DRI seizes dry dates worth ₹9 cr illegally imported from Pak
A Mumbai autorickshaw union is launching 'Yatri Mitra', a ride-hailing app on July 15, offering meter-based fares, UPI payments, and a ₹25 daily fee for drivers. Initially covering Mumbai and Thane, it aims to enroll 10,000 autos with transparent pricing.
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India Today
4 hours ago
- India Today
CBI raids 5 states in over 8 lakh mule accounts cyber fraud case, 9 arrested
The Central Bureau of Investigation (CBI) on Thursday launched a coordinated crackdown across five states as part of Operation Chakra-V, targeting mule bank accounts being used in large-scale cyber frauds. Acting on specific source information and following internal verification, the agency carried out searches at 42 locations in Rajasthan, Delhi, Haryana, Uttarakhand, and Uttar CBI arrested nine individuals during the operation. The accused include middlemen, bank correspondents, agents, aggregators, and account holders. All of them are being produced before the court, and the investigation remains investigation found that more than 8.5 lakh mule accounts were opened through over 700 branches of various banks across India. These accounts were either created without adhering to Know Your Customer (KYC) norms, customer due diligence, or initial risk assessments. During the raids, the agency seized a range of incriminating materials, including mobile phones, bank account opening documents, KYC records, transaction details, and other digital evidence. Officials identified several individuals involved in facilitating the opening of mule agency registered an enquiry to unravel the entire conspiracy behind the creation and use of these mule searches are part of an ongoing investigation into how organised cyber fraud networks are using mule accounts for digital arrest scams, impersonation frauds, fake advertisements, investment scams, and UPI-based financial CBI revealed that these operations are being aided by the deliberate or negligent actions of certain bank officials, agents, aggregators, e-Mitras, and other middlemen who help open and operate these fraudulent officials highlighted serious lapses by bank managers, including their failure to carry out Enhanced Due Diligence on suspicious transaction banks also neglected to send acknowledgement or verification letters to account holders, which would have helped confirm their physical addresses. These violations go against both RBI's Master Circular and internal bank the enquiry, the CBI registered a formal FIR invoking charges under the Indian Penal Code (IPC), Bharatiya Nyaya Sanhita (BNS), and the Prevention of Corruption Act. The offences include criminal conspiracy, cheating, forgery, and criminal misconduct by public investigation into the matter is underway.- Ends
Hindustan Times
5 hours ago
- Hindustan Times
DRI seizes dry dates worth ₹9 cr illegally imported from Pak
A Mumbai autorickshaw union is launching 'Yatri Mitra', a ride-hailing app on July 15, offering meter-based fares, UPI payments, and a ₹25 daily fee for drivers. Initially covering Mumbai and Thane, it aims to enroll 10,000 autos with transparent pricing.
Hans India
5 hours ago
- Hans India
Tier-III Cities Drive 62% of New Insurance Premiums: Probus Report
Probus, one of India's leading InsurTech and insurance broking firms, has released a new report highlighting a major shift in the country's insurance landscape. The findings reveal that Tier-III cities and beyond now contribute nearly 62% of total new insurance business in the current fiscal year, signalling a dramatic decentralisation of India's insurance growth story. Once considered peripheral markets, smaller towns are rapidly emerging as the real growth engines of Digital Bharat, a transformation propelled by the success of UPI, expanding digital payment infrastructure, and deepening internet penetration. Most UPI transactions now originate from non-metro regions, indicating a high level of digital adoption and financial participation. Probus notes that this is not a temporary or seasonal trend, but a consistent pattern of growth observed over the past three consecutive fiscal years – rising from 58% to 62%, reflecting a sustained upward momentum. In FY2024-25 alone, the Motor Insurance segment registered the highest growth at 25.6%, fuelled by rising awareness, digital accessibility, and a strengthened PoSP (Point-of-Sale Person) network. Local distribution models, especially those built on app-based onboarding, regional language interfaces, and education-first selling, have played a key role in bringing insurance products closer to underserved consumers. What was once a passive, compliance-driven purchase is now increasingly seen as a proactive financial planning tool in Tier-III cities and beyond. The report also highlights strong momentum across insurance verticals for FY 2024-25 compared to FY 2023-24, with life insurance premiums growing by over 60% in fresh policies. Non-life insurance premiums, led by motor, health, and SME segments, showed significant growth, with SME insurance emerged as the fastest-growing segment in FY 2024-25, registering a 112% increase. Commenting on the findings, Rakesh Goyal, Director, Probus, said, 'At a global level, the Indian economy has shown remarkable resilience despite external headwinds. A key reason behind this strength is the steady rise of Tier-II and Tier-III cities, and our latest data confirms that. At Probus, we are proud to be aligned with the Government of India's vision of 'Insuring India by 2047.' We've built digital tools and strengthened our PoSP models to deliver seamless, contextual insurance solutions to the emerging consumer in India.' The company's robust PoSP network continues to be the vital bridge connecting underserved markets to comprehensive insurance solutions, driving Probus's mission to empower every corner of India with financial security.
