The ED has uncovered a case of cyber fraud amounting to Rs 2.6 crore in Tamil Nadu and has arrested four individuals who posed as CBI officers. The accused had set up shell companies to launder the funds obtained from various cyber scams. Authorities also froze Rs 2.8 crore from one of the shell company's bank accounts. In a separate case, two individuals in Maharashtra have been accused of defrauding people of Rs 6.25 crore through their fake investment company.
ED's Crackdown on CBI Impersonators and Cyber Fraud Rings
In a recent crackdown, the Enforcement Directorate (ED) has uncovered a string of cyber fraud cases and arrested individuals posing as Central Bureau of Investigation (CBI) officers.
Tamil Nadu Case: Cyber Fraud and Shell Companies
In Tamil Nadu, the ED uncovered a cyber fraud scheme amounting to Rs 2.6 crore. The accused had formed shell companies to launder funds obtained through various cyber scams. The ED froze Rs 2.8 crore from one of the shell company's bank accounts. Four individuals were arrested in connection with the case.
Maharashtra Case: Fake Investment Company
Meanwhile, in Maharashtra, two individuals were accused of defrauding people of Rs 6.25 crore through a fake investment company. The accused lured victims with promises of high returns on investments. However, the victims later realized that their investments had disappeared without any trace.
Background
Cyber fraud has become increasingly prevalent in recent years, with fraudsters utilizing sophisticated techniques to deceive victims. Impersonating government officials is a common tactic employed by fraudsters to gain credibility and access to sensitive information. Shell companies are often used to launder illicit funds and conceal the identities of the beneficiaries.
Top 5 FAQs
What are the ED's responsibilities in combating cyber fraud? Answer: The ED is responsible for investigating and enforcing cases of money laundering and economic offenses, including cyber fraud.
What are the signs of a CBI impersonator? Answer: CBI impersonators may contact victims through phone, email, or social media, claiming to be investigating a case or offering assistance. They may request sensitive information or demand payments for alleged fees or fines.
How can I avoid falling victim to cyber fraud? Answer: Be cautious of unsolicited emails or phone calls, never share sensitive information over the internet, and report any suspicious activities to the authorities.
What are the penalties for cyber fraud? Answer: Cyber fraud is a serious offense that can result in imprisonment, fines, and asset forfeiture.
What is the role of shell companies in cyber fraud? Answer: Shell companies are often used by fraudsters to launder illicit funds and conceal the identities of the beneficiaries. These companies typically have no legitimate business activities and are set up solely for the purpose of financial crimes.
The Indian Institute of Technology (IIT) Roorkee will be releasing the GATE 2025 Admit Cards on January 7, 2025. Students who have registered for the GATE 2025 examination can download their hall tickets through the official website. The admit cards were supposed to be released on January 2 but were delayed and will now be available on January 7. Here's how candidates can download their GATE 2025 admit cards.
After a recent surge, the overall cryptocurrency market is starting to cool down, but two coins have managed to stand out with remarkable gains. Urolithin A, a compound used in longevity research and part of the Pump Science platform, has surged over 100% in the last 24 hours. Similarly, the meme coin Akuma Inu has also seen a significant increase in price, reaching new all-time highs and earning a coveted listing on CoinMarketCap. These gains are likely a result of various developments and partnerships for both coins, showcasing their potential for growth in the market.
At the 16th edition of the Bangladesh Brand Forum's Best Brand Awards, mobile financial service provider bKash took the lead as the best brand, followed by Grameenphone and RFL Houseware. Other notable brands in the top 15 included Radhuni Masala, Closeup, and Daraz Bangladesh, which was recognized as the most loved brand in the e-commerce category for the fourth consecutive year. The event also saw Gree being named as the "Most Emerging Brand" for its sustained rise in brand equity index for three consecutive years.
Hyundai India has officially revealed details about its highly anticipated Creta Electric SUV, set to make its debut at the Bharat Mobility Expo in 2025. The new model offers two battery options, fast charging capabilities, and impressive performance, catering to the increasing demand for electric mobility in India. With four different variants and a selection of 10 colors, the Creta Electric is poised to make a big impact in the Indian market.
The Indian stock market saw a huge surge as the BSE Sensex jumped 1,436.30 points to settle at 79,943.71, its biggest single-day gain in over a month. The NSE Nifty also surged by 445.75 points to close at 24,188.65, with financial, auto, and IT shares leading the buying spree. However, Sun Pharma was the only laggard in the Sensex. Meanwhile, India's manufacturing sector witnessed slower growth in December, with the HSBC Purchasing Managers' Index falling to 56.4 from 56.5 in November. Despite this, the country's gross GST collection rose 7.3% from the previous year to Rs 1.77 lakh crore in December, indicating a steady recovery in economic activity.
As the 29th Dhaka International Trade Fair kickstarted in 2025, Chief Adviser Prof Muhammad Yunus emphasized the need for stronger exports by investing in the services sector. He urged the business community to explore opportunities beyond products and enhance Bangladesh's export base. In addition, the CA proposed introducing an "Entrepreneur of the Year" initiative to recognize and promote the individuals behind the country's products, along with the traditional "Product of the Year" model. The government's efforts to showcase Bangladesh's diverse products in the global market were also highlighted.
Formerly known as Grofers, Blinkit, a quick commerce company, was recently acquired by Zomato. In a cheeky social media post, Blinkit's CEO Albinder Dhindsa shared that over 1 lakh packets of condoms and 45,000 bottles of mineral water were being delivered for the New Year's Eve prep. However, standup comic Kunal Kamra raised important questions about the wages of the company's delivery partners. This incident brings attention to the exploitation of gig workers by platform owners in the gig economy.
The Kerala State Beverages Corporation has reported a whopping Rs 108 crore in liquor sales on New Year's Eve, surpassing last year's figures by Rs 13 crore. With the state already relying heavily on alcohol taxes, this increase in sales is expected to significantly boost the state's revenues. The highest sales were recorded at the Ravipuram outlet in Kochi, and with one more quarter left in the fiscal year, it is predicted that this year's liquor sales will surpass the previous year's record of Rs 19,088.68 crore.
The National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) have released their 2025 holiday calendar, with a total of 14 stock exchange holidays scheduled. The first holiday will be on Mahashivratri, followed by a long weekend in March for Holi and Id-Ul-Fitr. In addition, the popular Muhurat Trading will take place in October. Investors are advised to keep checking the official websites for updates on holiday timings.
As we ring in the new year, it's the perfect time to wish for abundance, happiness, and success for our loved ones. Whether it's through text, WhatsApp, or a phone call, sending personalized messages and quotes is a beautiful way to show your care and love. From motivational quotes to funny New Year wishes, make sure to spread positivity and joy on this exciting new journey. Subscribe to Zee Business on YouTube for more business and finance news.