Latest news with #AbhishekGupta
Indian Express
3 days ago
- Business
- Indian Express
Rs 177 Cr Torres Fraud: ‘Whistleblower' for EOW is a key accused for ED
The investigations of the two probe agencies in the Torres Ponzi scheme case, in which over 15,000 people were defrauded to the tune of Rs 177 crore, do not seem to be on the same page as far as the role of the alleged 'whistleblower' of the case CA Abhishek Gupta is concerned. The Enforcement Directorate (ED), which has recently filed a chargesheet against 13 individuals and entities in the case, has claimed that during their money laundering investigation, they discovered CA Abhishek Gupta is one of the key accused in the case. ED had initiated an investigation under the Prevention of Money Laundering Act based on the predicate offence lodged by the APMC police station of Navi Mumbai police, which has also named Gupta as an accused in their FIR. According to the anti-money laundering agency, Gupta has been the statutory auditor of M/s Platinum Hern Pvt Ltd (the company that ran Torres Ponzi schemes) since its incorporation. Gupta failed to report financial irregularities in a timely and proactive manner despite claiming to have disclosed them in his audit reports. CA Gupta has claimed to be the whistleblower of the case. Gupta, after internally flagging the financial irregularities with the Torres's top management, had sent the details via emails to various law enforcement agencies (including Mumbai Police-EOW) highlighting the criminal financial irregularities. However, the ED is not buying this claim. According to the central agency, Gupta's delayed (email) complaint on January 2, 2025, long after becoming aware of the misconduct, undermines his claim of acting as a whistleblower, the agency sources said. Sources further added that the ED stated in the chargesheet that there is no evidence of any earlier effort to report or escalate the issues to authorities. His inaction during the crucial period suggests a lapse in professional responsibility and indicates complicity in the company's continued illegal operations. These all prove that he knowingly assisted the company in the activities of money laundering. The Torres Ponzi scheme key operatives had fled the country before the fraud surfaced fully. And for the initial few weeks, they kept investors misguided by claiming that by sending messages to the investors from undisclosed locations, Gupta and CEO Tausif Reyaz were the brains behind the scam. However, Gupta regularly presented himself before the police and assisted them in the probe. He even approached the Bombay High Court as a 'whistleblower' seeking protection from any coercive action. The High Court had considered his plea. The EOW officials too considered him the whistleblower in the case and refrained from filing charges against him in their chargesheet. In fact, the EOW made him one of the key witnesses of the case. It is pertinent to note that allegations were also levelled against the police department for not promptly acting on the complaints from various individuals against Torres before all masterminds escaped the country. Geeta Gupta, one of the victim investors and member of the core group legally fighting the case on behalf of investors, said, 'We too suspect Gupta for his involvement in the fraud.' However, advocate Vivek Tiwari representing Gupta, said, 'My client reported financial irregularities in his audit reports dated 26/12/2024 and informed the relevant authorities, including the customs department and the opposition leader in December 2024 to protect the public interest. Despite receiving no positive response, my client continued to contact investigation agencies starting from 30/12/2024. My client is a key witness in the Mumbai EOW and in the ED chargesheet, the accusations against my client are mischaracterized, indicating a lack of coordination between investigation agencies. My client has consistently cooperated with the ED, and all allegations against him are false and baseless.' Ukrainians invested Rs 4.35 crore to commit Rs 177 crore fraud According to the sources, the ED, in its money laundering investigation, has found that the Ukrainian masterminds invested nearly Rs 4.35 crore as capital and, using it, carried out mass fraud worth Rs 177 crore. The agency's probe has revealed that the cash was received from Oleksandr Zapichenko, alias Alex, one of the two Ukrainian masterminds, and then entry operator Lalan Jamedar Singh used various entities for providing accommodation entries. Through two entities, Singh allegedly made bogus investments worth Rs 45 lakh and Rs 3.9 crore in Platinum Hern Pvt Ltd.
Time of India
14-05-2025
- Sport
- Time of India
Former NFTFN co-founder Abhishek Gupta launches online skill gaming platform PlayPe
NEW DELHI: NFTFN 's former co-Founder Abhishek Gupta has announced the launch of PlayPe , an online skill gaming platform . The platform is scheduled to launch between August and September 2025. The platform aims to revolutionise how Indian cricket fans engage with cricket transforms passive viewing into real-time, skill-based gameplay - allowing users to make informed decisions during matches and win real cash rewards based on cricketing knowledge. The platform is fully compliant with Indian legal frameworks, offering age-gated onboarding, mandatory KYC verification, and a responsible gaming said in a statement, 'Cricket isn't just a sport in India — it's part of our identity. PlayPe turns fans into active participants, rewarding their insights, timing, and cricketing mind - not luck.'PlayPe offers a skill-based online gaming experience where users engage in real-time challenges during live cricket matches. With a strong emphasis on compliance and user safety, the platform includes mandatory KYC, age restrictions, and fast, transparent payouts. Designed for Bharat's mobile-first audience, PlayPe features an intuitive UI and regional accessibility to serve cricket fans nationwide.
Entrepreneur
13-05-2025
- Business
- Entrepreneur
Ex-NFTFN Co-founder Abhishek Gupta Unveils PlayPe for Real-Time Cricket Engagement
With a strong focus on compliance, user trust, and interactive match-time gameplay, it's set to launch on Android and iOS by September 2025. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Abhishek Gupta, former Co-founder and CMO of NFTFN (now Xtrading), has announced his next entrepreneurial venture — PlayPe, an online skill-gaming platform for cricket fans in India. The app, which aims to launch between August and September 2025, promises to redefine cricket engagement by turning spectators into participants. PlayPe offers a real-time, skill-based gaming experience where users make informed decisions during live cricket matches and win real cash rewards. With compliance at its core, the platform ensures age-gated access, mandatory KYC, and a responsible gaming framework. "Cricket isn't just a sport in India — it's part of our identity," said Abhishek Gupta, Founder of PlayPe. "PlayPe turns fans into active participants, rewarding their insights, timing, and cricketing mind — not luck." Gupta exited NFTFN in January 2025 after 3.5 years of building the crypto derivatives brand, helping raise over USD 1.1 million in funding. His new focus is on leveraging India's passion for cricket with a mobile-first product tailored to Bharat's digitally savvy audience. PlayPe's intuitive interface and regional language support make it accessible to a broad user base. With fast, transparent payouts and real-time gameplay, the app aims to bridge the gap between fandom and engagement. PlayPe is a legal, skill-based gaming platform designed for Indian cricket fans. With a strong focus on compliance, user trust, and interactive match-time gameplay, it's set to launch on Android and iOS by September 2025.
India Today
08-05-2025
- Business
- India Today
India's youth seek purpose-driven careers in changing work landscape
With one of the youngest populations in the world, India stands at a demographic crossroads. As the nation looks ahead to its 2047 vision of becoming a developed country—Viksit Bharat—the role of young people in shaping that future has never been more critical. The vast energy and ambition of the youth could be India's greatest asset, provided it is nurtured, skilled, and aligned with emerging economic realities. The evolving nature of work is transforming expectations across the board. Digital transformation, automation, climate change, and entrepreneurship are creating new industries and redefining how people think about employment. Amid this change, young people are not just passive participants—they are demanding a seat at the table. REIMAGINING WORK AND SKILLS IN A CHANGING WORLD Abhishek Gupta, Chief Operating Officer of YuWaah (Generation Unlimited India), reflects on this changing tide. 'The nature of work is shifting rapidly,' he says. There's a rising demand for green jobs, AI skills, and entrepreneurial thinking. "We're seeing that young people are keen to gain future-facing competencies that are not only relevant today but will continue to hold value tomorrow.' Gupta notes that the emphasis is now on accessibility—how skills and opportunities reach young people across geographies. Through collaborative platforms and digital initiatives, the focus is on creating spaces where skill development, job opportunities, and volunteering come together. But it's not just about training the youth—it's about engaging them meaningfully in designing the frameworks that will impact their economic futures. YOUTH ASPIRATIONS A major shift is underway in how young people perceive their role in the economy. Increasingly, they seek not just employment but influence—an opportunity to co-create the systems that will govern their work lives. 'There's a clear move towards flexible and purpose-driven work,' Gupta explains. Young people are no longer drawn to the traditional 9-to-5. Instead, they are exploring careers that align with their values—whether that's in sustainability, tech, or social enterprise.' Data gathered through pulse surveys reveals strong entrepreneurial aspirations, especially amongst those above 25 years of age. Interestingly, more than half of the respondents—irrespective of gender—did not view full-time employment as a preferable option over running a business. This suggests a growing comfort with risk and a desire for autonomy, signalling a broader cultural shift in the Indian workforce. BUILDING COLLABORATIVE ECOSYSTEMS FOR CHANGE Meeting these aspirations requires more than just programmes—it demands an ecosystem. And that ecosystem must be deeply collaborative. YuWaah's model has been to convene diverse stakeholders: from government departments and civil society groups to the private sector and the youth themselves. The idea is simple but powerful: no single institution can solve youth challenges in isolation. Partnerships that offer technical, financial, and moral support are essential. For example, initiatives aimed at identifying grassroots solutions and scaling them with the help of collective support networks are helping to bridge the gap between youth innovation and systemic impact. ---- India's goal of becoming a developed nation by 2047 will depend, in large part, on how it harnesses the potential of its youth. The stakes are particularly high for those on the margins—young women, rural populations, and communities historically excluded from opportunity.
Time of India
06-05-2025
- Time of India
20 injured in clash between 2 communities in Pudukottai
1 2 3 4 5 6 Pudukottai: Tensions ran high in Vadakadu village in Pudukottai on Tuesday after a violent clash broke out between youths of most backward class (MBC) and scheduled caste (SC) communities on Monday night, leaving 20 people injured. While VCK general secretary Thol Thirumavalavan described the incident as a case of caste violence linked to a long-standing issue at Muthumariamman temple festival , police have denied claim it all started with an argument between members of the two communities around 9.30pm near the Indian Oil petrol pump at Vadakadu over refuelling. "Both parties exchanged insults and left from there. When the youths belonging to MBC muthuraja community followed the SC party on two two-wheelers, an argument broke out and they attacked each other," it the incident, an unoccupied hut was set ablaze, several vehicles were torched, and a govt bus was vandalized. Police claimed that many of those involved were under the influence of alcohol. "There are longstanding tensions between the two communities, but in this specific incident it's not a case of caste-based violence," a police source told after, Pudukottai SP Abhishek Gupta arrived and brought the situation under control. Around 1.30am on Tuesday, law minister S Regupathy and Trichy DIG V Varun Kumar visited the affected areas to assess the situation. Later in the day, police registered cases against 20 people from both communities. Among them, 15 of the MBC community were charged under SC/ST (Prevention of Atrocities) Act, while five from the SC community were booked for attempt to murder. So far, 13 from the MBC and one from the SC community have been arrested and remanded. The injured were admitted to Alangudi govt hospital and Pudukottai govt medical college general secretary Thol Thirumavalavan said the SC people were denied their rights during the Muthumariamman temple festival all these days and were victims of a targeted attack. He alleged that police delayed action, arriving at the scene only an hour and a half after a hut was set on Tuesday, most shops in Vadakadu remained closed. Around 200 police personnel have been deployed to maintain law and order. The district administration has ordered temporary closure of three Tasmac liquor outlets in the vicinity. Govt bus services through the village are also suspended. Heavy police presence was observed at Muthumariamman temple festival on Tuesday. CPM district members visited the affected at the hospital and condemned the 'caste violence'.
