Latest news with #SushilShah
India Today
10-07-2025
- India Today
Poker-addicted Indian-origin engineer jailed in New Zealand over $1-million scam
A 27-year-old, Indian-origin engineer has been sentenced to two years and two months in prison for what is reported to be one of the largest public sector thefts on record in New Zealand. Shyamal Sushil Shah developed a gambling addiction which began at SkyCity Casino and escalated into him participating in underground poker rings, eventually leading him to file 40 fake invoices out of desperation to repay debts, fearing for his safety from borrowers, according to the New Zealand Sushil Shah pleaded guilty to a representative charge of obtaining by deception at Auckland District District Court Judge Kate Davenport on Wednesday rejected his applications for home detention and bail during the appeal, describing his actions as a "significant breach of trust", according to the New Zealand Herald. The scheme, described by the judge as one of the largest public sector thefts in New Zealand, involved Shah creating fake invoices for non-existent SHAH SUBMITTED FRAUDULENT INVOICESShah, a water network engineer with Auckland Council's Watercare, submitted fraudulent invoices under the names "Gardener Construction" and "Ben Gardener", directing payments to his own bank account. Contractors, unaware of the deception, paid these invoices believing them to be for genuine work conducted by subcontractors, which led to inflated expenses borne by the Watercare, according to the New Zealand Herald report, citing court lawyer, David Jones KC, acknowledged the companies were "bogus"."The fraudulent costs were subsequently included in the contractor's total project cost. Consequently, the defendant's (Sushil Shah) fraud increased total project costs, which the victim (Auckland Council) ultimately paid," the newspaper to the report, the engineer filed 40 bogus invoices worth $1,039,146 (approximately Rs 8.67 crore) before his arrest in ENGINEER PROMISED TO PAY BACK MONEYThe defendant has not repaid any money yet but told the court he plans to return about half in the coming months using his KiwiSaver, a loan from his parents, and an advance from his new is a voluntary retirement savings scheme in New Zealand, allowing access under certain conditions like retirement, first-home purchase, or financial to the NZ Herald, Shah's gambling habit began at SkyCity Casino and worsened after he became involved with an illegal poker lawyer told the court that Shah resorted to fraud under pressure to repay debts he was threatened over. "Once you're involved, it's very hard to escape," the defence lawyer burning through his savings, he turned to crime out of desperation, the defence suggested, according to the New Zealand Davenport settled on an end sentence of two years and two months' imprisonment, after allowing 55% in discounts for his guilty plea, previous good character, remorse, rehabilitation efforts and his offer to pay the money back, the New Zealand Herald reported.- Ends
Business Standard
02-05-2025
- Business
- Business Standard
Exhicon Signs Agreement with Butterfly Funtainments to Launch "Messe Global Arena Kharadi"
PNN Mumbai (Maharashtra) [India], May 2: Exhicon Events Media Solutions Limited (BSE: EXHICON), a leading integrated exhibition and event solutions company, has announced the signing of a definitive agreement with Butterfly Funtainments Pvt Ltd, a youth-focused entertainment company, to develop and operate "Messe Global Arena Kharadi", Pune's first dedicated venue for concerts and live events. A New Landmark for India's Live Entertainment Sector Strategically located in Kharadi, one of Pune's fastest-growing entertainment and commercial hubs, Messe Global Arena will feature: - A 5,000-capacity indoor concert arena, purpose-built for live music performances, comedy tours, and entertainment productions - A 6,000-capacity outdoor multipurpose space designed to host festivals, exhibitions, weddings, and community events The venue is scheduled to be operational from September 2025, and will serve as a major hub for the concert event organizers seeking dedicated infrastructure in one of India's most vibrant urban markets. Growth Potential & Revenue Outlook Exhicon projects the venue will host 20-25 live events in its first full financial year, with a growing pipeline of concerts, festivals, corporate events, and cultural showcases. Initial annual revenue is projected in the range of INR 10-15 crore, with an EBITDA margin of 25-30%, driven by venue rentals, ticketing partnerships, sponsorships, food and beverage, parking, and branding rights. "This agreement marks a strategic milestone in our journey to build infrastructure that supports India's booming live events and youth entertainment economy," said Sushil Shah, CFO , Exhicon Events Media Solutions Ltd. Padma Mishra, Co- Founder of Exhicon said "Messe Global Arena will not only fill a long-standing gap in Pune's venue ecosystem, but also position the city as a serious destination for major acts and festivals." About Exhicon Exhicon Events Media Solutions Limited is an integrated company providing turnkey solutions for exhibitions, events, conferences, and venue management across India. The Company is listed on BSE and is committed to innovation-led growth in the experience economy.
