Latest news with #Rs156
Time of India
21-05-2025
- Business
- Time of India
Fake biz cartel scam amount increases to Rs250 crore, 90 fake cos under scanner
Nagpur: The spread of the financial scam involving a business cartel generating fake banking transactions to claim tax benefits has escalated to a staggering Rs250 crore, with over 90 fake companies uncovered. The crime branch is now probing indications that a significant amount of black money was laundered through these channels. "The accused routed black money from local businesses, converted it into 'white' through fraudulent billing, and reintegrated it via hawala routes," a police official revealed. The investigation is also examining the role of several hawala operators who facilitated the transfer of illicit funds. The investigation, which initially uncovered 70 dubious entities linked to Rs156 crore in fraudulent transactions , revealed a sophisticated network of fake firms, hawala operations, and connections to international online gaming and betting activities. The probe, led by senior inspector Kamlakar Gaddime under the supervision of assistant commissioner of police (ACP) Abhijeet Patil and deputy commissioner of police (DCP) Rahul Maknikar, intensified with ongoing searches yielding critical evidence. On Wednesday, the crime branch conducted raids at four locations where records and documents of the fake business entities were stored by employees of the prime accused, Santosh alias Bunty Shahu. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Viral Video: मृत्यू कसाही येऊ शकतो! सीसीटीव्हीत कैद झाली काळीज पिळवटणारी घटना Latest News Read More Undo These searches uncovered trails of substantial funds being funnelled into international online gaming platforms through hawala channels, raising concerns about large-scale money laundering , running into thousands of crores. Five accused: Bunty Shahu (52), his brother Jayesh Shahu (36), Brijkishor Maniyar (59), Rushi Lakhani (21), and Anand Harde (33), all of Nagpur, are to appear in court on Thursday, with cops seeking custody extension. "We will argue for at least another week's custody as the probe is at a crucial stage," said DCP Maknikar. Three accused — Rajesh Shahu, Avinash Shahu, and Anshul Mishra — remain at large. The police have initiated the process to freeze 25 bank accounts linked to the transactions. A forensic audit is underway to trace the money trail and establish the scam's modus operandi, which included generating fake invoices, siphoning funds through fraudulent GST claims, and laundering money via hawala networks. Investigators have seized bank passbooks, investment documents, and papers tied to the scam, from Bunty Shahu's office at Sakshi Foods in the Small Factory Area. Shahu's team had some 15 members, including chartered accountants and commerce graduates, highlighting the sophisticated nature of the operation.
Time of India
19-05-2025
- Business
- Time of India
Nagpur police probe multi-crore scam, tax evasion involving 175 companies
Nagpur: The crime branch is conducting raids and searches at different places in Nagpur in the Rs156 crore GST scam , bringing around 175 companies under its scanner. In the last 24 hours, nine teams of crime branch conducted 11 searches. Sources said that material worth more than Rs41 lakh, which included cash exceeding Rs24 lakh, has been seized from the five persons arrested so far in the case. The five arrested, Bunty Shahu, Jayesh Shahu, Anand Harde, Rushi Lakhani, and Brijkishor Maniyar, are now being interrogated in police custody. The cops are expected to seek an extension of their custody. "We have information the racketeers formed 70 companies on the basis of fake documents . The records, documents, invoices, and online transactions of these companies need to be recovered," said DCP Rahul Maknikar, who, along with ACP Abhijit Patil, started unearthing the scam, which likely cost the state exchequer crores of rupees in the form of various tax evasions. Apart from sales tax and GST evasion, the crime branch is now engaged in unearthing hawala transactions and involvement in online gaming by the businessmen named in the scam. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Добро пожаловать в Аравию SAUDI Забронировать Undo Sources said the nine businessmen and their aides misused SIM cards issued with fake documents in various illegal activities, including online gaming. The case was registered following the complaint of one Biswajit Roy, whose Aadhaar card, PAN card, SIM cards, and other signed documents were misused to create a firm in his name, only to use it to create fake transactions to the tune of around Rs96 crore last year. The nine businessmen issued fake receipts to around 117 companies, which are now under the crime branch radar. "Whether these 117 companies exist at all is a question," said Maknikar. In a similar way, the racketeers also used documents and credentials of one Mithun Rajpande to create a fake firm and issue bogus receipts to around 57 companies whose existence is being probed. "The crime branch will probe the transportation receipts and bills of the suspected companies. We will summon the transporters to furnish their records and bills issued to the businessmen who are in police custody now. A section of transporters are under the scanner, and their involvement cannot be ruled out," said a senior official part of the probe. Sources said that police are now engaging electronic gadget experts to recover evidence from the seized laptops and pen drives. The cops feel substantial evidence of fraud is likely to be gathered from the laptops and pen drives. "During the initial probe, it came to the fore that the firms engaged school dropouts as accountants to operate the transaction books," said a senior official.
Time of India
19-05-2025
- Business
- Time of India
Fake firms generate Rs156 crore bills in GST fraud, 5 held
Nagpur: The crime branch unearthed a massive Rs156 crore fraud by a group of businessmen, including five arrested in a night-long operation that began on Saturday and lasted until dawn on Sunday. The complaint says around 60-70 fake companies were formed by the group, which conducted illegal hawala transactions and online gaming, apart from defrauding the GST department by claiming refunds by posing as bonafide businesses. An offence was registered against Bunty Shahu, Jayesh Shahu, Avinash Shahu, Rushi Lakhani, Anand Harde, Rajesh Shahu, Brijkishor Manihar, Anshul Mishra, and others at the Lakadganj police station, following a complaint lodged by Kolkata-based Biswajeet Roy. The crime branch has already arrested Bunty, Jayesh, Harde, Lakhani, and Maniyar, who were remanded to police custody until May 22 after being produced before the court on Sunday. The action was initiated by senior inspector Kamlakar Gaddime under DCP crime Rahul Maknikar and CP Ravinder Singal. Apart from Roy, the group also duped one Mithun Rajpande. According to the complaint filed by Roy, the group misused his PAN card, Aadhaar card, and other documents to set up a private firm and misused the entity to pocket huge profits while keeping him unaware of the details of the transactions, most of which were fake. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 2025 Top Trending local enterprise accounting software [Click Here] Esseps Learn More Undo Roy, speaking to the TOI, said he was introduced to the alleged fraudsters in June 2024 through an acquaintance, Suraj Kedia, as he wanted some employment or help to start a small business. "I am a school dropout. They took my Aadhaar card, PAN card, and made me sign numerous documents, stating they would ensure some monthly income for me. Initially, they paid me Rs25,000 and helped me with accommodation at a godown," said Roy, who faced financial losses after his father's death in 2023. According to the FIR, which is in the possession of the TOI, the complainant said the businessmen prepared fake invoices of various goods, which they sent to different firms, shops, suppliers, and distributors. They would withdraw in cash the payments made into bank accounts, and use them for their benefit. Roy stated the businessmen used fake bills and invoices worth Rs96.39 crore between September and December 2024 to pocket most of the amount, duping the GST department with false declarations. Most of these transactions were in the name of the firm opened in Roy's name. Misusing the firm opened in the name of one Rajpande, the businessmen prepared fake bills and invoices worth Rs59.51 crore between September and November 2024 and pocketed the bulk of the amount after duping the GST department, said the complaint.
Express Tribune
24-03-2025
- Business
- Express Tribune
Sugar price drops by Rs9 per kg
A good news for sweet tooths yearning for siwayyan, sheer khurma and mithais is that the price of sugar dropped by Rs9 per kilogram in a single day. Traders attributed the slump in white sugar rates to the government's crackdown against hoarders during the holy month of Ramazan. According to Karachi Wholesale Grocers Association Chairman Abdul Rauf Ibrahim, the price of sugar in the wholesale market Jodia Bazaar decreased from Rs168 per kilogram to Rs159 per kilogram. The ex-mill price of sugar also decreased to Rs156 per kilogram due to the crackdown. In the retail market, sugar is being sold for Rs175-180 per kilogram. Ibrahim further stated that the country has a sufficient stock of sugar, and no sugar exports are being made in order to meet local demand. He added that the government has fixed the sugar rate, putting an end to hoarding. It is expected that sugar prices will decrease further in the coming days.
Express Tribune
02-03-2025
- Business
- Express Tribune
Pakistan's stocks: index showing signs of exhaustion
As per the latest MSCI decision, Pakistan's weight in MSCI Global Standard Indexes has improved to 0.023% compared to 0.016% earlier. PHOTO: FILE Listen to article Pakistan Stock Exchange's (PSX) benchmark KSE-100 index experienced an extraordinary surge in 2024, recording an 85% increase in Pakistani rupee (PKR) terms and an 87% rise in US dollar (USD) terms. This remarkable performance was driven by a combination of favourable macroeconomic factors, including declining inflation, a stable currency and aggressive monetary easing by the State Bank of Pakistan (SBP). However, as we progress into 2025, the KSE-100 index appears to be showing signs of exhaustion, with the market becoming range bound for the last three months and lacking clear directional momentum. To understand the current dynamics of the market and what lies ahead, it is essential to analyse the performance and contributions of various key sectors. In 2024, the banking sector remained a cornerstone of the KSE-100 index, contributing significantly to its upward trajectory. Although the sector's earnings remained flat on a year-on-year basis at Rs156 billion, it accounted for 39% of the total index profitability in the first quarter of fiscal year 2024-25 (1QFY25). Despite a decline in interest rates, banks maintained robust earnings, supported by improved asset quality and increased lending activities. The oil and gas exploration sector faced challenges in 2024, with profitability declining 21% year-on-year in 1QFY25. This downturn was primarily due to fluctuating global oil prices and operational challenges. With focus on reduction in circular debt under the IMF umbrella, the cash flow for this sector should improve going forward. Oil and gas marketing companies experienced an 86% year-on-year decline in profitability during 1QFY25. The significant drop was due to inventory losses stemming from volatile oil prices and regulatory challenges affecting pricing mechanisms. The cement industry experienced a 14% year-on-year increase in earnings, amounting to Rs35 billion in 1QFY25. This growth was driven by higher retention prices and a reduction in coal costs, despite a decrease in local demand. Market leaders in both North and South regions of the country have benefited from these favourable conditions, contributing positively to the index. The government's recent incentive to stimulate the real estate sector should provide impetus for further growth. The fertiliser sector saw a 16% year-on-year increase in profitability, reaching Rs56 billion in 1QFY25. This was largely due to higher urea and di-ammonium phosphate (DAP) prices, which offset the decline in sales volume. The evergreen dividend players in the sector will be favoured to generate the yield in the falling interest rate environment. The food and personal care sector faced a 15% year-on-year decline in earnings in 1QFY25. The decrease can be attributed to rising input costs and competitive market conditions, which squeezed profit margins for many companies. Also, the erosion in the earnings of middle and lower class will impact the profitability in this sector. The pharmaceutical industry emerged as a top performer in 2024, with its market capitalisation increasing 198%. This surge was driven by improved financial results following a decline in raw material prices, currency stabilisation, lower inflation and the deregulation of non-essential drugs. Companies like GlaxoSmithKline Pakistan saw their market capitalisation rise 385%, reporting a profit of Rs3.6 billion in the first nine months of 2024, compared to a loss of Rs392 million in the same period in 2023. The textile sector faced headwinds, with profitability declining 60% year-on-year in 1QFY25. Challenges included rising production costs, energy shortages and increased competition in international markets, which collectively impacted the sector's performance. The technology sector does not have major weightage in the index currently but it is gaining momentum with the listing of new companies. The sector reported a loss of Rs1.4 billion in 1QFY25, primarily led by losses of Pakistan Telecommunication Company Limited (PTCL). Despite the overall sectoral loss, individual companies like Air Link Communication experienced significant gains, with a 268% increase in share price in 2024 due to improved mobile sales and the anticipated launch of locally assembled TVs and laptops. The exceptional performance of the KSE-100 index so far can be attributed to several macroeconomic and sector-specific factors. The State Bank implemented aggressive monetary easing, reducing the policy rate by 900 basis points, which lowered borrowing costs and stimulated economic activity. Despite a constant political overhang, a decline in inflation, IMF programme and stable Pakistani rupee enhanced investor confidence, attracting both local and foreign investment. However, all these news have already been incorporated into the recent index performance and it seems that investors are clearly looking for new triggers for the next leg of outperformance. The writer is a financial market enthusiast and is attached to Pakistan's stocks, commodities and emerging technology
