Latest news with #Porwal
Hindustan Times
2 days ago
- Business
- Hindustan Times
Delhi: 30-year-old arrested for over ₹30 crore import/export fraud
A 30-year-old man has been arrested for allegedly orchestrating a ₹30.47 crore fraud by submitting forged remittance documents to avail export incentives under the Foreign Trade Policy, the Delhi Police's Economic Offences Wing (EOW) said on Saturday. The accused, Angad Pal Singh also known as Angad Singh Chandhok, was deported from the United States and arrested on June 2, said deputy commissioner of police (EOW) Vikram Porwal. Singh conspired with a private bank employees to forge more than 460 Foreign Inward Remittance Certificates (FIRCs), which were used to fraudulently claim duty credit scrips — government-issued incentives meant for exporters, said police. 'Singh and his father Surinder Singh and brother Harsahib Singh managed five export firms that used these forged FIRCs to illegally secure trade benefits from the Directorate General of Foreign Trade (DGFT),' said DCP Porwal. The firms — Kumar Trading Company, National Trader, Trident Overseas India, HSC Exim India, and AHC Auto Spares — allegedly did not receive any legitimate export payments. Police said that the case, registered in 2017 following a complaint from a private bank, involves a complex web of document forgery and financial manipulation. According to investigators, between 2013 and 2015, the private bank's Naraina branch received 467 fraudulent FIRCs purportedly issued by a second private bank's Bhikaji Cama Place branch. These FIRCs falsely claimed foreign remittances for exports that never occurred, police said. According to police, based on these documents, the first private bank issued Bank Realisation Certificates (BRCs), which the accused firms used to obtain Duty Credit Scrips from DGFT. The scrips, which are tradable, allow importers to offset customs duties. 'This fraud was not just limited to paper forgery. The accused opened accounts at the first private bank and processed fake export documentation with alleged assistance from within the bank,' Porwal said, adding that the proceeds from the sale of these scrips were never backed by real exports. Singh, a class 12 pass-out from Delhi, reportedly learned the ropes of the export-import business from his father, an auto parts trader. He later roped in his friends and relatives to set up additional shell firms under the promise of high returns, police said. Three co-accused have already been arrested and charge-sheeted in the case, police added. Singh was sent to judicial custody and is also linked to another fraud case under investigation by EOW. Police said further inquiries are underway to identify the full scale of the alleged conspiracy and potential involvement of bank officials.
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Business Standard
22-05-2025
- Business
- Business Standard
Where's the stock market headed in bull vs bear battle? An investor guide
As Indian equities whipsaw and struggle to find direction after recovering from recent lows, analysts reckon this consolidation is likely to continue amid opportunities in select pockets. The main focus for investors in this backdrop should be on asset allocation, analysts suggest, with safe-haven assets continuing to shine. The de-escalation of geopolitical tensions with Pakistan and signs of global trade returning to normalcy after the US-China trade deal boosted the risk-on sentiments in the last few trading sessions. Since the lows of April 7, the 30-stock Sensex and Nifty have moved up 15 per cent till May 15. In the last couple of sessions, however, exhaustion has crept in as the frontline indices have not moved much. With the fourth quarter results season largely behind, earnings have been lacklustre apart from a select few, analysts say. Valuations have moderated but are on the rise amid recovery, while a revival in foreign inflows is seen. What's on the bull's radar? While the current volatility is set to remain for the short term, market experts now focus on the strength of India's improving macroeconomic indicators for the next leg of the rally. Markets are now turning their attention to macroeconomic indicators, and the current setup looks broadly supportive, according to Vaibhav Porwal, co-founder of Dezerv, a Mumbai-based wealth management company. Global funds have mopped up stocks worth over ₹31,200 crore in two months, inflation has cooled to a six-year low, the Rupee's gains from a weak dollar, strong tax collections and softer global oil prices are some of the signs, he said. The decline in consumer prices has paved the way for further rate cuts by the Reserve Bank of India's Monetary Policy Committee (MPC), analysts said. "Going forward, we expect markets to take cues from the strength of these macro factors," Porwal noted. The bear's side Bears, in the days ahead, will likely pin their hopes on global geo-political tensions and broader market valuations after the recent market spurt, according to analysts. US President Donald Trump's see-saw on tariff policies is likely to keep traders and investors on the edge. While the conflict with Pakistan has subsided, reports show that Israel is preparing for a potential strike on Iranian nuclear facilities, weighing on crude oil prices. The broader market still prices in a lot of optimism, Porwal said. "We remain cautious on the mid- and small-cap space from a valuation standpoint. While select businesses in these segments continue to deliver robust growth, the broader basket is pricing in a lot of optimism." Investors playbook Investors, analysts suggest, should consider locking in yields through 2 to 3-year maturity bonds, Porwal said, as fixed income is offering attractive real returns. One should consider allocating 8-10 per cent of their portfolios to gold, and he maintains a large-cap bias on equities. Markets will continue to see mixed activity and investors should consider seeking investment opportunities during dips, says Chouhan. If the market reaches the support level, investors should invest in large banks or non-banking financial companies (NBFCs), capital market-related stocks, to capitalise on the opportunity in the market, he said.
NBC News
19-05-2025
- Business
- NBC News
Memorial Day shopping guide: What to buy and skip, and how tariffs are impacting discounts
This year, experts are calling Memorial Day a 'pivotal moment' to save money. Brands are already raising prices due to tariffs, especially as inventory in their U.S. warehouses is shrinking, and more hikes are expected throughout the summer from major retailers like Walmart, says Vipin Porwal, the CEO and a consumer savings expert at Smarty. Sales during this holiday weekend are your best chance to save on products like home and kitchen appliances, summer clothing and everyday essentials — if you don't buy now, you'll likely end up paying more in the next few months. I've reported on sales at NBC Select for five years, so to help you navigate Memorial Day sales, I put together this shopping guide filled with everything you need to know. I also interviewed experts who gave advice about what to buy and skip, and whether early deals are worthwhile. Want more from NBC Select? Sign up for our newsletter, The Selection, and shop smarter. How are tariffs impacting Memorial Day sales? Before knowing what to buy and skip during Memorial Day sales, it's important to understand how tariffs could impact your shopping. As a reminder, there's currently a 10% tariff on imports from all foreign countries and a 30% tariff on Chinese imports. While a handful of brands are currently raising prices due to tariffs, they're relatively level across the board, says Porwal. That could drastically change after Memorial Day — dozens of countries, like Japan, Indonesia and those part of the European Union, have until July to reach a trade deal with the U.S., and if they don't, they'll be subject to much higher reciprocal tariffs. At that point, brands that haven't already raised prices will likely have no choice but to, and those that already have may do another round of hikes, experts told me. 'Memorial Day may be the last big event to really take advantage of deep discounting for a while as the trade wars play out this summer, or longer,' says Porwal. And retailers won't just need to adjust their prices given the economic climate — they'll likely pivot their promotional strategies, too, says Stephanie Carls, a shopping expert at RetailMeNot. That could mean weaker deals, less sales and even higher shipping fees. If you need to make a bigger purchase in the next few months, or have been putting one off for a while, now is your best shot at getting the lowest price possible, regardless of what it is, experts told me. What to buy during Memorial Day sales Memorial Day is the halfway point to Black Friday, the biggest sale event of the year (so far), so nearly every retailer runs deals during the upcoming holiday weekend, says Porwal. But not all deals are worthwhile — the product categories below tend to have the deepest discounts. Some sales are already live, so I included examples of products you'll see markdowns on this weekend. Don't wait to buy a new air conditioner or fan — temperatures are already rising, and so are prices due to tariffs. Memorial Day is your chance to save on these kinds of summer-related goods, including gardening supplies, tools, lawn care equipment and supplies for home improvement projects from stores like Home Depot and Lowe's. This window air conditioner can cool spaces up to 350 square-feet and it has smart features — you can control it from an app or via Amazon Alexa or Google Assistant voice commands, letting you adjust its features from wherever you are, as well as set schedules and timers. It also functions as a dehumidifier and fan, and has eco and sleep modes to save energy. Spring and summer apparel 'Memorial Day is a sweet spot for summer clothing deals,' says Carls. 'Yes, the 'best' time to shop summer threads is toward the end of the season, but if you want to wear this season's styles this season, Memorial Day sales will offer deals on swimsuits, lightweight dresses, shorts, sandals and more.' The apparel and footwear industry is also likely to be greatly impacted by tariff-related price increases, so upgrading your closet and back-to-school shopping now will help you save money in the long run. Gap Organic Cotton VintageSoft T-Shirt Everyone needs a go-to T-shirt — this is one of ours. It comes in 25 colors and patterns, and you can buy it in three fits: regular, tall and petite. The shirt is made from 100% organic cotton. Gap is currently offering an extra 20% off when you buy three or four of these shirts, or an extra 30% off when you buy five or more. Big ticket home and kitchen products 'Memorial Day weekend is famous for blowout sales on furniture, appliances and mattresses,' says Carls. 'That's a function of the three-day weekend: shoppers prefer a bit more time to weigh these big purchases, and the extra weekend day gives them that.' Expect to see deals on all the 'big stuff,' like mattresses up to 40% off, major appliances like refrigerators and washing machines up to 20 or 30% off, and furniture up to 50% off, says Porwal. Pricing is particularly lucrative at big-box stores, including Amazon, Walmart, Target, Wayfair, Overstock, Mattress Firm and Ashley Furniture. There's no shortage of Casper fans of NBC Select — many of us sleep on the brand's mattresses, pillows and sheets. The Element is a 10-inch high, medium-firm mattress made from layers of perforated memory foam, which relieve pressure points across your body and keep you cool all night, according to the brand. Essentials 'It's really hard to predict exactly how long inventories will be flush with essentials at affordable prices, so thinking ahead of your needs, and taking advantage of holiday sales where possible, may end up being your smartest money saving move of this year,' says Porwal. He recommends buying things like cleaning supplies, pet food and toiletries in bulk when you can and taking advantage of bundles if brands offer them. Brands tend to discount essentials during sales like Memorial Day, and if you see something you frequently use, add it to your cart now before tariffs impact prices. Clorox's disinfecting wipes are a staple in my home to clean up everyday messes and dirt my pets bring in. This value pack comes with three tubs of wipes that kill 99% of viruses and bacteria when used as directed, according to the brand. Groceries Food and beverages are some of the top products people shop for during long holiday weekends, says Carls. Many host their first barbecue of the year, or have picnics at the beach or park. You'll save the most on groceries from your local markets, some of which may offer delivery via platforms like Instacart. Stacy's Simply Naked Pita Chips If you're having friends and family over during Memorial Day, stock up on snacks while they're on sale. Put out single-serving bags of chips like these for guests to grab, or buy them to bring to work or throw in a kid's lunchbox. You can 24 1.5-ounce bags of Stacey's Simply Naked Pita Chips in this pack. What to skip during Memorial Day sales Technology is the main category to skip shopping during Memorial Day sales, says Carls. There will be better deals on devices like laptops, gaming consoles, headphones and smart home gadgets during Amazon Prime Day, which is happening in July, and Black Friday in November. You'll also see strong sales around technology during the back-to-school season leading up to Labor Day. Keep in mind that waiting on buying tech, however, may be risky since tariffs could strongly impact tech. Right now, the tariff on Chinese goods exempts devices like laptops, smartphones and other gadgets, but that could change at any time. Still, technology deals tend to be very weak during Memorial Day sales. Expert tips: How to save money while shopping Memorial Day sales Set a budget: Go into Memorial Day sales with a maximum amount of money you're comfortable spending, says Ashley Feinstein Gerstley, a shopping and savings strategist at Rakuten. Go in with a plan: Make a list of everything you want to buy ahead of time and get an idea of what they typically cost. 'Not only will this help you spot the best deal, it will help you stay within your budget and prevent impulse buys,' says Gerstley. Stack savings: Try to shop from retailers that participate in cash back programs, and consider paying with credit cards that you earn points/cash back from, she says. You can combine those rewards with the retailers' actual deals and promo codes, which lets you save more. Familiarize yourself with return policies: Most retailers don't have special return policies during sales, but double check to make sure. If something is a final sale, a retailer usually explicitly tells you. Use store-wide discounts: If you're shopping at a department or big-box store, you're likely filing your cart with products across categories. Some offer store-wide discounts, which can often help you save on products that might not be on sale individually elsewhere, says Porwal. Frequently asked questions Are early Memorial Day sales worth shopping? Yes, according to experts I talked to. They're also popular among consumers: 52% plan to start shopping Memorial Day deals earlier this year than last, according to a recent survey by Rakuten and The Harris Poll. The best deals start the week leading up to the holiday weekend, so once those are live, you can assume you're seeing brands' lowest prices, says Porwal. That said, some retailers add new deals during Memorial Day weekend itself (Saturday to Monday), so check their websites frequently if you can't find what you're looking for. There are three big advantages to shopping early Memorial Day sales: The earlier you shop, the more likely you are to get the product you want in the color, size or style you're interested in, says Carls. If you wait, it might sell out, which is especially the case for popular brands and trending products. You have more time to compare prices across retailers and make sure you're getting the best deal possible, says Carls. You can use your purchase during the holiday weekend if you buy in-store or online from a retailer with fast shipping, says Porwal. Are there better Memorial Day sales online or in stores? Sales are typically comparable online and in stores, says Porwal. Groceries are the main exception — if you're looking to save on food and beverages around Memorial Day, shopping in-store is your best bet. Some brands offer exclusive deals online or in stores, but you can't plan for those, especially since they tend to be limited-time offers. If you're weighing where to shop, remember that there's a wider selection of deals online since stores hold limited inventory, says Gerstley. It's also easier to compare prices across retailers online, and you better stretch your budget by easily stacking savings. However, you need to factor shipping fees into your budget. Shopping in-person means you can avoid shipping fees, as well as see and touch products before buying them, says Gerstley. Plus, you can start using those products the day you buy them. When do Memorial Day sales end? Memorial Day sales peak on the holiday itself, and the majority of them will end that night, says Gerstley. Some may stretch into the following week or even turn into Father's Day promotions, but deals likely won't be as strong, there will be less of a variety and some items will be sold out. That said, prioritize shopping sales during Memorial Day weekend, not afterward. Are stores open on Memorial Day? Yes, most stores are open for in-person shopping on Memorial Day, especially big-box retailers, grocery stores and pharmacies. Hours may be shorter due to the holiday, so check your local store's website for any adjustments before you leave home. Meet our experts At NBC Select, we work with experts who have specialized knowledge and authority based on relevant training and/or experience. We also ensure that all expert advice and recommendations are made independently and without undisclosed financial conflicts of interest. Why trust NBC Select? I'm a reporter at NBC Select who's covered sales and deals for 5 years, including topics like Amazon Prime Day, Black Friday and Cyber Monday. To write this article, I interviewed three experts about what you should buy and skip during Memorial Day sales, and rounded up a handful of tips about how to save money while shopping deals.
Indian Express
18-05-2025
- Health
- Indian Express
A genetic disorder turned life upside down for this Texas woman—until she turned to a Pune-based doctor
Daily life had become a huge battle for Alyssa Pettigrew, a 37-year-old accountant from Texas. Pain coupled with embarrassment at her medical condition and a pregnancy that complicated it even more was more than what the woman had bargained for when she went in for a genetic test to rule out a family disorder. Her worst nightmare came true as the results came positive, and thus began a long journey of trials. Her rare genetic disorder needed the removal of her colon to prevent cancer. 'My mother and a few cousins in the family have this disorder, and realising the possibility that I could inherit it, I did a genetic test and was diagnosed with the disorder. I had more than 1,000 polyps,' she recalled. With most of her large intestine gone, she needed a new way for waste to exit her body. Surgeons performed a J-pouch procedure—a common reconstructive surgery for patients in her situation. Unfortunately, Alyssa developed a recto-vaginal fistula, a distressing and serious condition where an abnormal connection forms between the rectum and vagina. 'It was incredibly painful and humiliating,' Alyssa recalled. 'I had three openings in my anus that were communicating with my vagina. I was passing stool through my vagina. It felt like an endless cycle of surgeries and disappointments,' she said. 'Familial adenomatous polyposis' is a rare genetic condition, and it is estimated to affect about one in 8,000 people. There is a high risk of developing colorectal cancer, and while Alyssa had undergone lifesaving surgery, her condition had worsened due to several complications. She soon turned to an international community on Facebook, Fistula Support Group, where she decided to check out alternative treatment approaches and read about a novel approach, distal laser proximal ligation surgery, that Dr Ashwin Porwal, a Pune-based colo-rectal surgeon and founder of Healing Hands Clinic, has pioneered. She admits to never having heard about the treatment, but reading success stories from several patients across more than 20 countries in the support group gave her hope. 'It felt like my last chance at a normal life,' she said and decided to fly down to Pune. Pregnancy complicates condition When Alyssa arrived in India in 2023, her case had grown even more complex—she was five months pregnant. 'Administering anaesthesia posed significant risks, and any surgical intervention had to be meticulously planned to ensure the safety of both mother and baby,' Dr Porwal recalled. 'We were dealing with an extremely delicate situation — not only was her fistula highly complex, but we also had to take every precaution to ensure the pregnancy remained unaffected,' Dr Porwal said. The team proceeded with extreme caution. Plant-based medications replaced standard pharmaceuticals to ensure the baby's safety, and even anaesthesia was meticulously adjusted to minimise risk. The use of laser makes debridement (removal of dead, damaged or infected tissue) more effective and takes care of fibrosis associated with the complex fistula. 'After the surgery, efficient drainage from the fistula in the first two to three weeks is the key to success for a cure,' Dr Porwal said. This is achieved by a timely follow-up planned at five days, two weeks, four weeks and six weeks. There is no need for daily dressing with DLPL, and the patient can resume work in three to five days,' he added. As per the Indian Journal of Colorectal Surgery, the DLPL surgery is a safe and effective treatment for complex fistula-in-ano. According to Dr Porwal, it is a minimally invasive sphincter-saving surgery for complex fistulas. 'Basically it addresses the intersphincteric space, which is the root cause of complex fistula,' said Dr Porwal, who has treated more than 7,000 patients 'The traditional surgery for fistula has a failure rate which can range to 30 per cent, but with DLPL, the failure rate is around 1 per cent,' Dr Porwal said. After weeks of close monitoring in India, Alyssa was cured from a complex vaginal fistula. She returned to Texas and later delivered a healthy baby in the US in February 2024, free from complications or anomalies. The baby turned one year old this year and has no complications. 'Yes, my insides have healed,' Alyssa said. After her stay in India, she decided to name her baby boy 'Devendra,' which in Sanskrit means 'chief of the Gods'. She is now planning a bachelor's degree in accounting. Anuradha Mascarenhas is a journalist with The Indian Express and is based in Pune. A senior editor, Anuradha writes on health, research developments in the field of science and environment and takes keen interest in covering women's issues. With a career spanning over 25 years, Anuradha has also led teams and often coordinated the edition. ... Read More
Hindustan Times
16-05-2025
- Business
- Hindustan Times
EOW busts ₹6cr scrap racket after accused surrenders in Delhi court
The Economic Offences Wing (EOW) of Delhi Police on Tuesday arrested a 41-year-old man for allegedly orchestrating a ₹6.35 crore fraud through a bogus scrap trading business that duped at least 38 people across the city. The accused, identified as Zamil Akhtar, was arrested after he surrendered at Karkardooma Court following months on the run, police said. He was placed in police custody for further interrogation. Akhtar was booked under relevant sections of cheating and forgery under the Bharatiya Nyaya Sanhita (BNS), police said. According to deputy commissioner of police (EOW) Vikram K. Porwal, Akhtar operated the scheme from New Mustafabad in northeast Delhi, luring dozens of investors with fake promises of high returns from a non-existent scrap trading to police, the accused first contacted the victims through a door-to-door approach. 'His scheme had all the hallmarks of a well-worn con: forged documents, manufactured credibility, and the skilful deployment of familial accomplices,' said DCP Porwal. 'A local resident, Riyazull Hasan Khan, was the first to raise the alarm. He alleged that Akhtar not only claimed to run a flourishing enterprise but also introduced his family members as business partners, enhancing the ruse with a façade of trust,' Porwal added. Khan's complaint prompted a wider investigation, which uncovered 37 more victims who reported being duped using similar tactics, police said. The total loss reported across these complaints was pegged at ₹6.35 crore. Police said that the scams began in 2021 and was discovered last year. 'In a textbook Ponzi operation, where there was no real business, Akhtar was rotating funds—using money from one victim to pay others, falsely presenting these payments as profits, until the system inevitably collapsed under its own weight,' said Porwal. 'During the investigation, it was revealed that forged documents were shown to victims to build trust, and once investments were made, Akhtar disappeared from the area,' the DCP said. EOW officials said they are now probing possible accomplices and attempting to trace the flow of funds to recover losses and identify additional victims, if any.
