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The internet has revolutionised our lives, offering convenience and connectivity at our fingertips. With the rapid adoption of digital payments in India, fraudsters have evolved their tactics, devising new scams to exploit the growing user base. Several <keyword id="20182215" type="General" weightage="20" keywordseo="online-scams" source="keywords">online scams</keyword> have been reported in India over the past few months, from the standard UPI refund scams to unbelievable scams such as the digital arrest scams. Here's a look at some prevalent online scams and how to protect yourself: <h2><keyword id="23629952" type="General" weightage="20" keywordseo="UPI-refund-scam" source="keywords">UPI refund scam</keyword></h2>UPI refund scam is one of the most common online scams these days. It involves a person sending the victim money and then claiming that it was accidentally sent. The scammer then asks the victim to refund the money, often using excuses such as emergency hospitalisations or other important expenses. If the victim refunds the money, the scammer then contacts their bank and reverses the initial transaction, resulting in the victim losing money. How to protect yourself from UPI refund scams: <ul><li>Do not resend the money if someone claims they have “accidentally” sent you money.</li><li>If you receive money from an unknown source, contact your bank immediately.</li><li>If someone says they have sent you money, ask them to contact their bank to get a refund.</li></ul><h2><keyword id="19939895" type="General" weightage="20" keywordseo="phishing-scams" source="keywords">Phishing scams</keyword></h2>Phishing scams have been around for a long time, but they have become more sophisticated in the digital age. Fraudsters often impersonate reputable companies, sending fake emails, messages, or even websites that look almost identical to the real ones. These messages typically contain a sense of urgency—such as a warning that your account is about to be blocked or that you've won a prize. Once you click on the link, you’re directed to a fake site that prompts you to enter your personal information, including login credentials and payment details. This data is then used to steal money or compromise your identity. How to protect yourself from phishing scams: <ul><li>Be sceptical of unexpected messages or emails, even if they seem to come from trusted sources.</li><li>Check the URLs of websites carefully. Scammers often use misspelt URLs that are designed to look legitimate.</li><li>Never share your personal or financial information without verifying the authenticity of the request.</li></ul><h2><keyword id="23629953" type="General" weightage="20" keywordseo="SIM-swap-scam" source="keywords">SIM Swap scam</keyword></h2>As the name suggests, a SIM swap scam basically involves the scammer getting access to your SIM, either with the help of someone at the mobile service provider or through other means. The scammer often convinces the network provider to activate a SIM card they possess, gaining control of the victim’s phone number. This allows the scammer to gain access to all calls and text messages that the victim may receive, which is important in this day and age where all accounts are linked to your phone number. Once the scammer gets access to the victim’s phone number, they use it to gain access to their bank account and steal money. How to protect yourself from SIM swap scam: <ul><li>If your SIM stops working, immediately inform the telecom operator.</li><li>Make use of a SIM lock, which prevents your SIM from being used on another smartphone without entering a password.</li><li>Avoid sharing personal information online, especially things which can make it easier to crack your passwords.</li><li>Keep track of your accounts and report any unauthorised transactions.</li></ul><h2><keyword id="20415709" type="General" weightage="20" keywordseo="online-shopping-scams" source="keywords">Online Shopping Scams</keyword></h2>Beware of fake online stores offering unbelievable deals. These websites might steal your payment information or deliver counterfeit or non-existent products. These websites often advertise unbelievable deals to lure in unsuspecting customers, either with the intention of stealing their data or selling substandard products. How to stay safe: <ul><li>Shop from reputable websites. Look for customer reviews and secure payment gateways.</li><li>Be cautious of prices that seem too good to be true.</li><li>Use a credit card for online purchases. It offers better fraud protection than a debit card.</li></ul><h2>The "Digital Arrest" scam</h2>In this chilling scam, fraudsters impersonate law enforcement officials. They may claim you're involved in illegal activities and threaten you with a "digital arrest" or legal action. To avoid this, they'll demand payment or personal information. Victims are often coerced into making payments via UPI or other digital means. The sense of urgency and fear of legal consequences often compels people to act without verifying the legitimacy of the claim. How to avoid: <ul><li>Know your rights: Law enforcement agencies will never demand payment or personal information over the phone or online. </li><li>Verify identities: If you receive such a call, hang up and directly contact the relevant authorities to verify the claim.</li></ul><h2><keyword id="23629954" type="General" weightage="20" keywordseo="KYC-scam" source="keywords">KYC scam</keyword></h2>With the increased demand for KYC (know your customer) updates across digital platforms, fraudsters are taking advantage by posing as bank or telecom representatives. They often claim that your account will be blocked if you don’t update your KYC details immediately. Victims are then asked to share their Aadhaar number, PAN, or other personal details via a fraudulent link or over a call. In some cases, they also ask users to complete the process through UPI apps, stealing money from their accounts during the process. How to avoid it: <ul><li>Banks and financial institutions never ask for personal details over a call, message, or link.</li><li>Always update KYC details through official channels, like the bank’s app or website.</li><li>If you receive a suspicious KYC request, report it to your bank’s customer service immediately.</li></ul>SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/waaree-energies-to-afcons-infrastructure-ipos-to-look-out-for-this-week/articleshow/114421377.cms">Waaree Energies to Afcons Infrastructure, IPOs to look out for this week</a> <a href="https://www.businessinsider.in/personal-finance/news/best-credit-cards-for-online-shopping-in-india/articleshow/114354358.cms">Best credit cards for online shopping this festive season</a> <a href="https://www.businessinsider.in/stock-market/news/bigger-they-are-harder-they-fall-a-look-at-how-the-countrys-biggest-ipos-have-fared/articleshow/114307997.cms">Bigger they are, harder they fall – A look at how the country’s biggest IPOs have fared</a>

UPI refund to digital arrest scam, here are some online scams you need to be aware of

New Delhi [India], March 20 (ANI): Payments through digital means in India are hitting fresh highs, as its citizens are increasingly adopting the emerging modes of transacting on the internet. In February, transactions worth Rs 18.2 lakh crore were made through Unified Payments Interface (<keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword>) with a staggering 122 crore number of transactions. The transactions made last month through the popular instant payment mechanism were a tad lower than in January, where the total value of transactions was Rs 18.4 lakh crore. The total number of transactions recorded in the month of January was 121 crore. Data maintained by the <keyword id="19907219" type="General" weightage="20" keywordseo="national-payments-corporation-of-india" source="keywords">National Payments Corporation of India</keyword> (NPCI) showed that an average of Rs 40,000-Rs 80,000 crore worth of UPI transactions are made in India on a daily basis. Coming to NEFT and RTGS, the two other instruments for online payments, the average transactions made through these were an average of Rs 33.85 lakh crore and Rs 146 lakh crore, respectively, data showed. Coming to internet banking and mobile banking, transactions worth Rs 91.24 lakh crore and Rs 28.16 lakh crore, respectively, were made in January 2024. Notably, India today accounts for nearly 46 per cent of the world's digital transactions (as per 2022 data). The share of UPI in digital payments in India has reached close to 80 per cent in 2023, informed <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (RBI) Governor <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword> earlier this month, as he outlined the growth of the payments ecosystem in the country. The RBI governor had said India has not only navigated through the fast-evolving technological innovations but also played a pivotal role, as a catalyst, in developing one of the most modern payment systems in the world. Retail digital payments in India have grown from 162 crore transactions in the financial year 2012-13 to over 14,726 crore transactions in 2023-24 (till February 2024) -- approximately a 90-fold increase over 12 years. UPI is India's mobile-based fast payment system, which facilitates customers to make round-the-clock payments instantly, using a Virtual Payment Address (<keyword id="20478991" type="General" weightage="20" keywordseo="vpa" source="keywords">VPA</keyword>) created by the customer. The UPI payment system has become hugely popular for retail digital payments in India, and its adoption is increasing at a rapid pace. A key emphasis of the Indian government has been on ensuring that the benefits of UPI are not limited to India only; other countries, too, benefit from it. So far, Sri Lanka, <keyword id="19956313" type="General" weightage="20" keywordseo="mauritius" source="keywords">Mauritius</keyword>, France, UAE, and <keyword id="19895045" type="General" weightage="20" keywordseo="singapore" source="keywords">Singapore</keyword> have partnered with India on emerging fintech and payment solutions. (ANI)

UPI transactions worth ₹18.2 lakh crore made in February 2024

From Paris to Singapore to Tokyo – India’s UPI is spreading its wings

<ul class="summary-list"><li>Singapore is the only Southeast Asia stop of Taylor Swift's Eras Tour.</li><li>The concerts are part of a push to boost tourism in Singapore after the height of the pandemic.</li></ul>Taylor Swift isn't just another celebrity on a world tour — she's literally <a target="_blank" href="https://www.businessinsider.com/taylor-swift-travis-kelce-boost-kansas-city-golden-era-2023-12">boosting economies</a>.Her impact is so huge that Singapore shelled out nearly $3 million per show to sign an exclusive deal with her for the Southeast Asian leg of her Eras Tour, <a target="_blank" href="https://www.reuters.com/lifestyle/singapore-lures-taylor-swift-with-grant-sold-out-march-concerts-2024-02-20/">Thai Prime Minister</a> Srettha Thavisin said at a business forum last month.Singapore authorities said its tourism board disbursed a grant to support Swift's event but declined to comment on specifics of the deal to Business Insider, citing business confidentiality. Edwin Tong, Singapore's culture minister, told the local outlet <a target="_blank" href="https://mothership.sg/2024/03/spore-proactively-courted-taylor/">Mothership</a> on Wednesday that the amount of grant given "is not what is being speculated online.""It is likely to generate significant benefits to the Singapore economy, especially to tourism activities such as hospitality, retail, travel, and dining, as has happened in <a target="_blank" href="https://www.businessinsider.com/taylor-swift-travis-kelce-boost-kansas-city-golden-era-2023-12">other cities</a> in which Taylor Swift has performed," Singapore's culture ministry and tourism board said in a joint statement.Swift is scheduled to perform six shows in Singapore from March 2 to March 9. More than 300,000 tickets have been sold.But it's not just about the money.<h2>Cultural clout</h2>Mega-concerts such as Swift's help build Singapore's status as a fun place to visit rather than just a place to do business and hold trade events, tourism experts say.After all, strait-laced <a target="_blank" href="https://www.todayonline.com/singapore/survey-ranks-spore-among-least-exciting-cities">Singapore</a> isn't known for being the most exciting tourist destination."Live music from some of the biggest names in the industry marks a slight shift in Singapore's attractiveness as a tourism destination," Yun Liu, an HSBC economist, wrote in a February note.Tong, the Singapore culture minister, told Mothership the city-state was looking "beyond just the economic impact" of those concerts."We look at it from the perspective of building Singapore into a cultural hub that's of strong strategic value for us," Tong told the outlet."Such concerts help put us on the top of the minds of tourists and position us as a luxe destination that justifies the premium," Kevin Cheong, the managing partner of Syntegrate, a consultancy for destination and tourism development, told BI.<h2>Tourist spend</h2>Everywhere Swift's tour goes, a boost in tourism-related spending follows, known as "Swiftonomics." That ranges from <a target="_blank" href="https://www.channelnewsasia.com/singapore/taylor-swift-singapore-concerts-stb-grant-economic-benefits-4141056">air tickets and accommodation</a> to food and beverage, as well as niche retail sectors such as the sale of <a target="_blank" href="https://www.todayonline.com/singapore/taylor-swift-friendship-bracelet-fad-singapore-fans-2369776">friendship bracelets</a>.Singapore is no exception.Economists estimate that Swift's concerts in Singapore could contribute up to <a target="_blank" href="https://www.businesstimes.com.sg/singapore/economy-policy/taylor-swifts-six-shows-estimated-boost-singapores-economy-s500-million">500 million Singapore dollars</a>, or $372 million, in tourist receipts.David Mann, the Asia Pacific chief economist of Mastercard, told BI that since Singapore is one of the <a target="_blank" href="https://www.eiu.com/n/singapore-and-zurich-top-the-list-as-the-worlds-most-expensive-cities">most expensive cities in the world</a> and has a strong currency, it was unlikely tourists from places with weaker currencies would be splurging on retail therapy in the country.It's a different story for spending on experiences — and it's heightened because Singapore is Swift's only stop in Southeast Asia.Mann said the people who had money to pay for flight tickets, Swift's concert tickets, and a hotel were likely to keep spending at other tourist spots.Since the Singapore government collects a 9% tax on all goods and services, tourist spending goes to the national coffers, too."It goes to the entire ecosystem," Cheong said.The Nomura economist Si Ying Toh wrote in a February note that Swift and the British band Coldplay — the first two major acts of 2024 in Singapore — were likely to contribute 0.25 percentage points to the country's first-quarter GDP.<h2>Taylor Swift 'pays the bills' in the short term</h2>Cheong said getting exclusive access to Swift was a smart short-term move by the Singapore government: "You need business right now to help pay the bills and put us on the world map."The wealthy city-state's neighbors are taking notice, and <a target="_blank" href="https://www.businessinsider.com/taylor-swift-exclusive-deal-singapore-criticized-by-philippines-2024-3">not all of them are happy about it</a>.Singapore's move to award a grant for Swift's appearances in the city-state is done "at the expense of neighboring countries, which could not attract their own foreign concertgoers and whose fans had to go to Singapore," Joey Salceda, a Filipino lawmaker, told the <a target="_blank" href="https://www.philstar.com/headlines/2024/02/29/2336920/singapore-must-explain-taylor-swift-exclusivity-deal-lawmaker">Philippine Star</a> on Thursday.Srettha, the Thai prime minister, also threw Singapore some shade and suggested his country could have splashed some money to attract Swift's performance, too."If I had known this, I would have brought the shows to Thailand," Srettha was quoted as saying in the <a target="_blank" href="https://www.bangkokpost.com/life/arts-and-entertainment/2743369">Bangkok Post</a>, referring to Singapore's grant for Swift's concert.The FOMO appears to extend to Indonesia, with the tourism minister, Sandiaga Salahuddin Uno, telling <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-02-19/indonesia-will-turn-to-swiftonomics-to-boost-tourism-spending">Bloomberg TV</a> last month that the country needed Swiftonomics for tourism and was considering more incentives for large events such as concerts.Still, Cheong said massive performance grants couldn't be Singapore's long-term solution to boost tourism."It's a wise move, but is it sustainable?" Cheong asked, saying he thought Singapore was courting mega-concerts as a short-term boost before big investments — such as an <a target="_blank" href="https://www.mandai.com/en/about-mandai/media-centre/mandai-invites-you-to-get-closer-to-nature-with-new-resort.html">eco-resort</a> and a new tower for the iconic <a target="_blank" href="https://www.safdiearchitects.com/media/article-safdie-architects-to-add-fourth-tower-to-marina-bay-sands-resort">Marina Bay Sands hotel</a> — were completed.Cheong said the longer-term, more sustainable measure was to make Singapore so enticing that tourists and artists would come for their big-ticket events even without grants."It has to be as attractive as Las Vegas, where performers will definitely make a stop," he added.Swift's PR team didn't immediately respond to a request for comment from BI.

Taylor Swift is making Singapore a mountain of money, and some of the country's neighbors are salty about it

<keyword id="6356662" type="General" weightage="20" keywordseo="Singapore" source="Orion">Singapore</keyword>, a vibrant and modern city-state, offers a blend of cultural heritage, modern attractions, and natural beauty. It's a popular destination for travelers from India, thanks to its proximity, cultural similarities, and an array of exciting attractions. Here’s a guide to some of the <keyword id="21879861" type="General" weightage="100" keywordseo="Best-places-to-visit-in-Singapore" source="Orion">best places to visit in Singapore</keyword> that will captivate <keyword id="20102333" type="General" weightage="20" keywordseo="Indian-tourists" source="keywords">Indian tourists</keyword>. <cmsannotation type="cmsannotation" annotationid="1. Marina Bay Sands" comment="subhead" text="1. Marina Bay Sands">1. <keyword id="21172707" type="General" weightage="20" keywordseo="Marina-Bay-Sands" source="keywords" meta.keywordsubtype="org" meta.entityname="Marina Bay Sands" meta.hostid="261" meta.entityid="Marina Bay Sands">Marina Bay Sands</keyword></cmsannotation> <div type="image" title="1" msid="110582127" hostid="261" sizebytes="1337875" caption="&amp;lt;p&amp;gt;Iconic Marina Bay Sands with its stunning rooftop infinity pool.&amp;lt;/p&amp;gt;"></div>Marina Bay Sands is one of Singapore’s most iconic landmarks. This luxurious resort complex includes a hotel, a shopping mall, a museum, two large theatres, and a world-class casino. The highlight is the SkyPark, a rooftop infinity pool that offers stunning views of the Singapore skyline. Though access to the pool is reserved for hotel guests, visitors can still enjoy the panoramic view from the observation deck. <cmsannotation type="cmsannotation" annotationid="2. Gardens by the Bay" comment="subhead" text="2. Gardens by the Bay">2. Gardens by the Bay</cmsannotation> <div type="image" title="2" msid="110582147" hostid="261" sizebytes="2496276" caption="&amp;lt;p&amp;gt;The futuristic Supertree Grove at Gardens by the Bay.&amp;lt;/p&amp;gt;"></div>Located next to Marina Bay Sands, Gardens by the Bay is a futuristic park spanning 101 hectares. It features the famous Supertree Grove, Cloud Forest, and Flower Dome. The Supertrees, with their towering vertical gardens, come alive at night with a spectacular light and sound show. The Flower Dome showcases plants from around the world, while the Cloud Forest houses a stunning indoor waterfall. <cmsannotation type="cmsannotation" annotationid="3. Sentosa Island" comment="subhead" text="3. Sentosa Island">3. Sentosa Island</cmsannotation> <div type="image" title="3" msid="110582166" hostid="261" sizebytes="1946087" caption="&amp;lt;p&amp;gt;Enjoy thrilling rides at Universal Studios Singapore on Sentosa Island.&amp;lt;/p&amp;gt;"></div>Sentosa Island is a resort destination that offers a variety of attractions. Universal Studios Singapore, an exciting theme park with rides and shows, is a major draw for families. The island also features beautiful beaches, the S.E.A. Aquarium, Adventure Cove Waterpark, and the Sentosa Merlion. Visitors can reach Sentosa via a scenic cable car ride from Mount Faber. <cmsannotation type="cmsannotation" annotationid="4. Little India" comment="subhead" text="4. Little India">4. <keyword id="21879864" type="General" weightage="20" keywordseo="Little-India" source="keywords">Little India</keyword></cmsannotation> <div type="image" title="4" msid="110582180" hostid="261" sizebytes="1933820" caption="&amp;lt;p&amp;gt;Colorful shops and vibrant streets of Little India.&amp;lt;/p&amp;gt;"></div>Little India is a vibrant neighbourhood that feels like a home away from home for Indian tourists. The area is filled with colourful shops, traditional Indian restaurants, and cultural landmarks like the Sri Veeramakaliamman Temple. The bustling Mustafa Centre, a 24-hour shopping complex, offers everything from electronics to groceries. <cmsannotation type="cmsannotation" annotationid="5. Chinatown" comment="subhead" text="5. Chinatown">5. Chinatown</cmsannotation> <div type="image" title="5" msid="110582223" hostid="261" sizebytes="1831455" caption="&amp;lt;p&amp;gt;Explore cultural heritage at the Buddha Tooth Relic Temple in Chinatown.&amp;lt;br&amp;gt;&amp;lt;/p&amp;gt;"></div>Chinatown is a cultural enclave that showcases Singapore’s rich Chinese heritage. Visitors can explore the Chinatown Heritage Centre, visit the beautiful Buddha Tooth Relic Temple, and enjoy delicious street food at Chinatown Food Street. The area is also known for its traditional shops and markets selling souvenirs, textiles, and antiques. <cmsannotation type="cmsannotation" annotationid="6. Orchard Road" comment="subhead" text="6. Orchard Road">6. Orchard Road</cmsannotation> <div type="image" title="6" msid="110582243" hostid="261" sizebytes="2265189" caption="&amp;lt;p&amp;gt;Shop till you drop at the luxurious malls on Orchard Road.&amp;lt;/p&amp;gt;"></div>Orchard Road is Singapore’s premier shopping destination. This bustling boulevard is lined with luxury boutiques, department stores, and shopping malls. Popular malls include ION Orchard, Ngee Ann City, and Paragon. Besides shopping, Orchard Road offers a variety of dining options, from high-end restaurants to casual eateries. <cmsannotation type="cmsannotation" annotationid="7. Singapore Zoo and Night Safari" comment="subhead" text="7. Singapore Zoo and Night Safari">7. Singapore Zoo and Night Safari</cmsannotation> <div type="image" title="7" msid="110582255" hostid="261" sizebytes="2702872" caption="&amp;lt;p&amp;gt;Experience wildlife up close at the Singapore Zoo.&amp;lt;/p&amp;gt;"></div>The Singapore Zoo is renowned for its open-concept exhibits that allow animals to roam in naturalistic habitats. Highlights include the Fragile Forest, the Great Rift Valley of Ethiopia, and the Orangutan Island. Adjacent to the zoo is the Night Safari, the world’s first nocturnal zoo, offering a unique opportunity to observe nocturnal animals in their natural habitat. <cmsannotation type="cmsannotation" annotationid="8. Clarke Quay" comment="subhead" text="8. Clarke Quay">8. Clarke Quay</cmsannotation> <div type="image" title="8" msid="110582269" hostid="261" sizebytes="1373695" caption="&amp;lt;p&amp;gt;Clarke Quay&amp;#39;s lively riverside nightlife.&amp;lt;/p&amp;gt;"></div>Clarke Quay is a riverside quay that comes alive at night with a vibrant nightlife. The area is filled with restaurants, bars, and clubs, making it a popular spot for evening entertainment. Visitors can also enjoy a scenic river cruise to see Singapore’s skyline and iconic landmarks illuminated at night. <cmsannotation type="cmsannotation" annotationid="9. Singapore Flyer" comment="subhead" text="9. Singapore Flyer">9. Singapore Flyer</cmsannotation> <div type="image" title="9" msid="110582293" hostid="261" sizebytes="1554420" caption="&amp;lt;p&amp;gt;Panoramic city views from the Singapore Flyer.&amp;lt;/p&amp;gt;"></div>The Singapore Flyer is a giant observation wheel that offers breathtaking views of the city. Standing at 165 meters, it is one of the world’s tallest Ferris wheels. The 30-minute ride provides panoramic views of landmarks like Marina Bay, the Singapore River, and even parts of Malaysia and Indonesia on a clear day. <cmsannotation type="cmsannotation" annotationid="10. Haw Par Villa" comment="subhead" text="10. Haw Par Villa">10. Haw Par Villa</cmsannotation> <div type="image" title="10" msid="110582307" hostid="261" sizebytes="2497550" caption="&amp;lt;p&amp;gt;Discover Chinese mythology at the unique Haw Par Villa.&amp;lt;/p&amp;gt;"></div>Haw Par Villa is a unique theme park that showcases Chinese mythology and folklore. It features over 1,000 statues and dioramas depicting scenes from Chinese legends and history. The park is best known for its Ten Courts of Hell, a series of gruesome displays illustrating the Buddhist concept of hell. <cmsannotation type="cmsannotation" annotationid="Tips for Indian Travellers" comment="subhead" text="Tips for Indian Travellers">Tips for Indian Travellers</cmsannotation> Food: Singapore is a food lover’s paradise with a variety of Indian vegetarian and non-vegetarian options. Visit hawker centres for affordable and delicious local food. Weather: Singapore has a tropical climate. Carry light, comfortable clothing and stay hydrated. Transport: The MRT (Mass Rapid Transit) system is efficient and convenient for getting around the city. Language: English is widely spoken, making it easy for Indian tourists to communicate. Singapore’s mix of cultural experiences, modern attractions, and natural beauty makes it a wonderful destination for Indian travellers. Whether you’re exploring futuristic gardens, indulging in world-class shopping, or enjoying vibrant nightlife, Singapore has something for everyone. <cmsannotation type="cmsannotation" annotationid="Frequently asked questions" comment="subhead" text="Frequently asked questions">Frequently asked questions</cmsannotation> 1. Do I need a visa to travel to Singapore? Yes, Indian passport holders need a visa to enter Singapore. You can apply for a Singapore visa online or through authorised travel agents. The visa process is straightforward and typically takes about 3-5 working days. 2. What is the best time to visit Singapore? Singapore has a tropical climate with consistent temperatures year-round. However, the best time to visit is between February and April when the weather is relatively dry and pleasant. Avoid visiting during the monsoon seasons (November to January and June to September) when heavy rains can disrupt outdoor activities. 3. What is the local currency and how can I exchange money? The local currency is the Singapore Dollar (SGD). Money can be exchanged at banks, currency exchange counters at the airport, and authorised money changers throughout the city. ATMs are widely available, and credit cards are accepted at most establishments. 4. Is Singapore safe for tourists? Yes, Singapore is one of the safest countries in the world for tourists. It has low crime rates and a very efficient public safety system. However, it’s always advisable to take common precautions, such as safeguarding your belongings and being aware of your surroundings. 5. What is the best way to get around Singapore? Singapore has an excellent public transportation system, including the MRT (Mass Rapid Transit) and buses, which are efficient, clean, and affordable. Taxis and ride-hailing services like Grab are also widely available. The EZ-Link card or Singapore Tourist Pass are convenient options for unlimited travel on public transport. SEE ALSO: <a href="https://www.businessinsider.in/travel/international/webstories/top-10-activities-to-do-in-singapore-for-an-unforgettable-visit-in-2024/slidelist/110551251.cms" data-type="tilCustomLink" target="_blank">10 best things to do in Singapore for an unforgettable visit</a>

Best places to visit in Singapore for Indians

India has witnessed the fastest jump in alternative payment share for <keyword id="21422684" type="General" weightage="100" keywordseo="e-commerce-payments" source="keywords">e-commerce payments</keyword> in the <keyword id="20122305" type="General" weightage="20" keywordseo="Asia-Pacific-region" source="keywords">Asia-pacific region</keyword> from 20.4% in 2018 to 58.1% in 2023 as per a report by GlobalData, a data and analytics company. Options for payment other than traditional cash include <keyword id="19900911" type="General" weightage="20" keywordseo="UPI" source="keywords">UPI</keyword>, <keyword id="6354770" type="General" weightage="20" keywordseo="debit-cards" source="Orion">debit cards</keyword> and <keyword id="6387037" type="General" weightage="20" keywordseo="credit-cards" source="Orion">credit cards</keyword> among others. "This significant uptake of alternative payment solutions can be attributed to the widespread usage of <keyword id="21223853" type="General" weightage="20" keywordseo="mobile-wallets" source="keywords">mobile wallets</keyword>, largely driven by UPI, which facilitates mobile payments in real-time simply by scanning <keyword id="19993724" type="General" weightage="20" keywordseo="QR-codes" source="keywords">QR codes</keyword>," GlobalData report elaborated. The report highlights that in the Asia-Pacific (APAC) region, the payment solutions such as mobile and digital wallets have displaced traditional payment methods like cash and bank transfers for e-commerce payments. The report states that such alternative payments are already immensely popular in countries like <keyword id="1334" type="General" weightage="20" keywordseo="china" source="Orion">China</keyword> and India and are also gaining traction in other APAC markets as well. However, China led the way in 2023, with alternative payments accounting for nearly two-thirds of the total e-commerce payments value in 2023 that took place in the entire Asia Pacific region. However, India is also not far behind, with a significant surge in alternative payment methods since 2018. The e-commerce analytics by the company revealed that even traditionally cash-intensive countries in APAC such as the Philippines, Malaysia, and Indonesia, are witnessing a similar trend. "While most Asian markets are traditionally cash-dominated, the adoption of alternative payment methods for both online and in-store payments is growing across many markets in the region, even outpacing the West. This trend is driven by the rising smartphone and internet accessibility, increasing convenience of electronic payments, and the proliferation of mobile and QR code-based payment solutions" said Shiv Gupta, Senior Banking and Payments Analyst at GlobalData. The report also highlights that within the Asia-Pacific region, China and India have a higher adoption rate of alternative payment methods as compared to their peers. According to the company's 2023 Financial Services Consumer Survey, alternative payment solutions account for more than 65% of the e-commerce transaction value in China, the largest e-commerce market globally. It represents a significant increase from 53.4% in 2018. Other Asian markets like Indonesia, Hong Kong, Singapore, and the Philippines are also seeing higher adoption of alternative payment solutions. "Alternative payment solutions accounts for lion share in e-commerce markets across many APAC countries, supported by rising internet and smartphone penetration, and growing acceptance of digital payments by merchants. With the convenience, speed, and security they offer, coupled with high expected growth in the overall e-commerce market in the region, these payment tools are anticipated to further gain traction and disrupt the consumer payment space in the region" said Gupta.

India's non-cash payments on e-commerce platforms surge to 58.1% in 2023

<ul class="summary-list"><li>Abby Ooi worked full-time as a flight attendant while pursuing a bachelor's degree and a master's in counseling.</li><li>Ooi, 28, had to sacrifice sightseeing and sleep to catch up with her assignments.</li></ul>This as-told-to essay is based on a conversation with Abby Ooi, a therapist, graduate student, and former Singapore Airlines flight attendant. The following has been edited for length and clarity.At 18, I moved from Malaysia to <a target="_blank" class="" href="https://www.businessinsider.com/quit-dream-job-jpmorgan-banking-not-for-me-singapore-2023-11">Singapore</a> with $230 and a career plan.I wanted to become a flight attendant — something I had fantasized about since I was young. My mom raised my two older brothers and me alone. Growing up, we couldn't afford to travel, so I thought I would do it on my own one day.After working in retail for three years — and in the middle of pursuing my bachelor's degree in liberal arts — I landed a job with Singapore Airlines as a <a target="_blank" class="" href="https://www.businessinsider.com/flight-attendant-side-hustle-part-time-2024-1">flight attendant</a> at 22.I was young, excited, and grateful that I had gotten the job. I thought that I had everything I wanted.But a few months into my second year of working for <a target="_blank" class="" href="https://www.businessinsider.com/toured-singapores-flight-attendant-training-center-looked-physically-demanding-2023-3">Singapore Airlines</a>, I started experiencing a lot of stress. I had to show up every day looking perfect and being nice to everyone, then return to an empty apartment and study for my bachelor's degree. I couldn't afford to take days off because I needed the salary.I also found the industry expectations conflicting. There were strict rules to follow, and I couldn't challenge myself to think critically. Flying also <a target="_blank" class="" href="https://www.businessinsider.com/flight-attendant-best-and-worst-things-about-job-2023-9">took a toll on my body</a>.I decided to start <a target="_blank" class="" href="https://www.businessinsider.com/7-signs-you-might-benefit-from-speaking-to-a-therapist-2020-8">seeing a therapist</a>, and it helped. A few months in, she asked if I had ever considered a career in therapy. She told me that I picked up on things quickly and had high awareness.By then, I had gained my bachelor's degree and had been working for a few years. I realized I had the capacity and resources to pursue what had become my second dream: becoming a therapist. My therapist's words encouraged me to <a target="_blank" class="" href="https://www.businessinsider.com/flight-attendant-singapore-airlines-quit-open-hawker-stall-2024-9">pursue this new career.</a>In my third year as a flight attendant, I completed a six-month graduate certificate course in counseling and made the decision to pursue a part-time master's degree in counseling.<h2 id="a11db53d-e5ba-41b5-9001-468ae01c5a72">Balancing work and studies came with sacrifices</h2><div type="image" title="A collage of laptops and study notes" height="1382" width="1842" msid="114710639" hostid="261" sizebytes="232096"></div>I spent around 60,000 Singapore dollars, or $45,500, on my master's degree and graduate certificate from Monash University. Spending so much money while avoiding loans made me feel committed to seeing it through.My degree was part-time, with around 12 hours of class each week. As a flight attendant, I had an average of 120 hours of flying a month. Our schedules were irregular and unpredictable. However, as classes were online, I found time to fit them into my schedule.I won't glamorize the life of working and studying. There were sacrifices I had to make.This was an example of my daily schedule: I would touch down early in the morning in a new city and commute to the hotel. Feeling tired, I would set myself up at a desk and focus on schoolwork. After spending hours on that day's assignment, the next thing I knew, it was time for bed. I would set an alarm for 5 a.m. to finish up. Then, it would be time to leave for the next flight.I remember how badly I wanted to see the Statue of Liberty in New York City or visit Disneyland in California. However, because I had assignments due, I didn't let myself get sidetracked by the temptation of going out with colleagues to see new things.Sometimes, when I didn't have an assignment due, I had the time to go out. But I knew that by going out with my colleagues, people would want to check out restaurants and then split bills accordingly. I knew I couldn't afford that, so I went to libraries and museums and spent time alone. Because of this, my colleagues often assumed that I was antisocial.At the time, I also avoided social media because I found it to be too big of a distraction. It <a target="_blank" class="" href="https://www.businessinsider.com/modern-loneliness">often felt lonely</a>, but I was always looking at the bigger picture. I thought, I don't need social media right now, and I don't need to go out with people because what's bigger right now is my dream.<h2 id="a4d9eda7-436b-490e-ad00-7429184e3819">My days off were spent on internships</h2>As part of my degree requirement, I had to complete 250 hours of professional experience through clinical placements. So, my days off were spent completing my three internships at clinics.I completed my master's degree in counseling from Monash University last year. After 6 years at <a target="_blank" class="" href="https://www.businessinsider.com/singapore-airlines-first-class-suite-double-bed-is-worlds-best-2024-6">Singapore Airlines</a>, I left in February and moved to Sydney a week later.Eager to continue studying, I had applied to the University of Sydney and was granted a scholarship. I'm now pursuing a second master's degree in social work.<div type="image" title="A girl sits at the University of Sydney" height="1365" width="1820" msid="114710637" hostid="261" sizebytes="441352"></div>Looking back at my time as a flight attendant, I saw different aspects of humanity by traveling to different parts of the world. I saw drug addicts on the streets in San Francisco and starving kids in Mumbai's slums.It made me think, how can I help people? It helped confirm that I was planning for the right career switch.These days, I post about my journey on social media and get messages from people asking how I studied while working.This is what I tell them: The future is for yourself. Take advantage of the resources you have, and even if you don't have a lot, you can multiply them with time and effort.It definitely hasn't been easy, but it was worth it.A representative for Singapore Airlines did not respond to a request for comment from BI.

I started seeing a therapist when my job as a Singapore Airlines flight attendant got too stressful. It changed my career path.

<ul class="summary-list"><li>Jonathan Sit is a regional general manager at One15 Marina in Singapore.</li><li>The 34-year-old said he uses face-to-face communication and respect to build strong relationships.</li></ul>This as-told-to essay is based on a conversation with Jonathan Sit, a regional general manager for ONE15 Marina. It has been edited for length and clarity.I grew up in Hong Kong, where I interned at hotels like the Four Seasons and at a three Michelin Star restaurant called Caprice. Since then, my entire career has been based around relatively high-net-worth individuals, and I get to see the ins and outs of that market.After graduating from <a target="_blank" class="" href="https://www.businessinsider.com/cornell-student-pandemic-remote-hybrid-classes-fall-semester-2020-9">Cornell's</a> hospitality program, I moved to Singapore. I joined <a target="_blank" class="" href="https://www.businessinsider.com/singapore-sentosa-cove-one-marina-hotel-yacht-club-review-2023-5">ONE15 Marina</a> at Sentosa Cove Singapore in 2014 as a management associate for two years before becoming regional general manager.My role now involves managing the marina, an events management company, a charter company, and a few external projects. My day is always packed, but that's what makes it exciting.Some of the <a target="_blank" class="" href="https://www.businessinsider.com/charter-yacht-singapore-cheapest-option-sentosa-cove-photos-2022-2">boats</a> docked in our marinas are worth $20 million to $30 million each, and it would take a multiplier to your net worth to own a boat like that, so our clients can be very <a target="_blank" class="" href="https://www.businessinsider.com/inside-the-secretive-world-of-superyachts-2023-8">wealthy individuals</a>.It's a strangely humbling experience because people walk around wearing T-shirts and shorts when I just read about them on CNBC, and here they are, having coffee with me.<h2 id="ae5fbacd-3977-4182-ab28-8b187407dbbf">1. Avoid emails whenever you can</h2>When I first started, there were times when difficult conversations came up, such as an email from a disgruntled member about certain things that we could agree to disagree on.In the past, I would have replied by addressing everything point by point, but I've learned quickly that it's ineffective. You're starting an argument, and members don't want to argue. They want things to be resolved.Although I may shy away from it, it's better just to pick up the phone and give them a call and say: "Hey, can I have a chat with you? Best if we can meet in person," because a lot of times in emails, the tone of what you've written is subject to interpretation.Memorably, I've had hostile clients who threatened to sue us, but after talking things through with them, they became very friendly and loyal customers because they knew that we were taking them seriously.It's very old school, but having that face-to-face negotiation and finding common ground to land where everyone's happy can change the dynamics of the conversation very quickly.<h2 id="df9ae20c-3050-49ac-8ce0-2d5e01eb36bb">2. Your word is worth your weight in gold</h2><a target="_blank" class="" href="https://www.businessinsider.com/photos-singapore-sentosa-island-former-pirate-haven-turned-vacation-spot-2023-5#according-to-the-los-angeles-times-the-island-has-one-foot-in-fantasy-land-and-one-foot-in-a-future-in-which-singapore-embraces-well-southern-california-with-a-gated-community-of-luxury-homes-and-a-yacht-marina-21">Sentosa Cove</a> is very residential, with around 2,000 to 3,000 households, many of whom are our members, and some even live on their yachts.They're not shy about sharing feedback, and sometimes, they ask me to go out to lunch so they can tell me a bit more about their current work or their businesses.For example, a member recently asked us to set up tennis groups because he didn't know anyone. Afterward, he was so thankful that he invited us to dinner. We discussed renovating our restaurants and the costs of building pickleball courts.Talking about pricing is a great way to interact with clients and understand their perspectives on where their money is going. What I think in isolation might differ from their needs.Our members just want fair value for what they pay for. They might be able to afford services that cost $100,000, but they are ultimately looking for good value.But I also have to be careful when making promises because I'll have to ensure they are fulfilled. Your words are worth your weight in gold. Once you lose their trust, it's hard to regain it.<h2 id="fbd75871-ea86-4ea3-bd65-a02da3e9fe69">3. Don't put wealthy people on a pedestal</h2>It sounds cliché, but the marina industry is a people business, and members want to be treated like humans.If there's an issue, don't just pull out the contract and throw the bylaws at them. Sometimes, it's better to talk to people like humans and treat them respectfully.Some days might feel frustrating when someone is stubborn or unreasonable, but I don't take it to heart. On other days, it's fulfilling when clients recognize my or my team's work.For example, when we run sustainability efforts, like cleaning beaches or our coral nursery, people come up to us and say, "Wow, you're so far ahead of the competition." It's those moments of recognition that make it all worthwhile.Learning a bit about yachting also helps me relate to the members better. I try to keep up with current affairs as much as possible. Many members are businesspeople, and discussing the latest events, such as the upcoming <a target="_blank" class="" href="https://www.businessinsider.com/harris-trump-presidential-election-50-days-vance-walz-electoral-math-2024-9">US elections</a>, is a quick way to connect with them.Engaging with them on a human level and not putting them on a pedestal builds respect. Sometimes, if you can banter with them, they appreciate it and treat you like a friend.Many times, they've come to me and said that they want to help out, be it with funding or manpower, which was not something that we were expecting.Our members are very humble and honest in my experience, and we've been lucky to work with them. They're not asking for special treatment. They just want good, honest service.Do you have a story to share about working around high-net-worth individuals? Email this reporter at <a target="_blank" href="mailto:lwee@insider.com">lwee@insider.com</a>.

I manage a private yacht marina in Singapore. Here are 3 ways I build trust with wealthy clients.  

US short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="153" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> alleged that it suspects <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="153" meta.entityid="Sebi">SEBI</keyword>'s unwillingness to act against <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="153" meta.entityid="Adani Group">Adani group</keyword> may be because its head Madhabi Puri Buch had stakes in <keyword id="20311680" type="General" weightage="20" keywordseo="offshore-funds" source="keywords">offshore funds</keyword> linked to the conglomerate - an allegation slammed by the SEBI head as "baseless" while Adani group said it never had any commercial relations with Buch. Hindenburg alleged that Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by <keyword id="20283220" type="General" weightage="20" keywordseo="Vinod-Adani" source="keywords">Vinod Adani</keyword> - the elder brother of group chairman Gautam Adani - to round-trip funds and inflate stock prices. SEBI, in October 2020, began a probe into the shareholding structure of Adani group companies after red flags were raised over the high concentration of foreign holdings in the conglomerate's listed companies. An investigation was launched to determine if the foreign investors were genuine public shareholders or acting as fronts for the promoters. SEBI, last year had told a Supreme Court-appointed panel that it was investigating 13 opaque offshore entities that held between 14-20% across five publicly traded stocks of the conglomerate. It hasn't stated if the two probes have since been completed, something which Hindenburg used to attack the market regulator. Madhabi Puri Buch and her husband Dhaval Buch in a joint statement strongly denied the "baseless allegations and insinuations made in the report". The same, they said, "are devoid of any truth". "Our life and finances are an open book," they said. "It is unfortunate that Hindenburg Research against whom SEBI has taken an enforcement action and issued a show cause notice, has chosen to attempt character assassination in response to the same." Buchs further said they have no hesitation in disclosing any financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. While the statement did not talk about the questions Hindenburg raised over SEBI probe, the duo promised to come out with a detailed response. Separately, Adani group in a regulatory filing called the allegations by Hindenburg as "malicious, mischievous and manipulative selections of publicly available information to arrive at predetermined conclusions for personal profiteering with wanton disregard for facts and the law." "The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing," it said. "We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements". Rejecting the allegations, it said they were nothing but a "recycling of discredited claims that have been thoroughly investigated, proven to be baseless, and already dismissed by the Supreme Court in March 2023." "It is reiterated that our overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents," Adani group said, adding Anil Ahuja was a nominee director of 3i investment fund in Adani Power (2007-2008) and, later, a director of Adani Enterprises until 2017. "For a discredited short-seller under the scanner for several violations of Indian securities laws, Hindenburg's allegations are no more than red herrings thrown by a desperate entity with total contempt for Indian laws," it added. Hindenburg on Saturday stated that the SEBI chairperson and her husband invested in offshore entities that were allegedly part of a fund structure managed by India Infoline, and in which Vinod Adani also had investments. These investments reportedly date back to 2015, well before her appointment as a full-time member of SEBI in 2017 and the subsequent elevation as chairperson in March 2022. It said the Bermuda-based Global Opportunities Fund, which allegedly was used by entities connected to Adani Group to trade in shares of group companies, had sub-funds. Buch and her husband were investors in one of these sub-funds in 2015. Citing "whistleblower documents", Hindenburg said, "<keyword id="22743118" type="General" weightage="20" keywordseo="Madhabi-Buch" source="keywords">Madhabi Buch</keyword>, the current chairperson of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani <keyword id="22743230" type="General" weightage="20" keywordseo="money-siphoning" source="keywords">money siphoning</keyword> scandal." SEBI, it claimed, has "shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities." Buch and her husband may have first opened their account with IPE Plus Fund 1 on June 5, 2015, in Singapore. IPE fund is a small offshore Mauritius fund set up by Vinod Adani director through India Infoline (IIFL), a wealth management firm with ties to the Wirecard embezzlement scandal. "Vinod Adani, brother of Gautam Adani, used this structure to invest in Indian markets with funds allegedly siphoned from over-invoicing of power equipment to Adani Group," claimed Hindenburg. Latching on to the Hindenburg allegations, Congress said the revelations only reinforced its demand for setting up a "joint parliamentary committee to investigate the full scope of the Adani mega scam" while the Trinamool Congress said the SEBI chairperson must resign. "This raises fresh questions about Gautam Adani's two 2022 meetings in quick succession with Ms Buch shortly after she became SEBI chairperson. Recall that SEBI was supposedly investigating Adani transactions at the time," Congress leader Jairam Ramesh said. In January last year, Hindenburg Research, which in the past has shorted - or bet against - companies like electric truck maker Nikola Corp and Twitter, accused Adani Group of pulling "the largest con in corporate history" by using a web of companies in tax havens to inflate its revenue and manipulate stock prices, even as debt piled up. Though the conglomerate vehemently denied all allegations, the damning report sent the group's shares into a free fall, wiping out over USD 150 billion in market value of the 10 listed entities at their lowest point. Most of the 10 listed companies have since recouped the losses. After the Hindenburg report, the Supreme Court asked market regulator SEBI to complete its investigation and set up a separate expert panel to look into regulatory lapses. The panel did not give any adverse report on Adani and the apex court too stated that no other probe other than one being done by SEBI was required. On June 26 this year, SEBI in a show cause notice charged Hindenburg of "deliberately sensationalizing and distorting certain facts" as well as working with a New York hedge fund to make its bet. Hindenburg had responded to that saying it made just USD 4.1 million from its declared positions on Adani stocks and criticized the regulator for not focusing its investigation into the January 2023 report "providing evidence" of the conglomerate creating "a vast network of offshore shell entities" and moving billions of dollars "surreptitiously" into and out of Adani public and private entities. The group led by billionaire Gautam Adani, who was the world's third-richest man before Hindenburg, in an epic comeback strategy raised USD 15 billion in equity and debt, sold some assets, repaid loans that were raised pledging shares, reined in expenses, repaid some debt and refocused energies on core business. Adani is now ranked 12th richest in the world, one notch and USD 6 billion shy of rival billionaire Mukesh Ambani. The group has also made some acquisitions, buying cement company Sanghi Industries and the news agency IANS. Adani has insisted the Hindenburg report has not changed operations at his companies, which include ports, airports, renewable parks generating electricity from sunlight and wind energy, gas distribution, cement processors, data centers, and even apple farms. 360 One Wam Ltd, formerly known as IIFL Wealth Management Ltd, separately said IPE-Plus Fund 1, a fully compliant and regulated fund, was launched in October 2013 and operated until October 2019. "Throughout the fund's tenure, IPE-Plus Fund 1 made zero investments in any shares of the Adani Group either directly or indirectly through any fund," it said. "At its peak, the fund's Assets Under Management (AUM) reached approximately USD 48 million, with over 90% of the fund consistently invested in bonds." The fund, it said, was managed as a discretionary fund by the Investment Manager. "No investor had any involvement in the fund's operations or investment decisions. Mrs. Madhabi Buch &amp; Mr. Dhaval Buch's holdings in the fund were less than 1.5% of the total inflow into the fund." Hindenburg on Saturday alleged that just weeks before Buch's appointment to SEBI, her husband requested the transfer of their investments into his sole control, potentially to avoid any scrutiny related to her new regulatory role. The couple's investments were reportedly funneled through a complex, multi-layered offshore structure, raising questions about their legitimacy and purpose. On March 22, 2017, just weeks ahead of Buch's appointment as SEBI Wholetime Member, her husband, Dhaval Buch, wrote to Mauritius fund administrator Trident Trust. That communication was regarding his and his wife's investment in the Global Dynamic Opportunities Fund (GDOF), the US firm alleged. "In the letter, Dhaval Buch requested to"be the sole person authorized to operate the accounts", seemingly moving the assets out of his wife's name ahead of the politically sensitive appointment," Hindenburg alleged. Dhaval Buch is currently a senior advisor at Blackstone and at Alvarez &amp; Marsal. He also serves as a non-executive director on the Board of Gildan. "In a later account statement dated February 26, 2018, addressed to Madhabi Buch's private email, the full details of the structure are revealed: "GDOF Cell 90 (IPEplus Fund 1)". Again, this is the same Mauritius-registered "cell" of the fund, found several layers deep in a convoluted structure, reportedly used by Vinod Adani," Hindenburg alleged. From April 2017 to March 2022, while Buch was a Wholetime member and Chairperson at SEBI, she had a 100 % interest in an offshore Singaporean consulting firm, called Agora Partners, it alleged adding On March 16, 2022, two weeks after she was appointed SEBI Chairperson, she quietly transferred the shares to her husband. To date, SEBI has taken no action against these funds, it claimed. "If SEBI wanted to find the offshore fund holders, perhaps the SEBI Chairperson could have started by looking in the mirror," Hindenburg said. In response to requests from the Supreme Court to investigate the Adani matter, SEBI is said to have hit a wall unveiling the holders of the offshore funds. The Supreme Court said that while SEBI seemingly agreed with its concerns over who funded Adani's offshore shareholders, "it is evident that SEBI has drawn a blank in this investigation", the firm alleged.

Hindenburg target SEBI chief, she calls charges baseless, Adani says no commercial relationship with SEBI head

US-based firm <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="261" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> on August 10 alleged that SEBI's Chairperson <keyword id="22743118" type="General" weightage="20" keywordseo="madhabi-buch" source="keywords">Madhabi Buch</keyword> and her husband had a stake in "both the obscure offshore entities used in the Admoney siphoning scandal." After putting out a teaser this morning, hinting at a significant disclosure involving India, Hindenburg by the end of the day published a new report that stated, "We had previously noted Adani's total confidence in continuing to operate without the risk of serious regulatory intervention, suggesting that this may be explained through Adani's relationship with <keyword id="20914154" type="General" weightage="100" keywordseo="SEBI-Chairperson" source="keywords">SEBI Chairperson</keyword>, Madhabi Buch." "What we hadn't realized: the current SEBI Chairperson and her husband, Dhaval Buch, had hidden stakes in the exact same obscure offshore Bermuda and Mauritius funds, found in the same complex nested structure, used by Vinod Adani," the report by the US hedge firm said. The link to the entire report was posted on the 'X' account of Hindenburg Research. "New from us," read the tweet adding "<keyword id="22746637" type="General" weightage="20" keywordseo="whistleblower-documents" source="keywords">Whistleblower Documents</keyword> Reveal SEBI's Chairperson Had Stake In Obscure Offshore Entities Used In Adani <keyword id="22743230" type="General" weightage="20" keywordseo="money-siphoning" source="keywords">Money Siphoning</keyword> Scandal" Hindenburg Research said it has made the new allegations based on documents provided by a whistleblower and investigations carried out by other entities. "Madhabi Buch and her husband Dhaval Buch first appear to have opened their account with IPE Plus Fund 1 on June 5, 2015, in Singapore, per whistleblower documents. A declaration of funds, signed by a principal at IIFL states that the source of the investment is "salary" and the couple's net worth is estimated at USD 10 million," the report stated. In January 2023, Hindenburg published a report accusing the Adani Group of <keyword id="20054376" type="General" weightage="20" keywordseo="financial-irregularities" source="keywords">financial irregularities</keyword>, leading to a significant drop in the company's stock price. The group at the time had rubbished these claims. The Hindenburg report alleged <keyword id="20055139" type="General" weightage="20" keywordseo="stock-manipulation" source="keywords">stock manipulation</keyword> and fraud by the conglomerate. The case is related to the allegations (part of a report by Hindenburg Research) that Adani had inflated its share prices. After these allegations were published, there was a sharp fall in the shares of various Adani group companies stocks, reportedly to the tune of over USD 100 billion. The US short seller's 2023 January report was published two days before a USD 2.5 billion follow-up public offering was issued by Adani Enterprises. The Adani group has repeatedly denied all the accusations in the Hindenburg Research report.

Hindenburg alleges SEBI Chairperson, her husband had hidden stakes in obscure offshore funds with links to Adani scandal

US short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="153" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> has alleged that it suspects <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="153" meta.entityid="Sebi">SEBI</keyword>'s unwillingness to act against <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="153" meta.entityid="Adani Group">Adani Group</keyword> may be because of its head Madhabi Puri Buch had stakes in <keyword id="20311680" type="General" weightage="20" keywordseo="offshore-funds" source="keywords">offshore funds</keyword> linked to the conglomerate - an allegation that the SEBI head called "baseless" and an attempt of "character assassination". Hindenburg alleged that Buch and her husband had undisclosed investments in <keyword id="22746661" type="General" weightage="20" keywordseo="obscure-offshore" source="keywords">obscure offshore</keyword> funds in Bermuda and Mauritius, the same entities allegedly used by <keyword id="20283220" type="General" weightage="20" keywordseo="Vinod-Adani" source="keywords">Vinod Adani</keyword> - the elder brother of group chairman Gautam Adani - to round-trip funds and inflate stock prices. SEBI in October 2020 began a probe into the shareholding structure of Adani Group companies after red flags were raised over high concentration of foreign holdings in the conglomerate's listed companies. Investigation was launched to determine if the foreign investors are genuine public shareholders or acting as fronts for the promoters. SEBI last year had told a Supreme Court-appointed panel that it was investigating 13 opaque offshore entities that held between 14 per cent and 20 per cent across five publicly traded stocks of the conglomerate. It hasn't stated if the two incomplete probes have since been completed, something which Hindenburg used to attack the market regulator. Madhabi and her husband Dhaval Buch in a joint statement strongly denied the "baseless allegations and insinuations made in the report". The same, they said, "are devoid of any truth". "Our life and finances are an open book," they said. "It is unfortunate that Hindenburg Research against whom SEBI has taken an enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same." While the statement did not talk on the questions Hindenburg raised over SEBI probe, the duo promised to come out with a detailed response. Hindenburg on Saturday stated that the Madhabi and her husband invested in offshore entities that were allegedly part of a fund structure managed by India Infoline and in which Vinod Adani also had investments. These investments reportedly date back to 2015, well before her appointment as a whole-time member of SEBI in 2017 and the subsequent elevation as chairperson in March 2022. It said Bermuda-based Global Opportunities Fund, which allegedly was used by entities connected to Adani Group to trade in shares of group companies, had sub-funds. Buch and her husband were investors in one of these sub-funds in 2015. Citing "whistleblower documents", Hindenburg said, "<keyword id="22743118" type="General" weightage="20" keywordseo="Madhabi-Buch" source="keywords">Madhabi Buch</keyword>, the current chairperson of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani <keyword id="22743230" type="General" weightage="20" keywordseo="money-siphoning" source="keywords">money siphoning</keyword> scandal." SEBI, it claimed, has "shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities." The Buchs may have first opened their account with IPE Plus Fund 1 on June 5, 2015 in Singapore. IPE fund is a small offshore Mauritius fund set up by Vinod Adani through India Infoline (IIFL), a wealth management firm with ties to the Wirecard embezzlement scandal. "Vinod...used this structure to invest in Indian markets with funds allegedly siphoned from over invoicing of power equipment to Adani Group," claimed Hindenburg. Latching on to the Hindenburg allegations, Congress said the revelations only reinforced its demand for setting up a "joint parliamentary committee to investigate the full scope of the Adani mega scam" while the Trinamool Congress said the SEBI chairperson must resign. In January last year, Hindenburg accused Adani Group of pulling "the largest con in corporate history" by using a web of companies in tax havens to inflate its revenue and manipulate stock prices, even as debt piled up. After the Hindenburg report, the SC asked SEBI to complete its investigation and set up a separate expert panel to look into regulatory lapses. The panel did not give any adverse report on Adani and the apex court too stated that no other probe other than one being done by SEBI was required. On June 26 this year, SEBI in a show cause notice charged Hindenburg of "deliberately sensationalising and distorting certain facts" as well as working with a New York hedge fund to make its bet. Hindenburg had responded to that saying it made just USD 4.1 million from its declared positions on Adani stocks and criticised the regulator for not focusing its investigation into the January 2023 report "providing evidence" of the group creating "a vast network of offshore shell entities" and moving billions of dollars "surreptitiously" into and out of Adani public and private entities. Gautam Adani, who was the world's third-richest man before Hindenburg, in an epic comeback strategy raised USD 15 billion in equity and debt, sold some assets, repaid loans that was raised pledging shares, reined in expenses and refocused energies on core business. Adani is now ranked 12th richest in the world. The group has also made some acquisitions, buying cement company Sanghi Industries and the news agency IANS. Hindenburg on Saturday alleged that just weeks before Buch's appointment to SEBI, her husband requested the transfer of their investments into his sole control, potentially to avoid any scrutiny related to her new regulatory role. The couple's investments were reportedly funnelled through a complex, multi-layered offshore structure, raising questions about their legitimacy and purpose. On March 22, 2017, just weeks ahead of Buch's appointment as SEBI whole-time member, Dhaval wrote to Mauritius fund administrator Trident Trust. That communication was regarding his and his wife's investment in the Global Dynamic Opportunities Fund (GDOF), the US firm alleged. "In the letter, Dhaval requested to "be the sole person authorised to operate the Accounts", seemingly moving the assets out of his wife's name ahead of the politically sensitive appointment," Hindenburg alleged. Dhaval is a senior advisor at Blackstone and at Alvarez &amp; Marsal. He also serves as a non-executive director on the Board of Gildan.

After Adani, Hindenburg targets SEBI chief, she calls allegations baseless, character assassination

<ul class="summary-list"><li>Taylor Swift is set to perform in Singapore for six nights in March.</li><li>Special activities for fans include a Taylor Swift-themed light show and a pool party.</li></ul><a target="_blank" href="https://www.businessinsider.com/taylor-swift-airline-replaced-three-flights-a380-qantas-sydney-melbourne-2024-2">Taylor Swift</a> arrived in Singapore on Tuesday to get ready for her only stop in Southeast Asia on the Eras Tour.Swift will be performing at <a target="_blank" href="https://www.businessinsider.com/singapore-tourist-mistake-travel-guide-local-tips-2022-7">Singapore's</a> National Stadium on March 2, 3, 4, 7, 8, and 9. Fans snapped up all <a target="_blank" href="https://www.businessinsider.com/taylor-swift-eras-tour-asia-bachelors-uob-credit-card-partner-2023-7">300,000 tickets available for Swift's six-night performance</a> back in July. Tickets were <a target="_blank" href="https://www.sportshub.com.sg/events/taylor-swift-the-eras-tour">priced</a> from 88 Singapore dollars, or around $65, for a restricted view seat, to SG$1,228 for a VIP1 ticket.If you're in Singapore for Swift's concert and looking for recommendations on what to do in the city-state, look no further. Here are some tips on activities, food, and even last-minute accommodation in Singapore.<h2>What Swifties should check out</h2><ul><li>A light show dedicated to Swift's hits — like "You Belong With Me," "Cruel Summer," "Style," and "Shake It Off" — will be shown at Marina Bay Sands from February 28 to March 7. <a target="_blank" href="https://ticket.marinabaysands.com/mbs/booking/taylorlightwatershow0324?queueittoken=e_58721195719swift2024~q_ba42c295-061a-4890-8aa7-fba1c4c3c050~ts_1709088541~ce_true~rt_safetynet~h_6da0243a3bbedc5460a13792e3a7798a6dd51712a9268c1b306fdadd840df673">Reservations</a> are required, but admission is free.</li><li>Fans can also attend a Swift-themed <a target="_blank" href="https://www.rwsentosa.com/en/reservations/packageoptions?code=offer-2402011427469794971&amp;VisitDate=2024-03-03&amp;StartDate=2024-03-03">pool party</a> at Resorts World's Adventure Cove Waterpark on March 3. It's organized by a Malaysian Swiftie fan group, and tickets start from SG$32.<div type="image" title="Singapore's Changi Airport" height="2837" width="4256" msid="108065443" hostid="261" sizebytes="1755768"></div></li></ul><h2>What to do in Singapore</h2><ul><li>Swifties can explore Singapore from the airport — which was named <a target="_blank" href="https://www.businessinsider.com/spent-8-hours-singapore-changi-airport-pool-butterfly-garden-theater-2023-2">the best airport in the world</a> by Skytrax — where you can find the world's highest indoor waterfall, watch a movie at the theatre, go swimming at the indoor pool, and even visit a butterfly park.</li><li>If you like visiting zoos — one of Swift's favorite pastimes when traveling — spend time at the <a target="_blank" href="https://www.mandai.com/en/our-parks/about-night-safari.html">Night Safari</a>, the world's first nocturnal wildlife park. Tickets for adults start at SG$55. <a target="_blank" href="https://www.businessinsider.com/singapore-last-crocodile-farm-guided-tour-alligator-gharial-2023-11">Singapore's last remaining crocodile farm</a> is also an option for just SG$22.</li><li>Singapore has no shortage of fantastic and unique local food — like tasty <a target="_blank" href="https://www.businessinsider.com/what-frog-tastes-like-chicken-porridge-singapore-geylang-red-light-2022-4">frog meat</a> dishes — and you can find the best delicacies the city-state has to offer in <a target="_blank" href="https://www.businessinsider.com/red-light-district-singapore-geylang-brothels-prostitution-tour-photos-2022-5#sex-workers-who-do-not-work-in-brothels-often-solicit-on-the-streets-but-it-was-quiet-on-the-weekday-night-i-visited-with-only-a-handful-of-sex-workers-waiting-for-customers-6">Geylang</a>, the red-light district.</li><li>Marina Bay Sands is the Official Presenting Partner and known for its iconic, ship-shaped hotel and luxurious stores. It's also home to a vibrant community of <a target="_blank" href="https://www.businessinsider.com/singapore-vending-machine-culture-walking-tour-art-salmon-plants-2022-3#i-bought-a-pack-of-sashimi-to-try-and-it-was-good-for-the-price-9">skateboarders</a> who practice their tricks in the evening.</li><li>Sentosa is a popular attraction in the city-state for tourists, and for good reason. The island resort has restaurants where you can lounge at the beach, rollercoasters to ride at Universal Studios, and even a hill to race down on a luge. At Sentosa Cove, one of the most stunning waterfronts in Singapore, you can rent a yacht and explore the area for around SG$300.<div type="image" title="How nasi lemak is prepared at Mizzy Corner." height="1365" width="2048" msid="108065445" hostid="261" sizebytes="349164"></div></li></ul><h2>What to eat in Singapore</h2><ul><li>For breakfast, many locals start the day with kopi, or traditional coffee, and toasted bread smeared with coconut jam and served alongside a soft-boiled egg. <a target="_blank" href="https://www.businessinsider.com/singapore-best-coffee-culture-kopitiam-kopi-guide-killiney-2024-1">Killiney</a> is one of the biggest chains in the city-state, and a cup of coffee there costs SG$2 — seen as a bit on the high side, as the average coffee stall charges around SG$1.20.</li><li>Singapore is well known for <a target="_blank" href="https://www.businessinsider.com/singapore-hawker-center-food-michelin-photos-tips-cost-2021-3#singapores-hawker-centers-are-the-beating-hearts-of-the-city-state-reflecting-its-multicultural-identity-1">hawker culture</a> so much so that it was added to Unesco's Representative List of the Intangible Cultural Heritage of Humanity. There are over 100 of these open-air food courts to be sampled, as well as some outside the city center, like <a target="_blank" href="https://www.businessinsider.com/singapore-hawker-stall-nasi-lemak-best-food-changi-photos-review-2022-4">Changi Hawker Center</a> in eastern Singapore, where locals eat tasty dishes like nasi lemak — a rice dish with meat, egg, and sambal for cheap.</li><li>You can't miss having lunch at one of only two Michelin-starred street food stalls in the world — the other one is <a target="_blank" href="https://www.businessinsider.com/jay-fai-michelin-star-bangkok-street-food-stall-review-price-2022-8">Jay Fai</a> in Bangkok. Try <a target="_blank" href="https://www.businessinsider.com/worlds-cheapest-michelin-starred-meal-singapore-noodles-review-photos-2022-2">pork noodles for SG$6 </a>from Tai Hwa Pork Noodle, a hawker stall in central Singapore.</li><li>Singapore's de facto national dish is chicken rice — poached or roasted chicken with seasoned white rice and sambal, a spicy chili sauce — and two of the city-state's best are served by <a target="_blank" href="https://www.businessinsider.com/best-chicken-rice-singapore-hawker-michelin-tian-gordon-ramsay-2023-11">Tian Tian</a> and <a target="_blank" href="https://www.businessinsider.com/hawker-chan-michelin-star-bib-gourmand-hawker-restaurant-singapore-2023-7">Hawker Chan.</a></li><li>Another favorite among locals is a pork rib soup that's aromatic, peppery, and refreshing. <a target="_blank" href="https://www.businessinsider.com/singapore-bak-kut-teh-hawker-food-michelin-guide-bib-gourmand-2023-9">Joo Siah Bak Koot Teh's </a>version is authentic and costs just SG$5.</li><li><a target="_blank" href="https://www.businessinsider.com/tips-for-ordering-chili-crab-and-seafood-dishes-in-singapore-2023-10#3-use-a-calculator-because-some-places-charge-by-weight-and-they-leave-you-to-figure-out-the-total-cost-yourself-3">Chili crab</a> — a seafood dish with heaps of sweet and savory chili sauce — is one of the most popular dishes in Singapore. A 2.2-pound portion costs around SG$80.</li><li>Make sure to try Singapore's famed <a target="_blank" href="https://www.businessinsider.com/singapore-vending-machine-culture-walking-tour-art-salmon-plants-2022-3#i-bought-a-pack-of-sashimi-to-try-and-it-was-good-for-the-price-9">ice cream sandwich</a>, a local snack that comprises a block of ice cream wedged in between a pair of wafers or rainbow-colored bread. It costs just SG$1.10, but it's now rarer than ever.<div type="image" title="A KTV at the entrance of Orchard Towers." height="1365" width="2048" msid="108065447" hostid="261" sizebytes="432088"></div></li></ul><h2>What to skip in Singapore</h2><ul><li>While <a target="_blank" href="https://www.businessinsider.com/singapore-vending-machine-culture-walking-tour-art-salmon-plants-2022-3#i-bought-a-pack-of-sashimi-to-try-and-it-was-good-for-the-price-9">Orchard Towers</a> was once famed for its nightlife and party atmosphere, it's now been mostly shut down. If you're looking to hit the club, Zouk in Clarke Quay is where many partygoers spend the night.</li><li>There are a lot of fun things to do in Sentosa, but the <a target="_blank" href="https://www.businessinsider.com/sentosa-golf-club-singapore-membership-price-photos-tour-2023-10#on-first-impression-sentosa-golf-club-didnt-feel-all-that-exclusive-3">Golf Club</a> isn't one of them — unless you're swinging balls, there isn't much to do there. Head to beach clubs like Tanjong and Rumours instead, where you can lounge by the sea with a cocktail in hand or play a round of volleyball.</li><li>The <a target="_blank" href="https://www.businessinsider.com/best-singapore-views-marina-bay-sands-observation-deck-skypark-2020-2">observation deck</a> in Marina Bay Sands is one of the best places to see the city-state — a single entry ticket starts from SG$28. Buy a drink or a snack at one of the restaurants on the same floor for a more value-for-money experience instead.</li><li><a target="_blank" href="https://www.businessinsider.com/singapore-hostel-backing-district-capsule-galaxy-pods-review-photos-2022-3">Some capsule hostels</a> in Singapore are pricey and poorly maintained, so it's worth paying a bit more for a budget hotel instead, where you're likely to get a private room instead of sharing a dorm.<div type="image" title="The Shipping Container Hotel at night." height="4365" width="6548" msid="108065449" hostid="261" sizebytes="7242172"></div></li></ul><h2>Bonus: where to stay in Singapore, if you're out of traditional options</h2>Swift's Singapore concert series kicks off in two days, which means visitors likely — hopefully — have accommodations sorted out by now. But in case you left it to the last minute and are still looking for ideas, here are three non-traditional options for you.<ul><li>If you're looking for a spot that's away from the hustle and bustle of Singapore, staying in a <a target="_blank" href="https://www.businessinsider.com/shipping-container-hotel-singapore-haw-par-villa-photos-2022-3">shipping container hotel</a> might be a good option. It starts from SG$288 and is spacious enough to fit four people.</li><li>The best value-for-money hotels in Singapore are <a target="_blank" href="https://www.businessinsider.com/hotel-81-singapore-photos-tour-review-prices-red-light-geylang-2022-4#geylang-a-town-in-central-singapore-is-the-home-to-the-city-states-only-legal-red-light-district-1">love hotels</a> — they're centrally located, equipped with a private bathroom, and cost less than SG$80 a night.</li><li>If you're looking for a hostel to meet other travelers — or maybe even Swifties — then check out Dream Lodge. They offer a dedicated female-only room — it's also clean and safe. A night in a single pod costs around SG$50.</li></ul>

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