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Duping people off Rs 500 crores, gifting an <keyword id="6363321" type="CITY" weightage="100" keywordseo="Audi">Audi</keyword> to impress his girlfriend, making Rs 150 crore a day- this may sound like a typical <keyword id="143" type="CITY" weightage="20" keywordseo="Bollywood">Bollywood</keyword> movie centred on an underworld don. You might also wonder if this is the real Wolf of the <keyword id="42111" type="COMPANY" weightage="20" keywordseo="Wall-Street">Wall Street</keyword>. But wait, this is as REAL as it gets- this is the brief description of a 23 year old guy from Mumbai. <keyword id="38454" type="PERSON" weightage="20" keywordseo="Sagar">Sagar</keyword> <keyword id="1346781" type="PERSON" weightage="20" keywordseo="Thakkar">Thakkar</keyword> aka <keyword id="215528" type="PERSON" weightage="20" keywordseo="Shaggy">Shaggy</keyword>, the mastermind of the multi-crore extortion racket used to run a call centre at <keyword id="6385909" type="UNKNOWN" weightage="20" keywordseo="Mira-Road">Mira Road</keyword>. 
 As per media reports, Sagar’s father couldn’t keep his business afloat, which is when they shifted their home to <keyword id="6383000" type="CITY" weightage="20" keywordseo="Nallasopara">Nallasopara</keyword> from <keyword id="77815" type="PERSON" weightage="20" keywordseo="Borivli">Borivli</keyword>. To make both ends meet, Sagar started working in call centres. While he was still working with call centres in <keyword id="29128" type="CITY" weightage="20" keywordseo="ahmadabad">Ahmadabad</keyword>, he used to sell private data of common people to fraudsters. 
 Soon after he formed a team with his school mates and started a call centre. They had all the data from previous organizations they have worked for. They would call unsuspecting US citizens and threaten them to reveal their income details to <keyword id="6355946" type="ORGANIZATION" weightage="20" keywordseo="FBI">FBI</keyword>. They would blackmail these US citizens and earns money. Each day they were earning Rs 150 crores. 
 The modus operandi, according to Thane Police Commissioner <keyword id="6414617" type="PERSON" weightage="20" keywordseo="Param-Bir-Singh">Param Bir Singh</keyword>, was simple. The caller would begin the conversation telling the listener the badge number and name of the <keyword id="6359816" type="ORGANIZATION" weightage="20" keywordseo="IRS">IRS</keyword> official. They would threaten the Americans saying if they didn’t pay up, then the police would raid their home in the next half hour. Investigations showed the calls were made through Voice Over Internet Protocol (<keyword id="54765" type="TECHNOLOGY" weightage="20" keywordseo="VoIP">VoIP</keyword>). The accused had spoofed the toll number of IRS. So when the victim received a call, <keyword id="224849" type="ORGANIZATION" weightage="20" keywordseo="Internal-Revenue-Services">Internal Revenue Services</keyword> would flash on their phone. Most victims paid between $500 (Rs 30,000) to $60,000 (Rs 4o lakhs). 
 Sagar’s ambition to become rich and his fantasy for luxury knew no bounds. He owns a Audi TT, Bentley, BMW, Bugatti and some more luxury cars in his stable. He would come to office in chauffeur driven cars surrounded by body guards. On one occasion, he gifted his girlfriend an <keyword id="529178" type="UNKNOWN" weightage="100" keywordseo="Audi-R8">Audi R8</keyword> priced at around Rs 2 crores. 
 However the <keyword id="44723" type="ORGANIZATION" weightage="20" keywordseo="Federal-Bureau-of-Investigation">Federal Bureau of Investigation</keyword> (FBI) working on a tip off along with the Thane police busted the racket. It is also informed that Sagar has similar operations in Delhi and <keyword id="53426" type="CITY" weightage="20" keywordseo="NCR">NCR</keyword> as well. Sagar has his businesses in <keyword id="6354539" type="COMPANY" weightage="20" keywordseo="Dubai">Dubai</keyword> where the 23 year old accused would transfer the money too.

This Mumbai based scam king duped US citizens off Rs 500
crores and gifted his girlfriend an Audi R8

A Kolkata-based quick service restaurant chain ‘Wow! Momo’ is serving the Tibetan dish which has over years become one of India’s favourite street side snack in the most bizarre ways. A look at its menu flaunting Chocolate <keyword id="76833" type="UNKNOWN" weightage="100" keywordseo="momos">momos</keyword>, Moburg (momo burgers), prawn and fish momos, pizza momos and what not, can have you drooling! 

	The story of this startup reminds us of the famous phrase: every drop of water counts and together these drops can fill a dry pond. Here’s why!
 Based out of a small kiosk in a 30-square feet space in a Kolkata mall, two friends Sagar Daryani and Binod Homagai would sell momos to consumers on their own making Rs 2000 a day. Who would have expected the duo would soon become owners of a fast food restaurant chain that has spread it wings across six cities today (which include Kolkata, Bengaluru, Pune, Chennai, Kochi, and Delhi) and is expanding fiercely. After raising the first round of <keyword id="6357455" type="EVENT" weightage="100" keywordseo="Funding">funding</keyword>, the company is going really fast now with 43 outlets in March to 63 in December. 

	“We started with Rs 30,000 and we bootstrapped for the next 6.5 years to reach a turnover of Rs 20 cores last March without any funding,” Sagar told Business Insider. 
 By the time they approached investors and zeroed in on the first round of funding from <keyword id="328347" type="ORGANIZATION" weightage="100" keywordseo="Indian-Angel-Network">Indian Angel Network</keyword> (IAN), the startup was already at a turnover of Rs 20 crore, a run rate of Rs 2 crore a month from its 43 store count. 

	“I met Sanjeev Bikhchandani in Kolkata last year at Tiecon. We got talking and as destiny would have it, it somehow worked for both of us,” recounts Sagar, who was able to raise Rs 10 crore in August last year. The investment is being used to expand aggressively across cities and improving the product range for a better consumer experience. Currently, their product line comprises different variants of momos, thukpa, and meals. They serve 11 different flavors of momos available in steamed, fried, pan-fried, sizzler, and baked variants.

	

	The question is why did they not look for funds in the nascent stage? Because, there was no desperation to get money. “Over the years, we were approached by VCs but we were not keen because we felt that in order to raise money, you need to have the right bandwidth to scale up at very good pace. We wanted to build that and we were very happy to build a brand at our own profits,” says Sagar. “Also, I felt a bias when it came to valuations to tech versus non-tech companies which disappointed me. We were not getting the valuations we were looking for despite running a successful business model, having a great team to drive the business and expanding operations on our own,” he adds.
 

	However, when they did think of approaching investors, Sagar highlights, not every experience was a pleasant one. “A renowned VC asked me once if we would be interested in selling our company in the next three years. We understand that they are here to make money and being a consumer market that we are in, a quick exit would be a big brand coming and taking over. However, we were confident that we can take Wow! Momo as a brand from Rs 1000 to 10,000 crore ourselves,” he says.
 

	The confidence in these folks at Wow! Momo comes from the fact that both Binod and Sagar have learnt it the hard way. They used to serve consumers themselves in the Spencer outlet back in 2008. Seeing that the product was doing well, they shifted to a 90-square feet space in one of Kolkata’s best malls in no time where they started making Rs 7 to 8 lakh monthly which was the turning point for their business. From here on, they were able to afford employees, only to build a great team that they have now. 
 

	Future plans:
 

	After raising Rs 10 crore from Indian Angel Network in August this year, the company is going really fast now. 
 

	“We are looking at 70 -75 stores by March next year and around 105 stores by March 2017 with a turnover of 60 crore per annum. Seeing the KFCs and Dominos in India, our long term goal is to become an Indian brand going abroad,” says Sagar. The company plans to go for second round of funding in December next year and is looking at an IPO in about 5 to 10 years from now.

One of India's favourite foods is being revolutionised in a unique way!

New Delhi, Apr 2 () The Indian Refractory Makers Association (IRMA) on Thursday said refractory manufacturers must be allowed to operate plants during the lockdown period as non-availability of the key ingredient could hit steel production. While the government has allowed the steel industry to continue operations along with raw materials like iron ore and coke during the lockdown under the Essential Services Maintenance Act, but refractory which is a critical component for production of any high temperature manufacturing process like steel, cement or brass, agrochemicals has been left out, the IRMA said. "All steel plants are carrying some inventory ranging from 10-15 days. But they need to be replenished and everyday we are getting calls from major steel manufacturers regarding supply of refractories," IRMA Chairman Parmod Sagar told . If things remain as they are now, he said steel production will be impacted going forward. "Even if we start production, it takes about 5-8 days from the start of process to delivering the end product to steel makers," Sagar added. While the industry body has approached the government to allow refractory makers to start production and uninterrupted movement of raw materials and finished goods across the border, he said it is still waiting for a response on the same. At the same time, Sagar said drivers abandoning trucks carrying finished materials to customers on highways have also compounded the problem. "Many trucks were on the way but are now stuck due to the lockdown with many drivers abandoning vehicles and going to native places or nearby safe shelters," he said. Commenting on labour issue, he said like any other industry refractory manufacturers are also facing the problem due to the exodus of migrant workers. "However, we still have people, who can run plants. The industry will have about 25 per cent people but that will at least help in keeping some supplies to our customers," Sagar said. When asked about the financial impact of the lockdown on the refractory manufacturers, he said, "the cumulative industry revenue loss due to closure is roughly about Rs 200 crore in the last seven days." On the other hand, materials worth around Rs 1,550-2,000 crore are stuck in transit due to non-movement of vehicles, Sagar added. RKL MKJ

Allow refractory makers to operate plants else steel production will be affected: IRMA

YouTubeRobert Downey Jr hosts YouTube's new documentary about AI.<ul class="summary-list"><li>YouTube has uploaded an original documentary series about artificial intelligence with Robert Downey Jr as its narrator.</li><li>The first episode of the series features a virtual baby built using AI.</li><li>YouTube and its parent company Google are both heavily invested in AI technology.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></li></ul>YouTube has launched a new free-to-watch documentary series about artificial intelligence fronted by "Iron Man" star Robert Downey Jr.The YouTube Original series debuted on the platform on Wednesday, and is called "The Age of AI." Its stated aim is to demystify misconceptions around AI. One of the main focuses of the first episode is a New Zealand-based company called Soul Machines, which specialises in making digital avatars. Its founder Mark Sagar is an award-winning visual effects artist who's worked on films like "Rise of the Planet of the Apes" and "Avatar."Sagar is working on a project he calls "Baby X," in which he is using AI to simulate a human baby, modelled after his own daughter.Sagar interacts with the baby through a webcam, teaching it words and how to react to certain objects - for example to show fear at the sight of a rubber spider.YouTubeSagar talks and interacts with Baby X through a webcam.Soul Machines also builds more simple avatars, and the documentary shows how the company builds an AI avatar and voice for musician Will.i.am, taking photos of him pulling various facial expressions to accurately model his face.YouTubeWill.i.am posing for the camera.YouTube and its parent company Google are both heavily investing in AI, and the documentary's second episode (focused on healthcare) goes inside DeepMind, the AI research startup bought by Google's parent company Alphabet in 2014. <h3>NOW WATCH: <a href="https://www.businessinsider.com/tech-that-died-this-decade-aim-vine-moviepass-2019-11">Tech that died this decade</a></h3>

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This Mumbai based scam king duped US citizens off Rs 500 crores and gifted his girlfriend an Audi R8

Suchayan Mandal

One of India's favourite foods is being revolutionised in a unique way!

Anushree Singh

Allow refractory makers to operate plants else steel production will be affected: IRMA

PTI

YouTube's new documentary demystifying artificial intelligence features Robert Downey Jr. and an AI baby

Isobel Asher Hamilton

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