Cyber police arrest two for facilitating online share trading fraud targeting senior citizen
Mumbai: Two persons, including a woman, were arrested by the cyber police for allegedly allowing their bank accounts to be used by fraudsters under the guise of a digital marketing firm.
They knowingly received fraudulent funds for monetary considerations. The duo was arrested after the fraudsters impersonated share brokers and, under the pretext of lucrative returns on stocks and IPO trading, duped a senior citizen to the tune of Rs 55 lakh.
The arrested accused have been identified as Santosh Kumar Tanti (30), originally from Dhanbad in Jharkhand, and Sapna Baghela Pandey (25), from Siwan in Bihar.
Both were staying together in rented premises at Versova, Andheri. Police stated that their names emerged during the investigation of the complaint of a senior citizen whom the accused cheated of Rs 55 lakh. The fraudsters contacted the complainant between Jan 21 and Fe 20, 2025, via WhatsApp, impersonating representatives of a well-known brokerage firm.
The scammers lured Sheth into joining a WhatsApp group and investing in Initial Public Offerings (IPOs) and stock trading through a fake trading portal.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Dermatologista recomenda: simples truque elimina o fungo facilmente
Acabe com os Fungo
Undo
Using the pretext of lucrative returns on stock and IPO trading, the accused manipulated the victim to invest through a fake trading link, which was identical to QRL.
Initially, the victim was asked to deposit small amounts. He first transferred Rs 2,00,000 to an ICICI Bank account. Later, seeing what appeared to be rising virtual profits in his so-called trading account, he continued to invest larger sums, believing he was allotted an IPO worth over Rs 10 lakh.
Gaining his trust by showing inflated virtual profits, the fraudsters induced him to transfer Rs 55.41 lakh into multiple bank accounts.
During the investigation, it was revealed that Rs 13 lakh of the defrauded amount was deposited into the bank account jointly operated by the two accused.
Upon tracing the bank account to their Versova residence, the duo was taken into custody. During interrogation, they admitted to operating the account under the guise of a digital marketing firm and knowingly receiving fraudulent funds.
A mobile phone was seized from them during the arrest, and a formal notice of arrest under Section 47 of the Indian Civil Protection Code was issued. Information about the arrest was also duly notified to the accused's contact, Jagdish Pratap Sanichar Prasad Singh, under Section 48.
The accused further confessed that they facilitated the transfer of funds to other accounts with the help of one Ajay Rath, suspected to be based in Delhi. His full identity is yet to be ascertained, and efforts are ongoing to track him and others involved, said an official. The case underscores the growing menace of online impersonation fraud and highlights the importance of verifying investment platforms before transacting.
Authorities urge citizens to remain vigilant and report suspicious financial schemes to the nearest cyber cell.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
23 minutes ago
- Economic Times
Smallcap mania is back. But do Q4 earnings really justify the multibagger hype?
A blistering rally in smallcap stocks is reigniting investor dreams of overnight riches but the numbers are telling a far more complicated story. With the BSE Smallcap Index up nearly 10% in one month, retail participation is surging, echoing the speculative fervor of the last bull market that climaxed in September 2024. And the excitement isn't just index-level: in the last one month, a staggering 69 smallcap stocks have delivered over 30% returns. Among the biggest gainers, Suven Life Sciences surged 83%, while GRSE, Timex, IFCI, Nelcast, and HLE Glascoat all rallied at least 50%. ADVERTISEMENT But while prices soar, fundamentals remain shaky and earnings aren't keeping pace with the hype. 'Indian smallcaps and midcaps seem to have outperformed largecaps in Q4 FY25, but the numbers tell a different story,' said Akshay Badjate, Fund Manager at Merisis PMS. 'Our analysis of the top 750 listed companies shows smallcaps lagging in profit growth, with a median PBT growth of just 4% compared to 11% for the top 250 largecaps. Many smallcaps even posted flat or negative growth, undermining the narrative of a broad-based rally.' Despite the tepid performance on the bottom line, investor appetite has remained insatiable. The Nifty Smallcap 250 has rallied 9% in the last two months, triple the 3% rise seen in the Nifty 50. Badjate attributes this surge to 'liquidity, retail enthusiasm, and domestic growth optimism,' but warns that the disconnect between price and performance may not be sustainable.'Our view at Merisis Advisors is cautious,' he said. 'While select smallcaps with strong fundamentals remain appealing, the segment risks a correction if earnings don't align with valuations. We're trimming smallcap exposure and leaning into largecaps and large midcaps, where we see better operational momentum and value.' Also read | Rs 7 lakh crore boom in just 10 days! Is the smallcap stocks party getting out of hand? ADVERTISEMENT Q4 did deliver a few bright spots for the broader market. 'The Nifty Midcap 150 reported 15% YoY profit growth and the Smallcap 250 delivered 12%. Margin performance was largely stable in midcaps, though smallcaps saw some pressure,' said Krishna Appala, Fund Manager at Capitalmind Appala also flagged that the earnings catch-up story has its limits. 'Valuations remain stretched — midcaps trade at 34x and smallcaps at 32x trailing earnings, well above the 22x seen in largecaps. The divergence between earnings and valuations in the broader market calls for greater selectivity.' ADVERTISEMENT He further added that while largecaps may appear sluggish, they now offer a better risk-reward profile. 'Despite the sharp upmove recently, largecaps currently offer a better balance of earnings visibility and valuation comfort on a forward-looking basis. The environment today rewards fundamentals and discipline over broad-based exposure — especially when mid and smallcap multiples leave little room for error.'Still, not all fund managers are ready to write off smallcaps just yet. Vaibhav Chugh, Director and Head of Sales at Whiteoak Capital AMC, sees rich opportunity in the chaos — provided investors pick wisely. ADVERTISEMENT 'Yes, the result season started slow but as it progressed, midcaps and smallcaps have surprised on growth trajectory as well as upgrades to downgrades statistics,' Chugh said. 'We continue to be overweight small caps. We find relatively high alpha opportunities due to the heterogeneity of business models, sectors and sub-sectors in the smallcap space — which is the ideal setup for bottom-up stock pickers.' With nearly 70 smallcap names delivering eye-popping returns in a matter of weeks, the lure of the next multibagger is proving hard to resist. But experts caution that investors need to tread carefully — the fundamentals are not as broad-based as the rally suggests, and elevated valuations leave little room for disappointment. The smallcap story is far from over, but chasing momentum without earnings to back it could lead to painful lessons. Also read | Sensex soars 10,000 points from April lows. But India Inc's Q4 numbers expose cracks in market rally (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Time of India
24 minutes ago
- Time of India
India's GDP likely grew by 7% in Q4FY25; current fiscal year GDP to settle at 6.3%: Report
India's economy is estimated to have grown by 7 per cent year over year in the fourth quarter of the financial year 2025, according to a recent report by ICICI Bank . As per the ICICI Bank report , this marked a stronger growth momentum in the second half of the financial year compared to the first half, powered by a rise in government spending and a pick-up in rural demand, domestic travel and services exports. The report stated, "In Q4FY25, we expect GDP growth at 7 per cent, which is much higher than GVA. This should take overall GDP growth for FY25 to 6.3 per cent." It highlighted that India's growth momentum picked up in H2, the second half of the financial year compared with the first half. One key reason for this is the increase in rural demand, supported by strong agricultural production. Construction activity has also remained steady. Urban demand has been weak so far, though it is expected to improve gradually, especially with the potential implementation of the new Pay Commission. Live Events In terms of numbers, the report estimates Gross Value Added (GVA) growth for Q4FY25 at 6.4 per cent, while GDP growth is seen higher at 7 per cent. The difference between GVA and GDP is due to higher net taxes. A similar pattern was observed in Q4 last year, where GVA growth stood at 7.3 per cent, while GDP growth was significantly higher at 8.4 per cent. For the full financial year 2025, the report pegs GDP growth at 6.3 per cent. This is slightly lower than the government's current estimate of 6.5 per cent in the Second Advance Estimates (SAE). The report noted that the trend of lower subsidies, especially due to reduced energy prices, is likely to continue into FY26 and support economic growth. The bank also said that the main drivers of growth are unlikely to change in the near future, with rural areas expected to perform better again, helped by an above-normal monsoon. Continued government spending is also expected to boost growth further. However, exports remain a concern. While India's goods exports to the United States rose 27 per cent year-on-year in April, this pace is unlikely to be sustained in the coming months. Still, lower oil prices are expected to be a positive factor. India's Provisional Gross Domestic Product (GDP) for the fourth quarter and Financial Year (FY25) are likely to be released with a few days.
Indian Express
27 minutes ago
- Indian Express
Knowledge Nugget: Why India's 5th-Gen Fighter Jet AMCA is important for UPSC Prep
What is a fifth-generation fighter jet? Take a look at the essential concepts, terms, quotes, or phenomena every day and brush up your knowledge. Here's your knowledge nugget for today. (Relevance: Fighter jets, aircraft type, and missiles are some of the important topics of defence that have been asked by UPSC in Prelims. In 2024, a question was asked on fifth-generation aircraft (do check them in the post-read questions). Similarly, in this year's Prelims paper, a question was asked on aircraft type and description, making it an important topic for your 2026 UPSC Prelims.) India's planned fifth-generation fighter jet—advanced medium combat aircraft (AMCA) — hit a new milestone on 27th May with Defence Minister Rajnath Singh approving the execution model. With this, the state-owned Hindustan Aeronautics Limited (HAL) will have to bid independently or in partnership with other firms to get the contract for manufacturing it. The execution model approach provides equal opportunities to both the private and public sectors on a competitive basis. 1. The Aeronautical Development Agency (ADA) under the Defence Research and Development Organisation (DRDO)—the agency that will design the aircraft—is set to execute the programme through industry partnership. 2. The initial development cost of the project has been estimated at around Rs 15,000 crore. The IAF has been pushing for the AMCA project in view of its long-term requirement. 3. The manufacturing of the aircraft will bring India into a select league of nations that possess its fifth-generation fighter aircraft—the US (F-22 Raptor and F-35A Lightning II), China (J-20 Mighty Dragon), and Russia (Sukhoi Su-57). Features of AMCA: 1. STEALTH: The 25-tonne twin-engine aircraft, which will be bigger than other fighters in the Indian Air Force inventory, will have advanced stealth features to avoid detection by enemy radar. 2. FUEL & WEAPONS: The aircraft will have a large, concealed internal fuel tank of 6.5-tonne capacity, and an internal weapons bay for a range of weapons, including indigenous weapons, to be buried in its belly. 3. ENGINE: The AMCA Mk1 variant will have the US-built GE414 engine of the 90 kilonewton (kN) class, while the more advanced AMCA Mk2 will fly on the more powerful 110kN engine, which will be developed indigenously by DRDO's Gas Turbine Research Establishment (GTRE) in collaboration with a foreign defence major. 4. Other features such as a diverterless supersonic inlet for controlling air flow into the engines, and a serpentine air intake duct to shield the engines from radar emissions, are likely to be part of the AMCA. 5. The AMCA will be India's indigenous fifth-generation fighter aircraft. The indigenous Light Combat Aircraft (LCA) Tejas is a 4.5-generation single-engine multirole aircraft. How is it different from the fourth-generation combat aircraft? 📍The primary difference is in stealth features. The aircraft will have a low electro-magnetic signature, which will make it difficult for enemy radar to detected it. At the same time, it will have powerful sensors and new weapons, so it is able to register the signature of enemy aircraft and take them out. 📍Stealth features such as an internal weapons bay and a bigger internal fuel tank are part of fifth-generation aircraft like AMCA. Up to four long-range air-to-air missiles and multiple precision-guided munitions can be carried in the internal weapons bay, with a payload of 1,500 kg. 📍External fuel tanks and externally attached weapons leave a huge signature and are easy to detect for radar. The special material that will be used on the aircraft surface will divert the radar signature instead of reflecting it back. Only a handful of countries — such as the US, Russia, the UK, and France — have mastered the technology and metallurgy needed to manufacture an engine that can power combat aircraft. India is not in this list — its push for self-reliance in manufacturing several critical technologies, including cryogenic rocket engines, notwithstanding. India's Kaveri Engine Project was initiated in the 1980s to develop an indigenous jet engine for the Light Combat Aircraft (LCA) Tejas. Due to some technical challenges, it was delinked from Tejas in 2008. Loosely put, a generational shift in fighter jets is said to occur when a certain technological innovation cannot be incorporated into an existing aircraft through upgrades and retrospective fit-outs — each new generation comes with a certain significant leap in technology. There are currently five generations of fighter jets that are (or were in the past) in active service, with sixth generation jets currently in development. 1. First generation (1943 to 1955): They appeared in the final years of World War II. Notably, these jets still flew mostly at subsonic speeds and had very basic avionic systems and no self-protection measures. Examples: Messerschmitt Me 262, North American 5-86 Sabre, Mikoyan-Gurevich MiG-15, Hawker Hunter 2. Second generation (1955 to 1970): These aircraft for the first time were capable of transonic and supersonic dashes during level flight. They also boasted the very first fire control radars and semi-active guided missiles. Examples: Mikoyan MiG-21F, Sukhoi SU-9, Lockheed F-104 Starfighter (interceptors), and Republic F-105 Thunderchief and Sukhoi SU-7B (fighter-bombers) 3. Third generation (1960-1970): This was the first generation of fighter jets designed to have multi-role capabilities. Also, it was the first with capabilities of beyond visual range air-to-air combat. Examples: McDonnell Douglas F-4 Phantom, Mikoyan Gurevich MiG-23, Hawker Siddeley (later British Aerospace) Harrier. 4. Fourth generation (1970 to 2000s): True multi-role aircraft emerged only with this generation. It was the first generation of aircraft to use fly-by-wire (FBW) control systems. Examples: Grumman F-14 'Tomcat', General Dynamics F-16 Fighting Falcon, McDonnel Douglas (later Boeing) F/A-18 'Superhornet', Sukhoi Su-35, Eurofighter Typhoon, HAL Tejas LCA, Dassault Rafale. 5. Fifth generation (2000 onwards): It has fully embraced stealth, advanced integrated avionics systems that provide the pilot with a complete picture of the battle space, and network capabilities. Currently, only the US (F-22 and F-35), Russia (Sukhoi Su-57), and China (Chengdu J-20) have developed operational fifth generation aircraft. India is currently developing its own fifth-generation aircraft with AMCA. Post read question Consider the following aircraft: (UPSC CSE 2024) 1. Rafael 2. MiG-29 3. Tejas MK-1 How many of above are considered fifth generation fighter aircraft? (a) Only one (b) Only two (c) All three (d) None Subscribe to our UPSC newsletter. Stay updated with the latest UPSC articles by joining our Telegram channel – IndianExpress UPSC Hub, and follow us on Instagram and X. 🚨 Click Here to read the UPSC Essentials magazine for May 2025. Share your views and suggestions in the comment box or at Khushboo Kumari is a Deputy Copy Editor with The Indian Express. She has done her graduation and post-graduation in History from the University of Delhi. At The Indian Express, she writes for the UPSC section. She holds experience in UPSC-related content development. You can contact her via email: ... Read More
