Latest news with #Rs19
Time of India
5 days ago
- Time of India
Nashik: 4 fall prey to govt job fraud, lose 19 lakh
Nashik: Four people were defrauded of around Rs19 lakh after being promised govt jobs as assistant commissioners in Goods and Services Tax (GST) department. All fhe victims have recently filed a complaint of cheating and forgery with the Ambad police station. Tired of too many ads? go ad free now According to the victims, they had been in contact with two suspects since 2023, who guaranteed them the positions for a total payment of Rs25 lakh. "After discussions, it was decided that they would pay Rs19 lakh, and accordingly the payments were made from time to time," assistant inspector Nitin Fulpagare said. After the payments were made, the victims began following up on the matter. Earlier this year in Feb, the suspects allegedly delivered the "joining letter" to the victims on their social media accounts. "The victims accordingly went to the GST office in Mumbai to join the services where they displayed the joining letters. Once there they were informed by the officials that there was no such recruitment. We have therefore registered the complaint of cheating and forging of documents," Fulpagare said. "No arrests have been made so far and the investigation is ongoing. We suspect more victims may come forward," the officer added.
Time of India
22-05-2025
- Time of India
Retd engineer duped of 41 lakh in financial fraud case
Bhopal: In a major financial fraud case, over Rs 41 lakh were allegedly siphoned off from the bank account of an 87-year-old retired engineer residing in Koh-e-Fiza. Based on the compalint of victim's daughter, a case was registered against unidentified accused at Koh-e-Fiza police station on Thursday. The fraudulent transactions were conducted by forging the signature of the elderly man on the cheques, and the money was transferred through RTGS transactions. It is suspected that the accused took delivery of the new cheque book delivered to the victim's address in Lake Pearl Colony in Koh-e-Fiza and forged his signatures on the cheques to commit the fraud. The fraud came to light when the elderly man visited the nationalised bank's Data Colony (Koh-e-Fiza branch) to withdraw cash, only to be informed by the cashier that his account had insufficient funds. According to police, the victim, Kamlakar Khandekar, 87, a resident of Lake Pearl Colony in Koh-e-Fiza, retired as an engineer. His daughter, the complainant in the case, Dr Rashmi Devpujari, 52, is a doctor at Vidisha Medical College, while her husband is a doctor at Hamidia Hospital. Khandekar's son resides abroad. After his wife's death in 2023, Khandekar shifted to his daughter, Dr Rashmi's house in the Char Imli area. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Berlin: GEERS sucht 700 Testhörer für Hörgeräte ohne Zuzahlung GEERS Undo Khandekar's account previously held more than Rs 41 lakh. When branch staff checked the transaction history, it was revealed that between Feb and May 2025, a total of Rs 41.36 lakh was transferred through RTGS to a jeweller's account using forged signatures on bank cheques. Additionally, on the same day of his visit, on May 1, an attempt was made to encash a cheque worth Rs19 lakh under his name. Fortunately, upon discovery of the fraud, the bank issued a stop payment on the cheque. As the fraud came to light, Khandekar informed his daughter about the missing funds. She immediately approached Koh-e-Fiza Police Station and submitted a written complaint. Based on her report, an FIR was registered, and an investigation was initiated. Suspect Caught on CCTV Investigation officer SI Bana Singh Pawar confirmed that the suspected fraudster was captured on CCTV cameras installed inside the bank premises. The man is currently unidentified, and no member of Khandekar's family recognised him. Initial investigation suggests that the fraudster made multiple withdrawals over several days using fake signatures on cheques. The money was transferred to a jeweller's account, and police are now preparing to question the jeweller to trace the suspect's identity. Bank Staff Under Scrutiny The police are also examining the role of bank officials and staff, given that multiple large transactions were conducted without alerting the account holder. The Koh-e-Fiza police are continuing their efforts to nab the suspect with the help of CCTV footage and transaction trails.
Time of India
17-05-2025
- Business
- Time of India
PWD owes Rs20,000 crore in bills to contractors, budget Rs19,000 crore
Pune: The state public works department owes Rs20,000 crore in pending bills to contractors against its allocated budget of Rs19,000 crore for this financial year, prompting its officials' decision to approach financial intermediaries for long-term financing to bridge the funding gap. Tired of too many ads? go ad free now "The current liability exceeds Rs20,000 crore. While provisions for Rs 19,000 crore have been made in the state budget, additional works will require finance from financial intermediaries and various other sources," a senior official of the public works department (PWD) told TOI. He said they had initiated the process of reaching out to various such intermediaries to complete large scale infra projects, to be prioritised based on importance. "We will phase out the work as per priority and seek long-term finance, depending on the projects' importance," the official said. This development follows contractors halting work across the state because of delayed payments. While PWD acknowledges Rs 20,000 crore in dues, contractors claim the actual figure exceeds Rs45,000 crore. Earlier this month, PWD issued guidelines limiting new projects, acknowledging that excessive sanctions beyond the approved budget caused delayed payments, cost escalation and quality issues. "It is necessary to formulate a specific policy regarding newly sanctioned works and limit their number," the guidelines state. The new guidelines prioritise roads essential for communication between state highways and major district roads, routes with high traffic volume requiring urgent improvement and projects with completed detailed project reports (DPRs). Emphasis has been put on preventing work duplication, completing land acquisition before road construction and finishing roads connecting bridges before the construction of the latter. Tired of too many ads? go ad free now "While executing works on state highways and main district roads, it will be ensured that there is no duplication of work," a senior PWD official said. The guidelines also address the practice of initially underestimating project costs to include more works in the budget and submitting revised approvals later. "Works costing more than the received budget make it impossible for the govt to pay bills from the available funds. Delayed funding increases cost substantially, resulting in poor quality work," another PWD official said. 'All potholes on state highways repaired' The state public works department officials claimed that they had addressed all pothole-related complaints for state and district roads ahead of monsoon. "As of now, 1,00,000km road network does not have any pothole-related complaints," an official said following a review meeting. The state govt has launched PCRS 2.0, an app-based pothole reporting system with specific response time frames. The deputy engineers will get seven days, executive engineers 15 days and superintendent engineers 30 days to act on complaints. The govt has approved two different android apps — one for citizens to report issues and another for PWD engineers to manage complaints. This system replaces last year's online-only PCRS platform.
Time of India
08-05-2025
- Business
- Time of India
United Breweries plans significant capex increase to boost production capacity
United Breweries Ltd (UBL) is going to push more capex investment this fiscal to increase its production capacity and availability of coolers in retail outlets across the country, managing director and chief executive officer Vivek Gupta said. #Operation Sindoor Live Updates| From Sindoor to showdown? Track Indo-Pak conflict as it unfolds India hits Lahore's Air Defence Radars in proportionate response Pakistan tried to hit military targets in these 15 Indian cities, New Delhi thwarts strikes Talking to analysts in their fourth quarter earnings call on Thursday, Gupta said the country's largest beer brewer has plans to increase its cooler installation from the current 10-15% in Maharashtra to 50% in the next couple of years. He, however, declined to share the capex figure for 2025-26. UBL had a capex of Rs 254 crore in 2024-25, up by Rs 64 crore from last year which was used in commercial and supply chain initiatives to drive future growth. UBL, however, is under pressure in the South. In Telangana, beer prices were increased by 15% in February following the state and United Breweries spat over undue payments by the former to the latter. Karnataka, last week increased tax on the manufacturing cost of beer to 205%, from the earlier 195%, thereby impacting the MRP of both mass and premium brands. 'A lot of work has gone into this quarter. Our inventory was higher, despite the disruption, we are in the middle of the season, we feel confident. The worry part is the increase in duty. We saw the impact of that in Telangana and Karnataka. Duty is posing to be the biggest threat,' said Gupta. Live Events The South volume growth of 5% last quarter for UBL was driven by Andhra Pradesh, which was impacted by the decline in Telangana and Karnataka. The company's standalone revenue for the fourth quarter ending March declined by 8% year-on-year (yoy) at Rs 4,425.5 crore as on March 31st, 2025. The net profit grew by 20.5% yoy at Rs 97 crore. For 2024-25, UBL sales grew by 5.6% yoy to reach Rs19,400.8 crore and net profit by 7.8% yoy at Rs 441 crore. Last quarter, the Kingfisher beer maker posted 5% overall volume growth and 24% volume growth for its premium portfolio. 'We see strong growth from Kingfisher Ultra, Kingfisher Ultra Max and Heineken Silver and we continue to drive premium volume growth. After receiving an overwhelming response in Maharashtra and West Bengal, we also introduced Amstel Grande in Uttar Pradesh, a vibrant market with a growing demand for premium beverages," the company said in its earnings report. On Thursday, United Breweries' shares closed at Rs 2,159 on the BSE, down 1.05%.
Express Tribune
05-05-2025
- Business
- Express Tribune
PSX ends flat amid geopolitical jitters
The Pakistan Stock Exchange (PSX) witnessed a turbulent start to the week, with the benchmark KSE-100 Index closing nearly flat amid rising tensions with India and SBP policy uncertainty. The index dipped steeply in early trading, falling by 1,036 points. However, it made a strong recovery in the second half, mainly supported by the cement sector, while other stocks closed lower. The index closed the day down by only 11.70 points, or 0.01%, at 114,102.24. Analysts noted that while there may be a positive reaction to the 100 bps rate cut by the central bank, investors remained cautious given the prevailing geopolitical situation. Ahsan Mehanti of Arif Habib Corp remarked that stocks closed flat as investors remained cautious following the government's security measures to ban Indian trade ties and Indian flag carriers. SBP policy uncertainty and a slump in global crude oil prices contributed to the uncertainty, he noted. Rupee instability and fears over the outcome of heightened Pakistan-India border tensions played a catalyst role in the bearish close, added Mehanti. At the close of trading, the benchmark KSE-100 index recorded a decline of 11.70 points, or 0.01%, and settled at 114,102.24. In its market review, Topline Securities commented that the benchmark index was quite volatile during today's session, falling by 1,036 points in early trading. However, it made a strong recovery in the second half, mainly supported by the cement sector, as investors expected a possible rate cut in the monetary policy announcement made today. The index closed at 114,102 points, down just 12 points, or 0.01%. This recovery was mostly helped by key stocks like Fauji Fertiliser Company, DG Khan Cement Company, Fauji Cement Company, Pioneer Cement, and Maple Leaf Cement Company, which together added about 276 points to the index, as mentioned by Topline. Investor interest stayed strong, with 398 million shares traded and a total market turnover of Rs19 billion, it added. In its commentary, Arif Habib Limited (AHL) stated that the week started flat with cement stocks higher and other leading sectors lower. Some 56 shares rose while 42 fell, with Fauji Fertiliser Company (+1.29%), DG Khan Cement (+4.46%) and Fauji Cement Company (+2.79%) contributing the most to index gains. On the flip side, UBL (-2.17%), Oil and Gas Development Company (-1.49%) and Pakistan Petroleum Limited (-1.56%) were the biggest index drags, remarked AHL. It added that Moody's, in a recent report, stated that sustained tensions with India will weigh on Pakistan's growth, hamper the government's ongoing fiscal consolidation, impair access to external financing and pressure its FX reserves. Moreover, Pakistan plans to brief the UN Security Council about the recent tensions with India, highlighting the illegal steps taken by India to suspend the Indus Water Treaty, said AHL. The SBP cut the discount rate by -1% to +11%, and expects FX reserves to rise to US$14 billion by June, added the brokerage. JS Global analyst Muhammad Hasan Ather commented that the KSE-100 index started the week on a volatile note, as investors remained cautious due to ongoing tensions between Pakistan and India, while also awaiting the monetary policy announcement scheduled for later in the day. Overall trading volumes increased to 399.5 million shares compared with Friday's tally of 372.4 million. Shares of 452 companies were traded. Of these, 240 stocks closed higher, 155 fell, and 57 remained unchanged. Power Cement was the volume leader with trading in 41.3 million shares, gaining Rs0.98 to close at Rs14.92. It was followed by WorldCall Telecom with trading in 23.8 million shares, gaining Rs0.07 to close at Rs1.34 and Maple Leaf Cement Company with 23.6 million shares, gaining Rs2.16 to close at Rs71.60. During the day, foreign investors bought shares worth Rs128.9 million, the National Clearing Company of Pakistan Limited (NCCPL) reported.
