UP: Insurance fraud amount in Sambhal crosses ₹100 crore; ED seeks documents from police
A massive insurance scam in Uttar Pradesh's Sambhal district has emerged, involving fraudulent policies, fake documents, and even killings, with estimated fraud exceeding Rs 100 crore. Authorities have arrested 52 individuals, while 50 are still at large. The gang targeted vulnerable individuals and manipulated records to claim insurance payouts. Investigations are ongoing, with links to multiple states and potential further arrests.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India.com
15 minutes ago
- India.com
PhysicsWallah acquisition deal of Drishti IAS called off due to..., deal was worth Rs...
New Delhi: In the first week of April, we had reported that Vikas Divyakirti, who runs Drishti IAS coaching center, wanted to sell his education business and Physics Wallah had shown interest in buying the business. It was further mentioned that this deal would be completed for Rs 2,500 crore, making it the biggest deal in the world of edutech. Alakh Pandey is famous as PhysicsWallah among crores of students of the country. Now, as per the latest news coming in says that the much publicised acquisition of Drishti IAS by PhysicsWallah has been called off. The deal was in advanced stages but ultimately fell through due to multiple reasons, according to a report by Entrackr. PhysicsWallah was actively exploring acquisitions to strengthen its position in the civil services preparation segment as suggested by multiple reports in April. Drishti IAS is one of the most famous names in UPSC coaching, especially among Hindi-medium aspirants. According to the report, Drishti IAS evaluated the proposal after being approached by PhysicsWallah. However, considering its strong financial performance and independent growth, the company decided not to go ahead with the deal. The report added that Drishti IAS is currently not looking to raise external funds or be acquired. Founded in 1999, Drishti IAS has built a strong presence in the civil services coaching space. In the financial year 2023–24, the Delhi-based institute reported revenue of Rs 405 crore and a profit after tax of Rs 90 crore which indicates that the institute is also expected to post healthy growth in FY25. PhysicsWallah, which originally focussed on online coaching for engineering and medical entrance exams, has recently been expanding into UPSC and other competitive exams. It was in this regard that its acquisition of Drishti IAS was seen as a strategic step to strengthen its offline footprint and diversify its educational offerings, particularly ahead of its planned stock market debut. Both PhysicsWallah and Drishti IAS have not officially responded to the matter till the time of filing this report. (With IANS inputs)
&w=3840&q=100)
Business Standard
19 minutes ago
- Business Standard
Sebi attaches bank, demat, MF accounts of Choksi to recover Rs 2.1 cr dues
Markets regulator Sebi has ordered the attachment of bank accounts and shares and mutual fund holdings of absconding diamantaire Mehul Choksi to recover dues totalling Rs 2.1 crore in a case of violation of insider trading rules in the shares of Gitanjali Gems. The latest move followed a demand notice issued to Choksi on May 15, warning attachment of assets as well as bank accounts if he failed to make the payment within 15 days. The demand notice came after Choksi failed to pay the fine imposed by the Securities and Exchange Board of India (Sebi) in January 2022 in a case of violation of insider trading rules in the shares of Gitanjali Gems Ltd. Choksi, who was the chairman and managing director as well as part of promoter group of Gitanjali Gems, is the maternal uncle of Nirav Modi. Both are facing charges of defrauding state-owned Punjab National Bank (PNB) of more than Rs 14,000 crore. Both Choksi and Modi fled India after the PNB scam came to light in early 2018. In April, Choksi was arrested in Belgium following an extradition request by Indian probe agencies. He was located in Belgium last year when he went there for getting medical treatment. He had been staying in Antigua since 2018 after leaving India. Modi was arrested by the Scotland Yard Police in March 2019 and is currently in jail in that country. In an attachment notice dated June 4, Sebi said the pending dues of Rs 2.1 crore include the initial fine of Rs 1.5 crore and interest of Rs 60 lakh. To recover the dues, Sebi asked all the banks, depositories -- CDSL and NSDL -- and mutual funds not to allow any debit from the accounts of Choksi. However, credits have been permitted. Further, Sebi has directed the banks to attach all accounts, including lockers, held by the defaulter. Initiating the recovery proceedings, Sebi said there is sufficient reason to believe that Choksi may dispose of the amounts in the bank accounts, mutual fund folios and securities in the demat accounts held with the depositories and "realisation of the amount due under the certificate would, in consequence, be delayed or obstructed". In its order passed in January 2022, the regulator imposed a penalty of Rs 1.5 crore on Choksi and restrained him from the securities market for one year. Sebi had found that Choksi communicated unpublished price sensitive information to one Rakesh Girdharlal Gajera, who sold his entire shareholding of 5.75 per cent in Gitanjali Gems in December 2017 with the intention of avoiding loss ahead of any event which may lead to disclosure of fraudulent issuance of LoUs (letter of undertaking) to Gitanjali Group and magnitude in public domain. It was noted that fraudulent LoUs were issued on behalf of entities belonging to the Gitanjali Group, including GGL. "Noticee no. 1 (Choksi) was found to have communicated UPSI (unpublished price sensitive information) to Noticee no. 2 (Gajera) without any underlying legal obligation or any legitimate purpose," Sebi had said in its final order. Through such activities, the two persons had violated the provisions of the PIT (Prohibition of Insider Trading) rules. In May 2023, Sebi sent a notice to Choksi directing him to pay Rs 5.35 crore in a case pertaining to fraudulent trading in the shares of Gitanjali Gems.
Business Upturn
21 minutes ago
- Business Upturn
JSW Energy completes Rs 302 crore stake sale in Beempow Energy, exits subsidiary
By Aditya Bhagchandani Published on June 6, 2025, 21:44 IST JSW Energy has officially exited its step-down subsidiary Beempow Energy Private Limited following the completion of a 100% stake sale by O2 Power SG Pte. Ltd. The transaction, valued at Rs 302.66 crore, was completed on June 6, 2025, according to a stock exchange filing. JSW Neo Energy Ltd, a wholly owned subsidiary of JSW Energy, had previously acquired the O2 Power entities. Before this acquisition, 49% of Beempow's shares had already been transferred to EPIC Green Urja Private Limited and Infrastructure Yield Trust schemes. The remaining 51% was transferred as per the original Share Purchase Agreement dated March 14, 2024, and its amendment in September 2024. Beempow Energy had no revenue contribution in FY25, as confirmed by the company in the filing. The acquirers—EPIC Green Urja and SEBI-registered Infrastructure Yield Plus funds—do not belong to JSW's promoter group. The sale does not fall under related party transactions and is outside any scheme of arrangement. This move marks another step in JSW Energy's ongoing business streamlining and portfolio optimization strategy. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
