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Hans India
a day ago
- Business
- Hans India
SBI gets 4x bids for Rs 20,000-cr QIP
New Delhi: Qualified institutional placements (QIPs) witnessed a resilient growth in July so far, led by State Bank of India's (SBI) recent fundraise, taking the total QIP fundraising to a five-year high of over Rs30,000 crore. QIPs are a way for listed companies to raise capital without having to submit legal paperwork to market regulators. Ten issuances have offered over Rs30,470 crore so far this month. It is the biggest monthly performance of QIPs since September 2020, when companies had collectively raised over Rs39,000 crore. Driving this surge was the State Bank of India's (SBI) historic QIP on July 17, which mobilised over Rs20,000 crore. The offering drew robust investor interest, with demand reportedly outstripping supply by nearly four times. According to multiple reports, the SBI QIP has received significant interest from global and domestic investors worth around Rs1 lakh crore. July also saw a flurry of other notable QIP deals. CG Power raised over Rs3,000 crore, while Marathon Nextgen and Navin Fluorine collected Rs900 crore and Rs750 crore, respectively. Several other mid- and small-cap firms also tapped into institutional funding during the month. The fundraising momentum in 2025 has remained strong beyond July. In the year so far, Biocon raised Rs4,500 crore through a QIP, followed by Hitachi Energy (Rs2,500 crore), IREDA (Rs2,000 crore), UCO Bank (Rs2,000 cr), and Capri Global Capital (Rs2,000 cr). In June alone, seven companies together raised over Rs14,000 crore. Altogether, 30 companies have raised close to Rs60,000 crore via QIPs so far in 2025. This shows the robust activity seen in 2024, when 95 firms mopped up more than Rs1.37 lakh crore.
Time of India
a day ago
- Politics
- Time of India
Shalarth ID scam could be worth Rs3,000 crore, Fadnavis tells assembly
1 2 Nagpur: The Shalarth ID scam could be worth as much as Rs2,000 to Rs3,000 crore if it is found to be spread across Maharashtra , chief minister Devendra Fadnavis informed the legislative assembly on Friday. He admitted that bogus Shalarth IDs were created to fraudulently appoint teachers and siphon off salaries from the state's education department. The CM said the govt has decided to constitute a Special Investigation Team (SIT) to probe the scam. Responding to a question from senior Congress leader Vijay Wadettiwar, Fadnavis said that after reviewing with the school education minister, it was clear that such scams may not be confined to a single district. "The possibility of such scams happening across the state cannot be denied," Fadnavis told the House. "Using technology, we are examining where else such fraud may have occurred. We will definitely investigate any such cases happening elsewhere too," he said. Addressing allegations of selective action, Fadnavis clarified that chargesheets have only been filed in cases where solid evidence was unearthed. "We have acted against all involved, but chargesheets were filed only where cops found evidence. There is no question of shielding anyone," he said. The cops arrested education officials as well as school staffers for their involvement in the scam, and so far, chargesheets have been filed against eight people. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like American Investor Warren Buffett Recommends: 5 Books For Turning Your Life Around Blinkist: Warren Buffett's Reading List Undo The Shalarth portal is used by the state education department for salary disbursement and service record management of teachers. The scam involves creating fake Shalarth IDs to appoint non-existent teachers and withdrawing salaries in their names. Scamsters generated bogus Shalarth IDs by manipulating the system and these fake IDs were then used to process salaries from govt funds. The entire scam was operated by uploading forged documents and getting salaries approved through the Pay Unit of Nagpur Zilla Parishad. In several cases, salaries were drawn for months before discrepancies were detected. The scam came to light only after scamsters tried to claim salary arrears which ran into lakhs per teacher.
Time of India
a day ago
- Time of India
Smart meter blues? Saoner farmer left reeling by Rs2.39L electricity bill
Nagpur: Farmers in Kelwad village, about 45 km from Nagpur, were left shocked after receiving exorbitant power bills following the installation of smart meters by Maharashtra State Electricity Distribution Co. Ltd ( MSEDCL ). One farmer received a bill of Rs2.39 lakh, while another was billed Rs1.34 lakh, triggering outrage among villagers. Following the inflated bills, a group of locals gathered outside the MSEDCL office in Kelwad on Thursday, demanding clarification and immediate corrective action. MSEDCL later clarified that most consumers were billed based on their average summer electricity consumption. However, it admitted that two cases appeared to have inflated amounts. "Bills were generated using both the old meter reading and the initial reading from the new smart meters. In very few cases this overlap resulted in inflated bills. Only two consumers were found to have received abnormal bills, which were rectified. Both cases will be verified," an MSEDCL official said. TOI is in possession of both of the bills. The first, issued in the name of Venkati Gohatre, was Rs2.39 lakh. The second, issued to Shankar Bhangde, amounted to Rs1.34 lakh. Shankar's grandson, Golu Bhangde, told TOI they were shocked to see the inflated bill. "The inflated bill came right after the smart meter was installed. Last month, our bill was around Rs2,500. We approached MSEDCL officials, and they revised it to Rs1,150," he said. MSEDCL officials said that claims of smart meters resulting in inflated bills are inaccurate. "Nearly 4,000 smart meters have been installed so far in Saoner taluka. In cases where the replacement reading data wasn't uploaded into the system, consumers received bills based on average usage. Those who received inflated bills need not worry, revised bills will be issued after meter inspection. Consumers facing such issues can contact their local MSEDCL subdivision office," stated a press release issued by MSEDCL. The incident has added fuel to growing resistance against smart meter installations, a move that has faced stiff opposition from citizens and political parties. A key concern during the rollout was that smart meters would lead to inflated bills, a claim MSEDCL has consistently denied.
Time of India
a day ago
- Business
- Time of India
Small Amounts, Big Scams: Cyber Crooks Now Drain Wallets in Stealth Mode
Nagpur: Cybercrime in Nagpur is slowly shifting gears. No longer relying solely on large-scale digital heists, cybercriminals are now opting for a low-risk, high-reward strategy — deducting small amounts from victims' bank accounts over time to avoid detection. Victims typically discover the fraud only after realizing they've lost tens of thousands of rupees through a series of minor, often ignored transactions. Senior inspector Mukund Kawade of Beltarodi police confirmed this worrying trend. "We've received many complaints where victims noticed recurring deductions of Rs500 to Rs2,000, which seemed insignificant at first. But by the time they reach out to us, the total loss is substantial," he said. Kawade added that smaller amounts often don't trigger immediate alarm either from the victims or law enforcement, allowing criminals to remain under the radar. Explaining how these scams are executed, Kawade said that cybercriminals avoid direct transfers to their own accounts, instead using a network of intermediaries — typically friends, acquaintances, or low-income workers such as pan shop owners. "They convince the intermediary that Rs5,000 will be credited to their account. Out of this, they keep Rs1,000 and transfer the remaining Rs4,000 elsewhere," he said. "For someone struggling to run a small shop, this sounds like easy money. They usually don't ask questions." Each scam typically involves at least three to four such intermediaries to break the money trail and complicate investigations. However, Kawade noted that once these middlemen are identified, freezing their accounts and questioning them often leads to a breakthrough. "Out of fear of losing whatever little money they have, most of them spill the truth quickly," he said. Inspector Baliram Suthar from the city's cyber cell pointed to the importance of the central govt's cybercrime portal. "Every digital theft, even of Rs100, can be registered online. The portal is linked to all major banks and has an automated tracing mechanism," he said. Once a complaint is lodged, the system immediately tracks the transaction route and notifies the bank concerned to freeze the involved account. Suthar stressed that the aim is swift recovery of stolen funds. However, he highlighted a key challenge; victims often lose interest in further investigation after their money is refunded. "This makes prosecution difficult, and many criminals remain unidentified," he said. Both officers urged the public to regularly monitor their bank accounts and treat even minor discrepancies with seriousness. "Fraudsters thrive on your negligence. Small deductions may seem harmless, but they're part of a larger fraud," said Kawade. This slow-drain method is not only harder to detect, but it also allows fraudsters to target more victims while facing fewer risks of immediate legal consequences. Authorities believe the shift in strategy may be due to increased vigilance around large digital transactions, forcing cybercriminals to adopt more subtle techniques. With law enforcement now catching up, the city's cyber cell is intensifying efforts to track and dismantle such fraud networks.
Time of India
2 days ago
- Time of India
Techie loses 4L in digital arrest fraud
Pune: A software engineer working with a prominent IT company in Hinjewadi lost Rs 4 lakh in a digital arrest fraud in Dec last year after cybercrooks threatened that her bank account was linked in a money laundering case. Sub-inspector Dnyaneshwar Zol of the Hinjewadi police said, "The woman approached us on Thursday and filed a complaint. We have registered a case under sections 316 (criminal breach of trust), 318 (cheating) of the Bharatiya Nyaya Sanhita (BNS) and the relevant sections of the Information and Technology Act has been registered against unknown persons." He said, "On Dec 5, she received a call from an unknown number. The caller posed as an executive working with a courier company. He told the woman that a parcel containing generic medicines and drugs was being sent to Iran in her name. When the woman denied sending any such parcel, he told her Aadhaar number. She believed him," he said. You Can Also Check: Pune AQI | Weather in Pune | Bank Holidays in Pune | Public Holidays in Pune The officer said the caller then told the woman that police officers would like to talk to her on a video call. After the woman downloaded a telecommunication app, two men in uniform talked with her through a video call. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Simple, discreet hearing aids Amplifon Book Now Undo The 'officers' told the woman that her bank account was linked with two other people, who were involved in a money laundering case. "Under the pretext of giving her clearance from the Reserve Bank of India (RBI) and helping her with the verification, the crooks took her bank details and obtained a personal loan of Rs4.5 lakh in her name," the officer said. Zol said the woman transferred Rs2 lakh each to the two bank account numbers provided to her by the bogus police officers. As soon as the money was transferred, the crooks stopped responding to her. "After her complaint, Rs 1.87 lakh of the total transferred amount was frozen. She will get it after the court's order. Our further investigation is underway," Zol said.
