A video call, obscure bank accounts, ₹6.5 crore stolen—but who's to blame?

Mint

4 days ago

Journalists report on many types of stories. But once in a while, a story hits close to home. This week, Mint investigated three shocking cases of digital fraud that led to over ₹23 crore being stolen.
We've all heard of digital arrest scams. Some of us, unfortunately, have even been targeted. One case stood out—a high-ranking corporate executive with global degrees and razor-sharp street smarts, who lost more than ₹6 crore to scam callers.
The obvious question was—how could this happen? That question led us to Bhondsi, on the fringes of Gurgaon, where investigators were piecing together a maze of shell bank accounts—some linked to students, others to people who had no idea the accounts even existed.
This week, a Mint investigation takes you inside the courtroom of India's top consumer grievance authority, which has just received its first responses from the country's two largest private banks. At the heart of the case is a critical question: is India's banking and financial system failing to protect ordinary citizens? The outcome could have far-reaching implications—well beyond what we can imagine today. Read the full story here.
The business of birth
In another corner of corporate India, venture capitalists (VCs) are turning their attention to a booming new sector: fertility clinics. Across parts of the National Capital Region, neon signs and aggressive sales pitches from a growing number of in-vitro fertilisation (IVF) clinics are hard to miss—all promising to help you 'start a family.'
On 18 July, Mint's Sowmya Ramasubramanian and Jessica Jani reported on this rising trend. But there's more to it—investors are now betting big on the sector. Startups are seizing the moment, layering their offerings with tech buzzwords and even pitching at-home, DIY-friendly solutions. Given the social stigma and pressure surrounding infertility in India, there's a large market waiting to be tapped—and venture capital is flowing in fast.
Catch Mint's deep dive on how IVF startups have become a hot favourite for VCs.
Our great gig in the sky
From IVF clinics to outer space, the leap might seem vast—but India's startups are making serious strides in both.
Earlier this week, Mint reported on a fast-growing niche for Indian space startups: offering surveillance technologies to the world. And it turns out, we're good at it. Consider Ananth Technologies, a long-time partner of ISRO. Led by former ISRO engineer Subba Rao Pavuluri, the company runs three satellite manufacturing units across Bengaluru, Hyderabad and Thiruvananthapuram. Alongside fulfilling domestic demand, Ananth is now building surveillance satellites for clients in West Asia, Europe, Africa—and even Australia.
This momentum has drawn a new generation of startups into the space race. Digantara, led by Anirudh Sharma, is setting up its own satellite assembly line. Bellatrix Aerospace is pivoting from green propulsion to building full-scale surveillance satellites. And GalaxEye, founded by Suyash Singh, is preparing to launch Drishti, a satellite aimed at offering Maxar-style space-based intelligence to global customers.
In a world increasingly shaped by geopolitical tensions and digital borders, surveillance satellites are no longer just defence tools—they're strategic assets. And India's space startups are positioning themselves right at the centre of that opportunity.
Intrigued? Here's the full saga.
India's $280-billion headache
Most of us know someone who works at TCS, Infosys, HCLTech, Wipro, or one of their many peers. At the turn of the millennium, these firms were the places to be—hiring at breakneck speed as India cemented its role as the world's back office.
Over time, they became indispensable to the smooth functioning of everything from insurance to infrastructure. And yet, you might never know how deeply embedded they are. For instance, health insurer Niva Bupa has relied on Genpact to keep its backend running seamlessly for nearly two decades.
But last week brought troubling signs. As five of India's six top IT services companies posted their quarterly results, most offered little cheer on growth—except HCLTech.
Why does this matter? Because the $280-billion IT services sector employs over 6 million people, and for years, has absorbed the bulk of India's 1.5 million annual engineering graduates.
With the industry now facing one of its steepest slowdowns in years, there's growing concern about job cuts. The rise of AI, analysts say, is only adding to the uncertainty.
Read Mint contributor Shelley Singh's take on what this slowdown could mean.
And in other news…
Tesla has finally arrived in India, with a compact showroom in Mumbai's upscale Bandra-Kurla Complex. It's kicking off sales with the Model Y—an SUV by the company's classification—priced from ₹60 lakh. You can also opt for the 'full self-drive' mode for an additional ₹6 lakh. The catch? There's still no clear answer on where you'd actually use that feature on Indian roads.
If that feels a bit steep, there's good news for tech enthusiasts: Airtel has partnered with Silicon Valley AI startup Perplexity to offer its 'Pro' tier free to its 360 million users. Haven't tried it yet? Now's a good time. At the very least, it might just make AI feel a little less daunting.
Transformer by Mint is a weekly newsletter that curates the most important developments from India's technology landscape. Each edition tracks how innovation is reshaping the economy, businesses, and everyday life—diving deep into the trends, ideas, and players driving this transformation.