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Delhi Police has arrested the kingpin of a gang of cyber cheats, which used to create fake websites of e-commerce platforms including <keyword id="964794" type="General" weightage="20" keywordseo="bigbasket" source="Orion">BigBasket</keyword>, <keyword id="2407038" type="General" weightage="20" keywordseo="dmart" source="Orion">DMart</keyword>, and Blinkit and post lucrative offers to lure unsuspecting buyers and cheat them by stealing their credit card details, an officer said on Wednesday. The accused was identified as Shahrukh Akhtar, who was arrested from Ghaziabad in Uttar Pradesh. According to police, a complaint was lodged with the IFSO (Intelligence Fusion &amp; Strategic Operations) unit, Special Cell. The complainant alleged that while browsing Facebook, they encountered an enticing offer on BigBasket. Consequently, they clicked on the "Shop Now" tab and followed the instructions. Subsequently, an amount of Rs. 98,000 was debited from their credit card. "In the course of the investigation, an extensive effort was made to trace the money trail and digital traces. The analysis of financial transactions and electronic records unveiled a widespread operation spanning multiple states, organised into various tiers," said the Deputy Commissioner of Police (IFSO) Hemant Tiwari. Financial scrutiny disclosed transactions exceeding Rs 25-30 lakh in the implicated accounts, with more than 15 victims falling prey to the gang. During the investigation, two individuals - Sonam and Junaid Akhtar - were arrested on October 5. "Sonam revealed that, under Shahrukh Akhtar's instructions, she tele-called innocent victims from a call centre in Raj Nagar Extension. She used fake mobile numbers, and all the SIM cards and bank accounts (where the defrauded money was deposited) were provided by the ringleader, Shahrukh," said the DCP. The other suspect, Junaid Akhtar, disclosed his role in furnishing bank accounts for money collection. He also withdrew cash through ATM cards, depositing it into the personal bank accounts of Shahrukh and his wife. The pursuit of Shahrukh Akhtar ensued. "After persistent efforts, the team pinpointed Shahrukh's location and arrested him. Shahrukh emerged as the prime suspect and the mastermind of the entire operation, confessing to his involvement in the crime," said the DCP. He acquired fake SIM cards for communication and tele-calling, established fake bank accounts for receiving funds, and purchased domains to operate counterfeit websites under the names of BigBasket, DMart, and Blinkit. "Call centres in Mamura Village and Raj Nagar Extension, UP, were used to manage these activities. Shahrukh received Rs. 30 lakh in cash in his personal bank account over the past year and even bought a Hyundai Venue Car with the ill-gotten gains," said the DCP. Interrogation of the accused uncovered a multi-tiered racket operating from disparate locations in India: First Tier: Providing SIM cards and bank accounts with fictitious names and addresses to the accused. Second Tier: Creating counterfeit websites under the names of BigBasket, DMart, and Blinkit and promoting them on social media platforms like Facebook, Instagram, using specific user IDs. Third Tier: Offering training and technical expertise for engaging with interested customers. Fourth Tier: Initiating contact with customers based on acquired data, enticing them to deposit money into provided fake accounts.

Delhi Police arrest kingpin who created fake websites of BigBasket, DMart, Blinkit

<ul><li><keyword id="830092" type="General" weightage="100" keywordseo="zomato" source="Orion">Zomato</keyword>’s most recent cost control efforts by slashing the fixed fee for its delivery partners is hurting the company’s topline. </li><li>According to analysts, Zomato is looking at a 1% revenue loss from <keyword id="12724311" type="General" weightage="20" keywordseo="blinkit" source="Orion">Blinkit</keyword> due to the strike by delivery partners in the Delhi-NCR region. </li><li>Its core food delivery business is expected to remain subdued in the March quarter, and while the company is targeting breakeven in Q2 FY24, analysts now expect it to happen in FY25. </li></ul>Zomato is in the news for its efforts to control costs and achieve breakeven – it’s increasing the commission it charges its restaurant partners, while reducing the fee it pays to its delivery partners. The latter has got Zomato in trouble, with its delivery partners in the Delhi-NCR region going on strike since the last one week. According to a report by ICICI Securities, this has led to a temporary shutdown of nearly 25% of Blinkit’s total dark stores, leading to a revenue loss of nearly 1% already. Zomato has rolled out a new fixed-cum-variable structure of ₹15 per delivery with an additional incentive based on the distance travelled, replacing the old fixed-fee structure of ₹25 per delivery. This has not gone down well with its delivery partners, who have demanded a rollback of this structure. The company clarified in an exchange filing today that it had to “shut down some stores for a few days to ensure the safety of our employees at stores and the delivery partners”. However, it added that most of the stores were now back up and running. <cmsannotation type="cmsannotation" annotationid="Strikes not new, but this time is different" comment="subhead" text="Strikes not new, but this time is different">Strikes not new, but this time is different</cmsannotation> Strikes by restaurant and delivery partners are not new for either Zomato or rival Swiggy, but this time is different given the fact that the strike in Delhi-NCR has attracted both national as well as political attention. Analysts at ICICI Securities think this needs to be resolved at the earliest through “a combination of clearer communication on expected change in earnings for delivery executives or some concessions on the delivery fee, or both.” Cutting down on delivery costs will help Zomato expand the delivery radius of the existing Blinkit stores and help it control capital expenditure. <cmsannotation type="cmsannotation" annotationid="Recovery of food delivery a key monitorable" comment="subhead" text="Recovery of food delivery a key monitorable">Recovery of food delivery a key monitorable</cmsannotation> Zomato’s core food delivery business has seen a slowdown post Diwali, and it continues to be a key monitorable going forward. Analysts expect the gross order value in the March quarter to remain subdued, with improvements expected to be driven by volumes and not value. Attempts to improve revenue by increasing the take rates from restaurants and hiking advertisement charges are likely to help provide a boost to the topline and offset the impact of free delivery to its Zomato Gold subscribers. With food delivery being a two-player market between Zomato and Swiggy, and Zomato leading with a 55% market share, analysts suggest gains through scaling up in this segment could be slower. A slowdown in discretionary spends and return of dine-outs has also impacted Zomato’s food delivery business. “We assume the hyper-growth expectations of the [Dalal] Street have now been suppressed,” said a report by HSBC Global. <cmsannotation type="cmsannotation" annotationid="Quick commerce a gateway to quicker gains" comment="subhead" text="Quick commerce a gateway to quicker gains">Quick commerce a gateway to quicker gains</cmsannotation> With the food delivery business expected to remain subdued in the March quarter, analysts are bullish on quick commerce as a business prospect despite the hiccups Zomato has gone through in this segment, especially post the Blinkit acquisition. “Quick commerce offers a much bigger total addressable market and the current penetration levels in quick commerce are significantly lower compared to food delivery,” said the analysts at JM Financial. According to a Redseer report, the quick commerce market in India is currently valued at just $5.5 billion, which is a fraction of the estimated addressable market of $45 billion. This leaves a lot of room for growth in this segment for Zomato, as well as its rival Swiggy. <cmsannotation type="cmsannotation" annotationid="Expect breakeven by FY25" comment="subhead" text="Expect breakeven by FY25">Expect breakeven by FY25</cmsannotation> All said and done, analysts expect Zomato to achieve breakeven by FY25, even though the company’s management has set a timeline of Q2 FY24. “Higher city-level competitive intensity in India is likely to slow down profitability as orders will be split between Zomato and Swiggy and can delay the gains emanating from scaling up of customer base over the next few years,” said a report by Motilal Oswal. While the Blinkit acquisition offers Zomato an opportunity to grow its overall business faster at a time when its core food delivery business is expected to remain subdued, it also brings with it additional risks. The high attrition levels seen in the senior management are also a cause for concern, according to brokerages. Looking beyond the “adjusted EBITDA” (earnings before interest, taxes, depreciation, and amortisation) narratives, food delivery as well as quick commerce are still in their nascent stages in India, and the total addressable market remains huge. Analysts remain bullish on Zomato’s long-term prospects, thanks to tailwinds like increasing technology and internet penetration, and rising incomes. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/yes-bank-has-more-shareholders-than-debit-cards-as-retail-investors-continue-to-buy-in/articleshow/99601288.cms">Yes Bank has more shareholders than debit cards as retail investors continue to buy in</a> <a href="https://www.businessinsider.in/business/corporates/news/infosys-has-beaten-tcs-in-constant-currency-revenue-growth-in-four-of-the-last-five-years/articleshow/99579312.cms">Infosys has beaten TCS in constant currency revenue growth in four of the last five years</a> <a href="https://www.businessinsider.in/tech/apps/news/irctc-warns-users-about-fake-android-app-and-website/articleshow/99583387.cms">IRCTC warns of fake app and website scamming users out of their sensitive information—here’s how to stay safe</a>

Zomato's cost control efforts are hurting the startup: Strike at Blinkit to hurt revenues by 1%

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Delhi Police arrest kingpin who created fake websites of BigBasket, DMart, Blinkit

IANS

Zomato's cost control efforts are hurting the startup: Strike at Blinkit to hurt revenues by 1%

Rounak Jain

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