FIIs dump Rs 4,892 crore worth of equities in June; DIIs step in with Rs 44,000 crore buying
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Time of India
2 hours ago
- Time of India
Surat police uncover cryptocurrency trail in cross-border cyber scam
Surat: In a major breakthrough, the Surat Detection of Crime Branch (DCB) has unearthed an international cybercrime racket with suspected links to China, Pakistan, and Myanmar. The operation came to light after a raid at a hotel in the Mahidharpura area, where two youths from Jodhpur were arrested. The accused — Ramswarup Bishnoi and Sagar Bishnoi, both 20 — were staying in Room 409 of Janta Inn Hotel near Surat railway station. Acting on a tip-off, DCB officials detained them and seized eight mobile phones, bank account kits, SIM cards, Aadhaar cards, diaries, and other suspicious documents. Preliminary investigation revealed financial transactions amounting to several crores of rupees, including large sums in cryptocurrency (USDT). Police said the duo had travelled to Surat to procure bank account kits to be used in fraudulent online operations. An FIR has been lodged against six people — five from Jodhpur and one from Surat. Analysis of the seized mobile phones revealed each device contained up to 19 email IDs linked to various bank accounts and transactional records. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng CFDs với sàn môi giới tin cậy IC Markets Tìm hiểu thêm Undo Several banking applications were installed and investigators found statements pointing to transactions running into crores. Accounts were found to be associated with several banks, including City Union Bank, Northeast Small Finance Bank, Federal Bank, State Bank of India, Bank of Maharashtra, and Ujjivan Small Finance Bank. Cryptocurrency wallets linked to high-value USDT transactions were also recovered. Police said digital evidence suggested coordination with international cybercrime syndicates operating through Telegram channels. One such group, named 'Bookkeeping Robot Ram,' was allegedly used by the network to share bank account details. According to investigators, the accused came in contact with the key conspirator, Pramod Bishnoi of Jodhpur, in Feb 2025. Pramod reportedly lured them with the promise of high returns in cryptocurrency trading and introduced them to Sanjay Gabu, a Surat-based contact who allegedly sold them 193 bank accounts. The accused then forwarded the bank kits and MPINs to Gnan Bishnoi and Shyam Bishnoi in Jodhpur, who uploaded the details to the Telegram group operated by Chinese handlers. Once money was deposited in the accounts, it was withdrawn and routed to Jodhpur via courier Vishnu Angadiya. The amount was then converted into cryptocurrency and transferred abroad using the Binance app. DCB officials have also raided multiple locations in Surat and detained additional suspects. BOX Levis-Jack and Jones products found In addition to digital evidence, DCB officials also seized branded merchandise including shoes, jeans, t-shirts, shirts, and bags from labels such as Levi's and Jack & Jones. A total of 68 articles valued at approximately Rs 2.28 lakh were confiscated. According to police, the accused admitted to purchasing these items from malls and retail outlets in Surat. They would allegedly damage the products and then contact the respective companies to claim refunds. Instead of returning the items, the accused would retain them and sell them for profit after securing the refund.
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Business Standard
3 hours ago
- Business Standard
RBI repo rate cuts alone can't shift India's economic growth gear
Clearly, it is not for the RBI and its monetary policy committee (MPC) to fix any of these deep structural issues and magically create growth premium Debashis Basu Listen to This Article On June 6, the Reserve Bank of India (RBI) surprised the markets — it sliced the repo rate by 50 basis points (bps) to 5.5 per cent and cut the cash reserve ratio (CRR) by 100 bps, phased over four 25-bp tranches from September to November. The move, expected to inject ₹2.5 trillion ($30 billion) into the system, briefly lifted spirits: The Nifty index climbed 1 per cent that day, with a modest gain the day after. However, by the end of the week, the index had slumped below its pre-cut level. The rate cut is a sideshow. With the
Time of India
4 hours ago
- Time of India
Indian stock market: Oil, tariff tensions and geopolitical conflict; what will guide stock market in upcoming week
Indian stock investors will remain focused this week on rising tensions between Iran and Israel, movements in Brent crude oil, inflation data, and the US Federal Reserve's interest rate decision for fresh cues. Experts also pointed out that any tariff-related developments could steer equity market trends. Last week, markets tumbled down amid heightened volatility and ended lower, as escalating geopolitical tensions triggered a wave of risk aversion. Investor sentiment took a hit amid surging oil prices, reigniting concerns over potential supply disruptions. 'Indian stock markets are likely to follow the global trend, following rising tension in the Middle East amid the Israel-Iran conflict, which could fuel further pessimism and prompt investors to flee riskier assets,' said Ketan Vikam, head of sales at Almondz Institutional Equities. 'Also, traders will exercise caution ahead of the US Federal Reserve interest rate decision on Wednesday, coupled with other central banks of Japan and the UK announcing their interest rates separately,' PTI quoted. Equity indices ended lower last week, with Sensex dropping 1,070 points or 1.30 per cent and the Nifty shedding 284 points or 1.13 per cent. On Friday alone, both benchmarks fell nearly 1 per cent amid surging oil prices and weak global cues, reflecting a sharp turn in investor sentiment. 'Looking ahead, investors are expected to remain cautious amid premium valuations and geopolitical risks. All eyes are now on the upcoming US Fed meeting,' said Vinod Nair, head of research at Geojit Financial Services. 'The Fed's commentary and economic projections will be closely scrutinised for future policy cues.' The focus will also remain on domestic factors such as wholesale inflation data, monsoon progress, crude oil price trends, and foreign investor activity. 'Markets are likely to remain volatile amid ongoing geopolitical uncertainty and crucial central bank meetings,' said Ajit Mishra, SVP of research at Religare Broking Ltd. 'The US Federal Reserve's upcoming policy decision will be closely tracked, as market participants look for clarity on the timing and magnitude of potential rate cuts, especially in light of mixed economic signals.' Siddhartha Khemka, head of research at Motilal Oswal Financial Services, added, 'Overall, we expect the market to remain subdued on the back of weak global cues, while industry-specific news flows would continue to drive sectoral movements.' Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
