Latest news with #AjayPatel
Time of India
21-05-2025
- Business
- Time of India
Gujarat NRI deposits record fastest growth in 5 years
Image used is for representational purposes only AHMEDABAD: Gujarat saw a surge in deposits by non-resident Indians (NRIs), which grew by 18% in the 2024–25 financial year, the highest rate of growth in five years. According to the latest State-Level Bankers' Committee (SLBC) report, the value of NRI deposits in banks across the state was Rs 1,09,101.80 crore in March 2025, compared to Rs 92,339.75 crore in March 2024. The increase was attributed to the appreciation of the US dollar against the Indian rupee, which made foreign currency deposits more attractive for NRIs seeking to maximize returns on remittances. The previous financial year saw only a marginal increase of 0.45%. In March 2023, the deposit figure was Rs 91,923.69 crore, which was a 14% increase over the March 2021 figure of Rs 80,182.76 crore. Deposits in March 2020 were Rs 80,109.21 crore, indicating almost no change between 2020 and 2021. Data for the fiscal year ending March 2022 was not made available in the current report. Bankers say that apart from favourable currency trends, several other factors contributed to this upward trajectory. Co-operative banks are also seeing an increase in NRI deposits. Ajay Patel, chairman of the Gujarat State Co-op Bank , said, 'Gujarat has a strong diaspora for decades and they have kept their connection with the state intact. They have been investing in the Indian growth story. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Cara Membantu Orang Terkasih Menghadapi Limfoma Limfoma Pelajari Undo Coop banks, which have permission for NRI deposits, have seen an increase in deposits in the last few years.' 'A notable increase in remittances from Gujarat-origin NRIs in the United States, Canada, the United Kingdom and the Gulf countries has led to a rise in NRI deposits. Currency appreciation is a key reason here as depositors will be able to maximize returns. Due to the strong connection with their roots back home, Gujaratis often put their earnings into fixed deposits and other secure banking instruments back home,' said a banking sector source, requesting anonymity. There has also been growing awareness among NRIs about investment opportunities in India, including in real estate, infrastructure bonds and govt-backed schemes, many of which require initial parking of funds through NRI deposit accounts, bankers said. As global uncertainties persist and currency values remain volatile, Gujarat's banks are expected to remain a trusted avenue for diaspora funds in the near term.
Time of India
08-05-2025
- Business
- Time of India
Man duped in stock market trap, his friends pay heavier price
Rajkot: A field officer working with a reputed company in Bhavnagar didn't just fall prey to a fraudulent online stock investment scheme himself; his misadventure proved to be more disastrous for his friends and relatives, whom he convinced that the plan was the complainant, Ajay Patel (46), lost Rs 29.2 lakh from his personal savings, his 11 friends and relatives collectively lost Rs 72.2 lakh in the debacle. Patel, a resident of Surat, filed a complaint with the Cybercrime police station (Bhavnagar range) after realising that he was Feb 13, he received a WhatsApp message from an unknown number. The message appeared to come from a financial advisory source and offered access to exclusive IPO investment tips , with profits ranging from 30% to 50%. Patel clicked the link, which led him to a WhatsApp group filled with daily stock market tips and testimonials of success. Operation Sindoor Operation Sindoor: Several airports in India closed - check full list Did Pak shoot down Indian jets? What MEA said India foils Pakistan's attack on Jammu airport: What we know so far Soon after, he was directed to download an app called 'Creation Invigi' and open an online demat account through another link sent by the group's by the prospects of quick money, Patel began investing. Between March 17 and April 9, he transferred more than Rs 1 crore through the app, targeting various IPOs and stock trades. Of that amount, Rs 29.2 lakh came from his own savings. The remaining Rs 72.2 lakh was pooled from 11 friends and relatives he personally convinced to the investments piled up, the app showed handsome returns. At one point, Patel's trading balance displayed a staggering Rs 4.96 crore as profit. But the illusion shattered on April 11, when he attempted to withdraw Rs 2 crore and was told to first deposit Rs 20 lakh as 'tax' to access the funds. Patel realised that something was fishy, and all his subsequent efforts to contact the app administrators were defrauded of Rs 5.5L after mobile hacked via WhatsApp linkMorbi: A 37-year-old woman, Rasila Patel, filed a complaint at the Morbi City A Division police station after falling victim to a cyber fraud involving unauthorised bank to her complaint, Patel received a WhatsApp message from an unknown number on April 8, 2025. The message, allegedly sent in the name of IndusInd Bank, triggered a cyberattack upon being opened. Her mobile phone was hacked, and her WhatsApp account was subsequently reinstalling the app, she was shocked to find multiple alerts from her bank informing her that Rs 5.5 lakh was transferred from her account to various others without her knowledge. Preliminary investigation suggests that four unauthorised transactions were carried out by the fraudster, who is believed to have gained access to her device via WhatsApp.
