Biz Updates: Courier company made wrong delivery of Coldplay concert ticket, now case registered in Goa

New Delhi| Goa Police has registered a case against a well-known courier company and an individual for alleged fraud in Mamale of wrongful delivery of Coldplay concert tickets worth Rs 3.86 lakh. Dr. According to a complaint lodged by Ashley Fernandes with Colva Police in South Goa on Thursday, employees of the courier company gave away four tickets purchased by them for the British rock band’s Mumbai concert to someone else.

The complainant explained that a person named Tushar Bansal accepted tickets worth Rs 3,86,217 without any verification. The courier firm delivered these tickets to him. Fernandes told the police that he had booked the tickets through an online portal. He said that the police registered a case of fraud against the courier company and Bansal under the section of the Indian Code of Justice.

As part of the ‘Music of the Spheres World Tour’, Coldplay’s show is scheduled to be held on 18, 19 and 21 January at the DY Patil Stadium in Navi Mumbai, Thane district, Maharashtra.

SEBI sanctions Pacheli Industrial Finance and 6 others for alleged financial misconduct

Market regulator SEBI has banned non-banking financial company Pacheli Industrial Finance and six other entities from the securities market till further orders for alleged financial irregularities and share manipulation.

Apart from Pacheli Industrial Finance Limited (PIFL), Abhijeet Trading Company Limited, Calix Securities Private Limited, Hibiscus Holdings, Avel Financial Services, Adoptica Retail India and Sulphur Securities are the six entities that have been banned from the market.

In the interim order passed on Thursday, SEBI revealed that PIFL obtained loans worth Rs 1,000 crore from six entities classified as non-promoters. These loans were converted into equity through preferential allocation, resulting in over 51 crore shares being issued to lenders.

ED attaches assets worth Rs 68 crore of Vatika Limited in PMLA case

The Enforcement Directorate on Friday said it has attached assets worth over Rs 68 crore of Gurugram-based real estate conglomerate Vatika Ltd. This property has been attached as part of a money laundering investigation. The investigation is linked to alleged fraud with investors depositing funds in the group’s future projects.

The agency said in a statement that this money laundering case stems from a 2021 FIR by the Economic Offenses Wing (EOW) of Delhi Police, which deals with crimes of criminal conspiracy, fraud and dishonestly luring innocent investors/buyers against the company, its promoters Anil Bhalla, Gautam Bhalla and others

ED reported that a provisional order has been issued under the Prevention of Money Laundering Act (PMLA) on Thursday to attach nine immovable properties, including 27.36 acres of agricultural land worth Rs 68.59 crore in the ‘builder-investor’ case related to Vatika Limited. The company could not be contacted for a response.

India’s foreign exchange reserves decreased by $8.714 billion to $625.871 billion

India’s foreign exchange reserves declined by $8.714 billion to $625.871 billion in the week ending January 10. RBI gave this information on Friday. Earlier, the Reserve Bank of India had said that total deposits declined by $5.693 billion to $634.585 billion in the week ending January 3. There has been a declining trend in foreign exchange reserves for the last few weeks and this decline is being attributed to the intervention as well as revaluation in the foreign exchange market by the RBI to reduce fluctuations in the rupee. Foreign exchange reserves had risen to an all-time high of US$ 704.885 billion at the end of September.

India’s gems-jewellery exports declined 10.29% to $1,968 million in December: GJEPC

Total gems and jewellery exports declined 10.29 per cent year-on-year to US$1967.98 million (Rs 16,719.460 crore) due to geopolitical tensions and reduced demand in China, GJEPC said on Friday. According to data from the Gems and Jewellery Export Promotion Council (GJEPC), the industry’s apex body, gems and jewellery exports stood at USD 2,193.82 million (Rs 18,269.7 crore) in December 2023.

GJEPC Chairman Vipul Shah said, “Geopolitical tensions are affecting overall demand”. Exports have also been affected by reduced demand in major export destinations, including China. Total exports of cut and polished diamonds (CPDs) declined by 10.36 per cent to USD 773.1 million (Rs 6,569.7 crore) in December, compared to USD 862.48 million (Rs 7,182.53 crore) in the same period of 2023.

Ensure enrollment in all accounts, lockers: RBI directs banks

The Reserve Bank on Friday asked banks to ensure enrollment in deposit accounts and security lockers of new and all existing customers, while emphasizing that a large number of accounts do not have enrollment. The objective of the nomination facility is to reduce hardship to the family members on the death of the depositor/depositors and speedy settlement of claims. However, based on the supervisory assessment of the Reserve Bank, it has been observed that enrollment is not available in a large number of deposit accounts.

The central bank circular said ‘To protect survivors/family members of deceased depositors from inconvenience and unnecessary hardship, we will ensure that all existing and new customers have access to deposit accounts, safe custody articles and security lockers, as the case may be. Reiterate the need to obtain enrollment’. RBI further said that the Customer Service Committee (CSC) of the Board/Board of Directors should review the achievement of enrollment coverage on a periodic basis. Progress in this regard should be reported on the Daksh portal of the Reserve Bank on a quarterly basis starting from March 31, 2025.

Use the ‘1600xx’ number series to call customers for transactions-RBI told banks

RBI on Friday asked banks to use only the ‘1600xx’ phone numbering series to call customers for transactions aimed at preventing financial fraud. The central bank further said that for promotional purposes, banks and other regulated entities (REs) should use only the ‘140xx’ numbering series for prevention of financial frauds committed using voice calls and SMS.

Banks and other regulated entities (REs) have also been asked to monitor and clean up their customer databases. The proliferation of digital transactions has also increased fraud while providing convenience and efficiency, which is a serious concern, underscoring the need for concrete action, a Reserve Bank circular to RE said.