Latest news with #Rs1.22
Time of India
22-05-2025
- Time of India
Godhra men cheat five friends out of over Rs1 crore in share fraud
1 2 3 Pune: Ten people from Godhra in Gujarat cheated five friends from the city out of Rs1.22 crore, promising handsome returns on their investment in shares. The Nanded City police registered a case of cheating against them, after one of the victims (34) from Dhayari lodged a complaint on Wednesday. The complainant stated that the cheating occurred between October 23 last year and May this year. Senior inspector Atul Bhos of the Nanded City police said, "The complainant and his four friends came in contact with the suspects through a common friend in 2023. The suspects informed them that they dealt in shares and gave handsome returns to investors." The police said the suspects promised a 30% return on investment. The victims, who run fitness shops and other small businesses, transferred money to the suspects' bank accounts. Initially, the suspects gave some money to the victims, but later stopped paying them. When the victims called the suspects to inquire about the returns, the suspects assured them that they would soon start paying. "This was done to buy some time from the victims, who finally did not give any returns. The victims then demanded their initial investment in the shares back, but the suspects did not return that amount. The victims then approached us with their complaint," Bhos said.
Express Tribune
17-04-2025
- Business
- Express Tribune
Govt raises Rs1.22 trillion via T-bills and bonds auction
Listen to article The federal government has raised Rs1.22 trillion through the auction of Treasury bills (T-bills) and Pakistan Investment Bonds (PIBs), according to data released by the State Bank of Pakistan. The central bank reported receiving bids worth Rs1.73 trillion for T-bills and Rs1.59 trillion for PIBs, reflecting strong investor demand for government securities amid uncertain economic conditions. The government accepted Rs965 billion in the latest T-bill auction against a target of Rs850 billion, while the maturity amount stood at Rs821 billion. In contrast, the government raised Rs261 billion through PIBs, against a target of Rs400 billion, despite receiving Rs1.59 trillion in bids. Analysts expressed concern that the rising investment in risk-free government papers is reducing the flow of credit to the private sector, potentially slowing down industrial and commercial activity. Since December 2024, private sector borrowing has witnessed a notable decline, underlining banks' preference for safer government debt. The cut-off yield for one-month T-bills fell by 6 basis points to 12.32%, while rates for 3, 6, and 12-month papers remained steady. Economists warn that excessive focus on non-productive government securities may hinder private sector growth, limiting prospects for broader economic recovery.
