Latest news with #Shoonya
New Indian Express
2 days ago
- Business
- New Indian Express
Hyderabad man loses Rs 2.3 crore in investment fraud
HYDERABAD: A Hyderabad-based private employee lost Rs 2.36 crore in an investment fraud perpetrated by a trading platform. In his complaint to Rachakonda cybercrime police in July this year, the victim mentioned that he had been looking for AI-based trading platforms and was duped after being added to a WhatsApp group. The 52-year-old was added to Shoonya group, run by one Sarvjeet Singh Virk and his team member, Swetha. The group reportedly provided stock recommendations, trade ideas, stock tips, and training. Based on the recommendations, the victim downloaded an app and started investing in it. Initially, he invested small amounts, which were reflected on the app. Enticed by the profits, the victim began investing huge sums in IPOs and other stocks. However, when he attempted to withdraw the money, the platform asked him to pay an additional amount, citing various reasons. He later realised that he had been cheated: 'I invested an amount of Rs 2,36,40,000 in transactions and received zero returns. I lost the total amount,' he told the police. Cyber crooks dupe man of Rs 41,000 Jagtial: Cybercriminals duped a resident of Jagtial of Rs 41,000 after luring him with an increased credit limit on his Ratnakar Bank Limited credit card. Posing as bank officials, the crooks shared a link with the victim. Upon clicking the link, the victim lost the amount. After realising that he had been defrauded, the victim tried calling them, but they were unresponsive. On Saturday, he lodged a complaint with Jagtial police
Time of India
3 days ago
- Business
- Time of India
Man scours Net for AI-based trading platform, loses 2.3 cr
Hyderabad: A 52-year-old businessman, who was looking for an artificial intelligence-based trading platform, was duped by a cyber fraudster of 2.30 crore. The incident took place under the Rachakonda police commissionerate limits. Police said that the victim first did a Google search for an AI-based trading platform. Subsequently, he was included in an unsolicited WhatsApp group 'Shoonya' allegedly administered by Sarvjeet Singh and his associate, Swetha. "The group provided stock recommendations, trading ideas, investment opportunities, and claimed to offer stock investment training. Unaware of any fraudulent intent, I trusted the group. After getting information about the AI-based platform, I downloaded an application shared via the link," the complaint told police. He first began investing a small amount, and by seeing the statement shown by the accused about the profits made by the investment, the victim invested more money in about 20 online transactions. When he finally wanted to withdraw the money, the accused started demanding money, citing various reasons, to allow him to withdraw money. You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad | Gold Rates Today in Hyderabad | Silver Rates Today in Hyderabad Realising that he lost 2.30 crore, the victim approached the cyber crime police. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
Business Standard
21-05-2025
- Business
- Business Standard
Shoonya Upgrades to Trading-cum-Clearing Member (TM-CM) on MCX
PRNewswire Mohali (Punjab) [India], May 21: Shoonya by Finvasia has officially announced its upgrade from a Trading Member (TM) to a Trading-cum-Clearing Member (TM-CM) on the Multi Commodity Exchange (MCX). The transition took place after market hours on Friday, May 16, 2025, and has been fully operational from Monday, May 19, 2025. This milestone marks a significant enhancement in Shoonya's operational capabilities. By becoming a TM-CM, Shoonya will now clear all MCX trades internally without the involvement of any external clearing member. The clearing cost has now been reduced from Rs. 50 per crore to Rs. 0. The move reflects the company's long-term strategy to build stronger back-end efficiencies while extending the benefits directly to its users. Speaking on the development, Sarvjeet Singh Virk, Co-founder and Managing Director of Finvasia, said, "At Shoonya, our mission has always been to make investing affordable and efficient for every Indian. Upgrading to a TM-CM on MCX is a key milestone in that journey, one that eliminates clearing costs and enables faster, and secure settlements. It is yet another example of how we're investing in technology and tech-related solutions to deliver a simplified, intuitive and frictionless user experience." There will be no impact on users during this transition. All open positions, holdings, deposits, and trading access will remain unchanged. This upgrade underscores Shoonya's vision of delivering a modern investment experience where efficiency, transparency, and long-term value come standard. About Shoonya by Finvasia Shoonya by Finvasia is a multi-asset trading platform, boasting low commission across 16 investing touch-points like clearing, technology, monthly maintenance etc. Placing customer experience at the core, the distinctive platform offers data-powered signal-based analysis to help investors and traders identify the best investment opportunities and make informed decisions. This focus has driven customer preference as the platform's active user base more than doubled in FY2023, which now stands at over 4 lakhs. The platform is one of the few non-bank clearing members in India, clearing and settling trades executed by Trading Members (TMs) and Foreign Portfolio Investors (FPIs) in Equity, Futures Options and Currency Derivatives segments on NSE, BSE, MCX and NCDEX. Shoonya was founded by Sarvjeet Virk (MD) and Tajinder Virk (CEO), Ex-Wall Street Professionals, with deep financial expertise. They envisioned to empower Indian traders and investors by enabling them to make smart financial decisions and achieve investment goals through an innovative and user-friendly trading platform. The company received FDI funding from some of the industry's notable Venture Capitalists against a valuation of INR 1.5 Billion in 2016, which enabled it to achieve its guiding mission to cut the cost that makes trading expensive and offer technology-driven financial services to its clients. Website:
Business Upturn
21-05-2025
- Business
- Business Upturn
Shoonya Upgrades to Trading-cum-Clearing Member (TM-CM) on MCX
MOHALI, India , May 21, 2025 /PRNewswire/ — Shoonya by Finvasia has officially announced its upgrade from a Trading Member (TM) to a Trading-cum-Clearing Member (TM-CM) on the Multi Commodity Exchange (MCX). The transition took place after market hours on Friday, May 16, 2025 , and has been fully operational from Monday, May 19, 2025 . This milestone marks a significant enhancement in Shoonya's operational capabilities. By becoming a TM-CM, Shoonya will now clear all MCX trades internally without the involvement of any external clearing member. The clearing cost has now been reduced from Rs. 50 per crore to Rs. 0. The move reflects the company's long-term strategy to build stronger back – end efficiencies while extending the benefits directly to its users. Speaking on the development, Sarvjeet Singh Virk , Co-founder and Managing Director of Finvasia, said, 'At Shoonya, our mission has always been to make investing affordable and efficient for every Indian. Upgrading to a TM-CM on MCX is a key milestone in that journey, one that eliminates clearing costs and enables faster, and secure settlements. It is yet another example of how we're investing in technology and tech-related solutions to deliver a simplified, intuitive and frictionless user experience.' There will be no impact on users during this transition. All open positions, holdings, deposits, and trading access will remain unchanged. This upgrade underscores Shoonya's vision of delivering a modern investment experience where efficiency, transparency, and long-term value come standard. About Shoonya by Finvasia Shoonya by Finvasia is a multi-asset trading platform, boasting low commission across 16 investing touch-points like clearing, technology, monthly maintenance etc. Placing customer experience at the core, the distinctive platform offers data-powered signal-based analysis to help investors and traders identify the best investment opportunities and make informed decisions. This focus has driven customer preference as the platform's active user base more than doubled in FY2023, which now stands at over 4 lakhs. The platform is one of the few non-bank clearing members in India , clearing and settling trades executed by Trading Members (TMs) and Foreign Portfolio Investors (FPIs) in Equity, Futures Options and Currency Derivatives segments on NSE, BSE, MCX and NCDEX. Shoonya was founded by Sarvjeet Virk (MD) and Tajinder Virk (CEO), Ex-Wall Street Professionals, with deep financial expertise. They envisioned to empower Indian traders and investors by enabling them to make smart financial decisions and achieve investment goals through an innovative and user-friendly trading platform. The company received FDI funding from some of the industry's notable Venture Capitalists against a valuation of INR 1.5 Billion in 2016, which enabled it to achieve its guiding mission to cut the cost that makes trading expensive and offer technology-driven financial services to its clients. Website: View original content: Disclaimer: The above press release comes to you under an arrangement with PR Newswire. Business Upturn takes no editorial responsibility for the same.
Yahoo
21-05-2025
- Business
- Yahoo
Shoonya Upgrades to Trading-cum-Clearing Member (TM-CM) on MCX
MOHALI, India, May 21, 2025 /PRNewswire/ -- Shoonya by Finvasia has officially announced its upgrade from a Trading Member (TM) to a Trading-cum-Clearing Member (TM-CM) on the Multi Commodity Exchange (MCX). The transition took place after market hours on Friday, May 16, 2025, and has been fully operational from Monday, May 19, 2025. This milestone marks a significant enhancement in Shoonya's operational capabilities. By becoming a TM-CM, Shoonya will now clear all MCX trades internally without the involvement of any external clearing member. The clearing cost has now been reduced from Rs. 50 per crore to Rs. 0. The move reflects the company's long-term strategy to build stronger back-end efficiencies while extending the benefits directly to its users. Speaking on the development, Sarvjeet Singh Virk, Co-founder and Managing Director of Finvasia, said, "At Shoonya, our mission has always been to make investing affordable and efficient for every Indian. Upgrading to a TM-CM on MCX is a key milestone in that journey, one that eliminates clearing costs and enables faster, and secure settlements. It is yet another example of how we're investing in technology and tech-related solutions to deliver a simplified, intuitive and frictionless user experience." There will be no impact on users during this transition. All open positions, holdings, deposits, and trading access will remain unchanged. This upgrade underscores Shoonya's vision of delivering a modern investment experience where efficiency, transparency, and long-term value come standard. About Shoonya by Finvasia Shoonya by Finvasia is a multi-asset trading platform, boasting low commission across 16 investing touch-points like clearing, technology, monthly maintenance etc. Placing customer experience at the core, the distinctive platform offers data-powered signal-based analysis to help investors and traders identify the best investment opportunities and make informed decisions. This focus has driven customer preference as the platform's active user base more than doubled in FY2023, which now stands at over 4 lakhs. The platform is one of the few non-bank clearing members in India, clearing and settling trades executed by Trading Members (TMs) and Foreign Portfolio Investors (FPIs) in Equity, Futures Options and Currency Derivatives segments on NSE, BSE, MCX and NCDEX. Shoonya was founded by Sarvjeet Virk (MD) and Tajinder Virk (CEO), Ex-Wall Street Professionals, with deep financial expertise. They envisioned to empower Indian traders and investors by enabling them to make smart financial decisions and achieve investment goals through an innovative and user-friendly trading platform. The company received FDI funding from some of the industry's notable Venture Capitalists against a valuation of INR 1.5 Billion in 2016, which enabled it to achieve its guiding mission to cut the cost that makes trading expensive and offer technology-driven financial services to its clients. Website: View original content: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
