Latest news with #Paytm
Time of India
5 hours ago
- Business
- Time of India
Oil company employee connives with tour operators to forge bills and embezzle funds
Mumbai: The Cuffe Parade police arrested a senior employee of a well-known oil company on the charges of embezzling Rs 1.18 crore. The employee allegedly connived with a few tour operators, forged travel bills, misused corporate credit cards, generated fake invoices and duplicate bills for services that were either never rendered or already settled. Tired of too many ads? go ad free now . While police arrested Pranali Prashant Jadhav alias Chande (34), who worked as an official for the travel desk, they are looking for six more persons, including a few inside employees and tour operators. The oil company, which has its head office at Cuffe Parade, said that Pranali Jadhav handled the travel desk. While managing travel arrangements for the company's directors, promoters, and employees between August 2022 and September 2024, she colluded with the owners of Arthak Tours Management — Mahesh Vijay Parse and Madhuri Mahesh Parse — to submit forged and duplicate bills for services that were either never rendered or already settled. The scam came to light recently when two separate bills for travel made by one of the company's directors, Varun Daga, raised suspicions due to duplication. An internal audit spearheaded by Mukesh Devpura, along with HR Admin Jigar Shah and a finance executive, revealed systematic overbilling and collusion. "During the internal probe, it transpired that Jadhav, in connivance with other absconding accused, submitted duplicate invoices for already-paid travel bookings. Bills were altered — including changes to invoice numbers and amounts — and resubmitted as new claims. Travel expenses for unrelated employees were falsely claimed under the company's name, rewards and credit points from the company's credit cards were used for personal bookings, and then fake bills were generated to seek reimbursement," said an official. Further investigation of the money trail revealed that Jadhav used company-issued credit cards to transfer ₹35.59 lakh to her own Paytm wallet, from where the money was allegedly sent to her husband, parents, and friends. Tired of too many ads? go ad free now Payment links generated by Arthak Tours Management were used to funnel another ₹38.41 lakh via the company's credit cards. Police said Jadhav was arrested after she failed to provide any satisfactory answers or documentation during questioning. The police noted her responses were evasive, irrational, and indicative of deliberate deceit. She was charged under Sections 316(2), 316(4), 316(5), 318(4), 344, 61(2), and 3(5) of the Indian Penal Code — provisions dealing with fraud, forgery, criminal conspiracy, and embezzlement. Police said they are looking to arrest her accomplices — Mahesh Vijay Parse and Madhuri Mahesh Parse. They are now working to trace the financial transactions, collect forensic evidence from digital devices, and identify how corporate systems were exploited without detection for two years. MSID:: 121535857 413 |
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Business Standard
a day ago
- Business
- Business Standard
Sebi bars Paytm's Vijay Shekhar Sharma from accepting Esops MODIFIED
Paytm founder and CEO Vijay Shekhar Sharma has been barred from accepting any fresh employee stock options (Esops) from any listed company for the next three years, according to a settlement order by the Securities and Exchange Board of India (Sebi). Paytm parent One97 Communications, Vijay Shekhar Sharma, and the company's chief business officer (CBO) Ajay Shekhar Sharma have settled a matter with Sebi related to alleged lapses in Esop issuances. One97 had given 21 million Esops to Vijay in October 2021 and 262,000 Esops to Ajay in May 2022, which Sebi found to be in violation of regulations. Under the terms of settlement, One97 cancelled the Esops issued to the Sharma brothers and paid a settlement amount of ₹1.11 crore to Sebi. Further, the settlement order details payment of ₹1.11 crore by Vijay and ₹57,11,000 by Ajay. Additionally, Sebi directed disgorgement of ₹35,86,000 from Ajay for the sale of around 3,720 shares of One97 obtained upon the exercise of the Esops. The market regulator had alleged that as the founder and managing director of One97, Vijay was in a position to influence the decision of the Nomination and Remuneration Committee (NRC) while approving grant of Esops to himself and his brother. Sebi's allegations also say that the company made incorrect disclosures in the offer documents by disclosing Vijay as a non-promoter public shareholder. The regulator added that Vijay created a scheme through arrangement of transfer of a portion of his equity in the company to a family trust controlled by him to continue to exercise control over more than 10 per cent equity and circumvent the Sebi regulations. The family trust was created only a few days prior to the filing of the offer documents for the company's IPO. The market regulator had sent show-cause notices to the company and Sharma brothers in February 2024 to which they filed separate settlement applications. Earlier in April, the company had disclosed that Vijay had voluntarily foregone 21 million Esops. Modified content to test issue.
Mint
2 days ago
- Business
- Mint
Stocks to buy: Rajesh Palviya of Axis Sec suggests Chennai Petroleum, Strides Pharma, Paytm shares today
Stock market today: Indian stock markets opened flat in the red on Friday, reflecting ongoing global concerns that are impacting investor sentiment. The recent ruling by the US Federal Appeals Court, which permits the Trump administration to maintain its tariff policy while awaiting a decision from a higher court, has added to the uncertainty that is affecting markets worldwide. Investors are now looking for clearer guidance from the higher courts regarding the legal challenges surrounding these tariffs. At the start of trading, the benchmark Nifty 50 index declined by 21.00 points or 0.08%, reaching 24,812.60. Similarly, the BSE Sensex opened lower, down by 167.33 points or 0.20%, at 81,465.69. This weakness in Indian markets is consistent with the overall negative sentiment observed in major Asian indices. Analysts suggest that caution is likely to prevail until there is more clarity on the tariff situation. On the technical front, Rajesh Palviya of Axis Securities expects Nifty 50 to extend towards 25,200-25,500 levels. Palviya suggests three stocks to buy, sell and accumulate. Check out his views. The benchmark index is in a strong uptrend, forming a series of higher tops and bottoms, indicating bullish sentiments. Nifty 50 is firmly placed above its 20,50,100, and 200-day SMA, which reconfirms a bullish trend on a higher time frame. Over the past 12-13 sessions, the index is consolidating within 25,200-24,500 levels, and hence any either-side breakout may indicate further direction. On the upside, the index is expected to extend this momentum towards the 25,200-25,500 levels. The crucial support zone is located around the 24,600-24,500 levels; hence, any minor correction around this remains a buying opportunity for traders. The weekly strength indicator, RSI, is in positive territory, indicating rising strength. On the weekly chart, the Chennai Petroleum share price has confirmed an "inverse head and shoulders", a trend reversal pattern at 668 levels on a closing basis, indicating bullish sentiments. This breakout is accompanied by huge volumes, indicating increased participation. Chennai Petroleum share price is sustaining above its 20-, 50, 100, and 200-day Simple Moving Averages (SMA), reconfirming the bullish trend. The daily and weekly strength indicators, including the Relative Strength Index (RSI), are in favourable territory, indicating rising strength. Investors should consider buying, holding, and accumulating this stock. Its expected upside is ₹ 765-800, and its downside support zone is the 685-665 levels. On the daily chart, the Paytm share price has confirmed a "down-sloping trendline" breakout at 870 levels on a closing basis. This buying momentum was observed around the 20-day SMA support zone at 852 levels, which remains a crucial support zone. Paytm share price is sustaining above its 20, 50, 100, and 200-day Simple Moving Averages (SMA), reconfirming the bullish trend. The daily, weekly and monthly strength indicators, including the Relative Strength Index (RSI), are in favourable territory, indicating rising strength. Investors should consider buying, holding, and accumulating this stock. Its expected upside is 913-955, and its downside support zone is the 850-820 levels. Strides Pharma Science share price decisively surpassed the past eight months' "multiple resistance zone" of 760 levels on a closing basis, which shows bullish sentiments. This breakout is accompanied by huge volume, which signals increased participation. In addition, the daily band Bollinger buy signal indicates increased momentum. Strides Pharma Science share price is sustaining above its 20, 50, 100, and 200-day Simple Moving Averages (SMA), reconfirming the bullish trend and these averages are also inching up along with price rise, which reconfirms bullish sentiments. The daily, weekly and monthly strength indicators, including the Relative Strength Index (RSI), are in favourable territory, indicating rising strength. Investors should consider buying, holding, and accumulating this stock. Its expected upside is 860-930, and its downside support zone is the ₹ 760-715 levels. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Time of India
2 days ago
- Business
- Time of India
Centerfruit turns everyday transactions into ‘jeebh laplapayee' moments
HighlightsPaytm, India's payments and financial services distribution company, has introduced a playful element to transactions by incorporating a 'jeebh laplapayee' soundbite in collaboration with Centerfruit. The collaboration aims to enhance brand recall and customer engagement by transforming everyday transactions into memorable experiences with the signature sound of Centerfruit's 'Kaisi Jeebh Laplapayee.' Perfetti Van Melle India plans to expand the initiative to other markets, bringing the engaging 'jeebh laplapayee' moments to a wider audience, as shoppers experience this innovative twist in their payment interactions. Paytm (One97 Communications), India's payments and financial services distribution company and pioneer of mobile payments , QR codes and Soundbox , has turned every single Paytm transaction into a ' jeebh laplapayee ' moment. In a first-of-its-kind innovation, the Paytm 'thank you' sound bite will change to , 'laplaplap' to the taste of Centerfruit . The soundbite adds a playful element, creating an engaging moment that makes even the simplest purchases more memorable. This collaboration brings Centerfruit's signature 'Kaisi Jeebh Laplapayee' to life in a whole new way creating a fun and organic interaction at a natural consumer touchpoint. In a world where brands are constantly vying for attention, this announcement enhances brand recall and customer engagement , making Centerfruit an integral part of their everyday shopping experiences. Gunjan Khetan, marketing director, Perfetti Van Melle India , said, 'By integrating with Paytm pioneered Soundbox, we are adding an unexpected twist to everyday transactions , converting each one of them into 'jeebh laplapayee' moments.' Paytm spokesperson said, "Our pioneering Paytm Soundbox has transformed the way merchants accept payments, and now, with this playful twist with Centerfruit, we are adding a moment of surprise and delight to everyday transactions—making payments more engaging and memorable for everyone." As more shoppers experience this playful surprise, Perfetti Van Melle India is looking at expanding the initiative to other markets, bringing 'jeebh laplapayee' moments to even more people. Watch the video here:
Mint
3 days ago
- Business
- Mint
UPI credit line explained: Benefits, eligibility, and how to apply
The UPI, an important part of India's paperless economy, has appeared in an ever-changing digital banking environment. Building on this model, the UPI credit line rollout allows for a seamless transition to include credit facilities into everyday transactions. The UPI credit line is a pre-approved credit facility that connects to a user's UPI account. It allows an individual to access borrowed funds for a payment or purchase that is then repaid later. This system eliminates the need for a readily accessible traditional credit card; it offers an easier-to-use and more accessible form of credit. Easy integration: Borrowers will have easy access to their funds by simply linking their credit line to any app using UPI. Flexible repayment: Borrowers will have the option to pay back the entire amount of credit used or pay parts of it off using the flexibility they have with their own finances. Safe money movement: Adding another layer of protection, each transaction will be verified with a unique UPI PIN. Widespread use: You can use the credit line to pay for business through use of e-commerce platforms or by scanning QR codes. Potential applicants for the UPI credit line would be expected to meet the following definitive qualifications: Age: The applicant must be eighteen years of age at the time they apply for the credit line. The applicant must be eighteen years of age at the time they apply for the credit line. Bank account: The applicant must have a checking or savings account at a bank that holds a UPI credit line account. The applicant must have a checking or savings account at a bank that holds a UPI credit line account. Credit score : The assessment on whether a person has good credit history by the bank is a reasonable indicator of creditworthiness. The assessment on whether a person has good credit history by the bank is a reasonable indicator of creditworthiness. KYC: The applicant must complete the KYC process, which means they are to provide proof of address information and identifying documentation. Open UPI app: Open your chosen UPI-enabled app, e.g. Google Pay, PhonePe or Paytm. Find the credit services section: Go to the area in the app named 'loan' or 'credit'. Apply for a credit line: After selecting to apply for a credit line, input the appropriate financial and personal information. Complete KYC: Undertake the KYC process which could include documenting identity and the verification process. Link and use: Once approved, the credit line is linked to your UPI account and available for use in the transactions. Accessible: Offers an alternative to regular credit cards and can be an advantage for those who struggle to access traditional credit. Offers an alternative to regular credit cards and can be an advantage for those who struggle to access traditional credit. Convenient: Allows people to access credit quickly and easily and does not require paper receipts or physical cards. Allows people to access credit quickly and easily and does not require paper receipts or physical cards. Financial inclusion: The goal is to increase the number of people that can access formal credit in a way to enable greater participation in the economy. The goal is to increase the number of people that can access formal credit in a way to enable greater participation in the economy. Cheap: Could be less than standard credit products because of the interest rate and fees. Guidelines for usage: Credit lines may not support peer-to-peer transfers since credit lines are generally for merchant transactions. Credit lines may not support peer-to-peer transfers since credit lines are generally for merchant transactions. Impact to credit: There is a risk to your credit score if you don't repay your utilised credit on time. There is a risk to your credit score if you don't repay your utilised credit on time. Availability: The UPI credit line feature is not supported by all banks, or all UPI applications. In conclusion, the UPI credit line is an exciting development in the digital finance space in India. It is a convenient and flexible credit solution that can be integrated into day to day transactions easily. This feature could potentially increase financial inclusion, and allow customers to better manage their financial obligations, leveraging UPI"s wide acceptance. Disclaimer: Mint has a tie-up with fin-techs for providing credit, you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.
