvardhan Jain has revealed that he also has a connection with Ehsan Ali. Harshvardhan's involvement with Ehsan Ali is being investigated. Jain has several bank accounts opened in his name in India and abroad, which are being investigated. A case has been registered against Harshvardhan in Kavinagar police station under sections 318(4), 336(3), 338, 340. The STF is preparing to take his remand. This entire case goes to the depths of hawala network, shell companies and international racket of fraud, in which connections have been found from India to UK, Turkey, Switzerland, Mauritius and Africa.
Time of India
24 minutes ago
- Time of India
Punjab government boosts stipends for medical, dental interns and residents: Harpal Singh Cheema
Chandigarh: Punjab Finance Minister Advocate Harpal Singh Cheema on Thursday announced a major hike in monthly stipends for medical and dental trainees in government colleges, reaffirming the Aam Aadmi Party (AAP) government's focus on improving healthcare and education across the state. In a press release, underscoring the Aam Aadmi Party-led government's unwavering commitment to bolstering the education and health sectors, Cheema on Thursday announced an increase in the monthly stipends for interns, Junior Residents, and Senior Residents across government medical and dental colleges in the state. Finance Minister Cheema said that there are currently 907 sanctioned intern posts, 1408 for junior residents, and 754 for senior residents within Punjab's government medical and dental colleges. He said, "The stipend for interns has been substantially raised from Rs 15,000 to Rs 22,000 per month. For Junior Residents, the new stipend structure will see a rise from the current Rs 67,968 per month to Rs 76,000 in the first year, Rs 77,000 in the second year, and Rs 78,000 in the third year. Similarly, Senior Residents will experience an increase from their current Rs 81,562 per month to Rs 92,000 in the first year, Rs 93,000 in the second year, and Rs 94,000 in the third year." Finance Minister Cheema reiterated the state government's dedication to allocating ample resources for education and health sectors. He said that the annual expenditure on these stipends, currently Rs 204.96 crore, will escalate to Rs 238.18 crore following this enhancement, representing an estimated annual increase of Rs 33.22 crore. The Finance Minister affirmed the Punjab government's resolve to enhance healthcare facilities throughout the state. He also mentioned the recent initiative to provide insurance coverage of Rs 10 lakh to every citizen, further emphasizing the government's focus on public welfare. Finance Minister Harpal Singh Cheema assured that there will be no scarcity of funds for the continued development and improvement of healthcare infrastructure and services in Punjab.
NDTV
26 minutes ago
- NDTV
As Delhi's Water Bills Dues Cross Rs 1.4 Lakh Crore, Who Owes What?
New Delhi: Over Rs 1.4 lakh crore in pending water bills has accumulated at the Delhi Jal Board (DJB), officials have said. Of this, the domestic consumers owe the board Rs 15,000 crore, while a bigger chunk of the dues, Rs 66,000 crore, is owed by commercial users, with an additional Rs 63,000 crore due from various government departments - both Delhi and the Centre. Among the list of defaulters, the Municipal Corporation of Delhi (MCD) tops the list, owing Rs 26,147 crore. Within central government bodies, Indian Railways is the biggest defaulter with dues of Rs 21,530.5 crore, followed closely by the Delhi Police, which has not cleared bills amounting to Rs 6,097 crore. In total, Delhi government departments collectively owe for Rs 33,295.79 crore in unpaid water bills, while central government agencies contribute with another Rs 29,723.37 crore in pending dues. "This isn't just a delay, it's crippling our ability to maintain and upgrade basic infrastructure," a senior official told NDTV, adding, "Despite repeated reminders, the recoveries have been minimal." Some departments have relatively managed to stay current on their water bills The Delhi Metro Rail Corporation (DMRC) has comparatively lesser dues of Rs 1.4 crore, while the Delhi Transport Corporation (DTC) owes Rs 1.1 crore. However, the problem goes well beyond government offices. According to DJB data, commercial users collectively owe Rs 66,000 crore in dues, while domestic consumers are behind by Rs 15,000 crore. Water Minister Pravesh Verma said the government is gearing up for a major recovery push. "Notices will soon be issued to all the defaulter departments, both at the state and central level, to clear their dues," Mr Verma said. "The recovery plan will include high-level meetings with department heads, especially those with large pending bills, to discuss repayment timelines or instalment options," the water minister added. Officials say that unless the dues are cleared, especially from top government defaulters, planned upgrades, maintenance work, and expansion of essential infrastructure could come to a halt.
