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<ul><li><keyword id="339164" type="POSITION" weightage="20" keywordseo="Infosys-chairman">Infosys chairman</keyword> <keyword id="44604" type="PERSON" weightage="20" keywordseo="Nandan-Nilekani">Nandan Nilekani</keyword> told analysts that not ‘even God’ can change the company’s numbers. </li><li>He said that the company’s finance team is feeling insulted by the whistleblower allegations. </li><li>Nilekani also told analysts that <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword>’ clients will continue to conduct business with the company as the investigation continues. </li></ul>Infosys chairman Nandan Nilekani, believes that Infosys is untouchable. He said that not ‘even God’ can change its numbers, in an analyst call. This came after <a href="https://www.businessinsider.in/business/corporates/news/infosys-whistle-blowers-accuse-ceo-and-cfo-of-concealing-information-from-board-auditors/articleshow/71682975.cms">whistleblowers </a>accused the company of sweeping $50 million under the rug. "Infosys has strong processes, even God can’t change the numbers of this company. Our finance team is feeling insulting by these allegations. But I don’t want to bias the investigation," Nilekani told analysts, according to <a href="https://economictimes.indiatimes.com/tech/ites/infosys-chairman-nilekani-says-even-god-could-not-change-its-numbers/articleshow/71935467.cms?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=NewsDigest1&amp;utm_content=Tech&amp;utm_term=3&amp;ncode=713096360c19bccffc5e1c392fb2beaf">ET</a>. During the meeting, Nilekani also said that the company’s clients aren’t going to hold back spending just because of an ongoing investigation. He assured analysts that he had already reached out to clients and proactively told them that there was nothing to worry about. "Customers are extremely supportive. Customers have faith in Infosys and deal flow continues to be as good ever," said Nilekani. On November 4, Infosys and Siemens Gamesa Renewable Energy (SGRE) inked a multi-year deal. The tech giant said that it’s going to help SGRE’s digital transformation but the financial details of the deal were not disclosed. Infosys’ story so far Infosys is conducting an internal audit with Ernst &amp; Young and hired Shardul Amarchand Mangaldas to investigate the whistleblower claims. <a href="https://www.businessinsider.in/business/news/infosys-to-vigorously-defend-itself-against-whistleblower-allegations/articleshow/71751120.cms">The company</a>’s CEO <keyword id="328377" type="PERSON" weightage="20" keywordseo="Salil-Parekh">Salil Parekh</keyword>, and CFO Nilanjan Roy are accused of unethical practices — such as inflating deal numbers to show larger margins and asking the sales team to hide information to report higher revenue. On Monday, Infosys reported that it has not been able to find any ‘prima facie’ evidence to support the whistleblower’s allegations. "Given the circumstances at this stage, where there is complete absence of prima facie evidence and the Anonymous Complaints are still under investigation, the Company is not in a position to determine the concreteness, credibility and materiality of the anonymous complaints," the <a href="https://www.businessinsider.in/business/news/infosys-clear-ceo-and-cfo-of-whistleblower-allegations/articleshow/71935085.cms">company said in a statement</a> to the National Stock Exchange (NSE) on Monday. Infosys is currently being investigated by the Securities and Exchange Commission (SEC) and the Securities and Exchange Board of India (SEBI). There <a href="https://www.businessinsider.in/business/corporates/news/infosys-is-in-more-trouble-as-a-class-action-lawsuits-gather-steam-in-the-us/articleshow/71705319.cms">at least one class action lawsuit</a> filed against the company based on the allegations. See also: <a href="https://www.businessinsider.in/business/news/infosys-to-vigorously-defend-itself-against-whistleblower-allegations/articleshow/71751120.cms">Infosys to ‘vigorously’ defend itself against whistleblower allegations</a> <a href="https://www.businessinsider.in/business/corporates/news/infosys-is-in-more-trouble-as-a-class-action-lawsuits-gather-steam-in-the-us/articleshow/71705319.cms">Infosys is in more trouble as a class action lawsuits gather steam in the US</a> <a href="https://www.businessinsider.in/careers/news/benching-firing-and-re-deploying-the-story-of-20000-employees-at-tech-majors/articleshow/71934414.cms">Benching, firing and re-deploying — the story of 20,000 employees at tech majors</a>

Infosys untouchable, ‘not even God’ will find evidence of fraud

Indian IT major Infosys has agreed to pay USD 800,000 (nearly Rs 5.6 crore) to settle allegations of misclassification of foreign workers and tax fraud, officials said on Tuesday.
 Infosys will pay California USD 800,000 to resolve allegations that, between 2006 and 2017, approximately 500 Infosys employees were working in the state on Infosys-sponsored B-1 visas rather than H-1B visas, California Attorney General Xavier Becerra said.
 This misclassification resulted in Infosys avoiding California payroll taxes such as the unemployment insurance, disability insurance, and employment training taxes. 
 H-1B visas also require employers to pay workers at the local prevailing wage, an official statement said.
 "Today's settlement shows that attempting to evade California law doesn't pay. Infosys brought in workers on the wrong visas in order to underpay them and avoid paying taxes. With this settlement, California has been made whole," Becca said.
 In the settlement, Infosys, however, denied the allegations and asserted of no wrongdoings. 
 Further, the company on Wednesday informed Indian stock exchanges that it has reached a settlement with California Attorney General.
 In the regulatory filing, it said the case is being dismissed with prejudice and was reached to avoid the time, expense, and distraction of protracted litigation on allegations dating back more than 13 years.
 "The agreement - which notes that Infosys strongly disputes the allegations and in which Infosys admits no wrongdoing - will result in the case being dismissed..." Infosys said. 
 The comapny asserted that it maintains robust policies and procedures to ensure adherence with all applicable regulations and laws.
 In 2017, Infosys had agreed to pay the State of New York USD 1 million to settle allegations of submitting wrong documents to federal authorities.
 The Californian settlement that was carried out in November was released to media on Tuesday.
 California initiated legal actions against Infosys after a complaint was filed by whistleblower Jack "Jay" Palmer, a former Infosys employee. 
 Palmer had sued the Indian company in 2017. See also: <a href="https://www.businessinsider.in/business/corporates/news/infosys-untouchable-not-even-god-will-find-evidence-of-fraud/articleshow/71949075.cms">Infosys untouchable, ‘not even God’ will find evidence of fraud</a> <a href="https://www.businessinsider.in/thelife/personalities/news/salil-parekh-infosys-ceo-profile/articleshow/71699382.cms">The Infosys clean-up under Salil Parekh seems to have come a full circle within 2 years</a> <a href="https://www.businessinsider.in/business/corporates/news/infosys-is-in-more-trouble-as-a-class-action-lawsuits-gather-steam-in-the-us/articleshow/71705319.cms">Infosys is in more trouble as a class action lawsuits gather steam in the US</a>

Infosys is paying ₹5.6 crore to settle allegations of tax fraud and misclassification of foreign workers

Three techies of software major <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword> were arrested on charge of cheating by unauthorisedly contacting income taxpayers and demanding money on the pretext of ensuring tax rebates, police said on Monday. "The three were arrested for contacting taxpayers and promising to get them tax rebates in liu of 4 per cent of the total amount involved," Bengaluru South <keyword id="936774" type="COMPANY" weightage="20" keywordseo="East-Division">East Division</keyword> Deputy Commissioner of <keyword id="8887783" type="PERSON" weightage="20" keywordseo="police-joshi">Police Joshi</keyword> Srinath Mahadev told IANS. Mahadev identified the accused as Renugunta <keyword id="480705" type="PERSON" weightage="20" keywordseo="Kalyan-Kumar">Kalyan Kumar</keyword>, Prakash, and Deveshwar Reddy from Bengaluru-based Infosys. "A city court has remanded them in 14-day judicial custody," added Mahadev. The DCP said there was a contract between the <keyword id="65338" type="COMPANY" weightage="20" keywordseo="Income-Tax-Department">Income Tax Department</keyword> and Infosys due to which company employees assigned for the I-T work were privy to information on taxpayers. "Whatever relevant information is received, these Infosys employees forward it to the the Income Tax Department to make tax assessments and further processing," Mahadev said. The officer said the techies were into fraudulent activities for a month and made Rs 4 lakh through illegal means, which has since been recovered. On the complaint by Income Tax Department officials, the accused were booked for cheating and criminal breach of trust.

Three Infosys techies held for tax fraud and cheating in the name of rebates

Keeping the upcoming festive season and growing online frauds in mind, <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> on Tuesday announced a partnership with <keyword id="72592" type="CITY" weightage="20" keywordseo="Bajaj-Allianz">Bajaj Allianz</keyword> General Insurance Company to offer ‘Digital Suraksha Group Insurance for customers in the country. The "Digital Suraksha Group Insurance" policy will cover financial losses caused by various kinds of online frauds and cyber attacks that might occur during digital transactions. The customers can choose for a one-year cover at premiums as low as Rs 183 for a cover of Rs 50,000, Rs 312 for Rs 1 lakh, and Rs 561 for Rs 2 lakh for a 12-months tenure, with covers also extending up to Rs 10 lakh. "As the festive season nears, we want to ensure that the customers' online shopping experience, across any digital medium, is devoid of stress and apprehensions," said Ranjith Boyanapalli, Head, Fintech and Payments Group, Flipkart. The policy can be availed while buying certain models of mobiles, laptops, tablets, and audio devices on Flipkart. The insurance compensates for direct financial loss (up to the sum insured) due to unauthorised digital financial transactions as a result of identity theft arising out of cyber attacks, phishing/spoofing and SIM-jacking. The policy covers online transactions for debit cards, credit card, digital wallets, UPI/Internet banking (All bank accounts, credit and debit cards and mobile wallets), the company said in a statement. "With this Digital Suraksha Group Insurance introduced on Flipkart's platform, at less than 50 paise per day, you can protect yourself against the financial risk of getting defrauded online," said Tapan Singhel, MD and CEO, Bajaj Allianz General Insurance. The claim is admissible if a loss of funds is reported within 90 days of the occurrence and multiple claims/incidents are covered up to the sum insured. The policy offers worldwide cover and offers protection while travelling international. "During this Covid-19 era, as you shop online, this insurance will provide coverage against various cyber threats, thus making your online experience worry-free," Singhel said. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/google-doodle-celebrates-zohra-sehgal-everyones-favourite-dadi-an-indian-royal-and-doctor-who-star/articleshow/78377815.cms">Google Doodle celebrates Zohra Sehgal — Everyone's favourite dadi, an Indian royal and Doctor Who star</a> <a href="https://www.businessinsider.in/business/startups/news/super30-alumni-founded-startup-wants-to-take-forward-the-legacy-of-his-alma-mater/articleshow/78377011.cms">Super30 alumni founded startup wants to take forward the legacy of his alma mater</a> <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-infosys-central-bank-of-india-dhfl-anuh-pharma-shalby-balaji-telefilms-and-others/articleshow/78376167.cms">Top stocks to watch— Infosys, Central Bank of India, DHFL, Anuh Pharma, Shalby, Balaji Telefilms and others</a>

Flipkart partners with Bajaj Allianz to offer cyber fraud insurance for online transactions

The US State Department in a federal notification Wednesday proposed to make changes to its existing visa regulations under which <keyword id="738953" type="PERSON" weightage="20" keywordseo="Foreign-professionals">foreign professionals</keyword>, which would fall under H-1B, would not be issued temporary visa for business, as has been widely prevalent currently. If finalized, this proposal will eliminate any misconception that the "B-1 in lieu of H policy" provides an alternative avenue for foreign professionals to enter the US to perform <keyword id="438013" type="PERSON" weightage="20" keywordseo="skilled-labour">skilled labour</keyword> that allows, and potentially even encourages them and their employers to circumvent the restrictions and requirements relating to the H nonimmigrant classification established by the Congress to protect US workers, the State Department said. The move is likely to impact a lot of Indian companies who send their technology professionals on B-1 visas for a short stay to complete the jobs on site in the US. On December 17, 2019, the California Attorney General announced a $800,000 settlement against <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword> Limited to resolve allegations that approximately 500 Infosys employees worked in California on Infosys-sponsored B-1 visas rather than H-1B visas, the State Department said. "The proposed changes and the resulting transparency would reduce the impact of foreign labour on the US workforce of aliens performing activities in a specialty occupation without the procedural protections attendant to the H-1B classification," it said. In its federal notification issued on Wednesday, the State Department said US architecture firm seeking protection from rising labour costs in the country might believe it could lay off its US architects and contract for the same professional architectural services to be provided by a foreign architecture firm. If the foreign firm sought H-1B visas for its architects, it would be required to pay the prevailing wage for architects in the area of intended employment in the United States, presumably the same wage the US architects had been paid, and meet the other requirements enacted by the Congress to protect US workers. But under the B-1 in lieu of H policy, the foreign architects could ostensibly seek B-1 visas and travel to the US to fill a temporary need for architecture services, so long as they retained a residence in the foreign country and continued to receive a salary, perhaps significantly lower than what is customary for US architects, dispersed abroad by the foreign firm (or under the auspices of a foreign parent or subsidiary), the State Department said. Under the Department's guidance, visas could be issued for multiple architects planning temporary work in the United States, in certain situations. However, a foreign employer may succeed in undermining US immigration law and policy by rotating architects between the US and the foreign country to effectively fill the position of one US architect at a significantly lower cost, the notification said. "If the architects who intended to perform skilled labour were "of distinguished merit and ability... seeking to perform (temporary architectural services) of an exceptional nature requiring such merit and ability, one might argue the current regulatory language suggests this type of labour is a permissible basis for B-1 nonimmigrant visa issuance," the State Department said. This potential outcome is harmful to US workers and contrary to policies of the Trump Administration, it said. The State Department said the application process for a B-1 visa does not include similar procedural requirements to protect US workers like that of H-1B visas. Also, the fees for the B-1 visas are far less than that of H-1B visas. While the Congress required H-1B employers to pay significant fees to fund assistance to the US workforce as well as prevention and detection of fraud related to skilled labour, employers are not required to pay comparable fees to employ skilled workers under the B-1 in lieu of H policy, it said. According to the notification, the State Department estimates that this proposal will affect no more than 6,000 to 8,000 foreign workers per year, specifically aliens intending to provide services in a specialty occupation in the US. As per its estimate, up to 28 per cent of the approximately 8,000 annual B-1 visa issuances under the B-1 in lieu of H policy were to foreign workers who applied for a visa to perform services in a specialty occupation for a small entity in the US. SEE ALSO: <a href="https://www.businessinsider.in/india/news/india-gets-a-rap-from-un-human-rights-commission-a-day-after-it-seals-the-office-of-kashmir-times/articleshow/78783770.cms">India gets a rap from UN Human Rights Commission a day after it seals the office of Kashmir Times</a> <a href="https://www.businessinsider.in/india/news/kashmir-elections-to-come-early-as-union-cabinet-announced-panchayat-raj-system-for-ut/articleshow/78786911.cms">Kashmir elections to come early as Union Cabinet announced Panchayat Raj System for UT</a> <a href="https://www.businessinsider.in/india/news/bonus-for-30-lakh-public-sector-employees-announced-by-union-cabinet/articleshow/78786783.cms">Bonus for 30 lakh public sector employees announced by Union Cabinet</a>

US wants to scrap temporary business visas for H-1B speciality occupations

New Delhi, <keyword id="1564214" type="COMPANY" weightage="20" keywordseo="the-Enforcement-Directorate">The Enforcement Directorate</keyword> (ED) on Wednesday said it has arrested three promoters of the <keyword id="4334121" type="PERSON" weightage="20" keywordseo="agri-gold-group">Agri Gold Group</keyword> of Companies in a Ponzi Scheme Fraud Case worth ₹6,380 crore. Those arrested have been identified as Avva Venkata Rama Rao, <keyword id="10482453" type="COMPANY" weightage="20" keywordseo="avva-venkata-seshu-narayana-rao">Avva Venkata Seshu Narayana Rao</keyword>, Avva Hema Sundara Vara Prasad, who are the main accused under the sections of the prevention of money laundering act (PMLA). The accused were produced before <keyword id="10482454" type="COMPANY" weightage="20" keywordseo="the-ed-pmla-court">the ED PMLA Court</keyword>, Hyderabad, which granted them 14-day judicial custody. The ED had filed a case on the basis of multiple FIRs lodged in the Andhra Pradesh, Telangana and Karnataka. The scam was perpetrated by Avva Venkata Rama Rao through Agri Gold Group of Companies. Avva Venkata Rama Rao had earlier worked in the Golden Forest CIS Fraud scheme. The ED claimed that having learnt the tricks of the trade in that scheme, he hatched a well-planned conspiracy and along with his seven brothers and other associates set up more than 150 companies and started collecting deposits from general public with a promise of providing developed plots/farm lands or withdrawal at a high rate of return on maturity/pre-term. It said that thousands of commission agents were engaged to lure people with various schemes for hefty commission and managed to collect ₹6,380 crore from 32,02,628 such investors. In the end, the gullible investors neither got plots nor could recover their deposits. The group collected the deposits illegally from across the country. According to ED officials, the company duped lakhs of investors from Andhra Pradesh, Telangana, Karnataka, Odisha, Tamil Nadu, Maharashtra, Chhattisgarh and Andaman and Nicobar islands. The ED claimed that the modus operandi involved encouraging the gullible investors to pay the desired deposits either directly or through the agents under the pretext of real estate deal. "These companies did not mention either the actual market value of the land or its location or its boundaries or survey numbers or the permissions required to be obtained for the layouts from the concerned authorities. "They tried to color it as a real estate business, but in reality it was an unregulated unlicensed collective investment scheme," it said. The ED further stated that the Agri Gold Group of Companies did not obtain permission from RBI to collect such deposits. Even SEBI has reported that the business of <keyword id="10482452" type="COMPANY" weightage="20" keywordseo="the-agri-gold-farm-estates">the Agri Gold Farm Estates</keyword> India Private Limited was nothing but a Collective Investment Scheme and ordered the company to stop taking further deposits and return the money to the depositors. "Instead of complying with the directions of the SEBI in letter and spirit, accused Avva Venkata Rama Rao opened new Companies and started collecting deposits in the names of new companies on the pretext of real estate business with the help of an army of commission agents, thus, turning this into a ponzi scam," the ED said. Although the accused collected deposits from 32 lakh investors, they never developed lands sufficient to give plots to all the investors. Even by their unverified claims, at the end they had only 5.5 lakh plots available with them. "Considering the huge discrepancy in the amount of land available, the group should have used all their resources in identifying, buying and developing more land parcels. Instead, Avva Venkata Rama Rao and his family went on a siphoning spree and illegally diverted the public deposits and invested in myriad verticals and in private companies which were directly owned by their family," the ED said. During probe it was revealed that the accused also set up companies abroad and diverted large amounts of funds to off-shore entities. "Their names also figured in the Paradise Leaks and they had incorporated companies with the help of the infamous Mossack Fonsenca in Cayman Islands," the ED said. Earlier, searches were conducted at the residences of Avva Venkata Rama Rao and other directors including the residences of auditors at Vijayawada and Hyderabad. Various property related documents, cash amount of ₹22 lakh, digital devices and other documents were recovered and seized. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-infosys-wipro-jubilant-foodworks-bajaj-auto-majesco-and-others/articleshow/79909712.cms">Top stocks to watch – Infosys, Wipro, Jubilant FoodWorks, Bajaj Auto, Majesco, and others</a> <a href="https://www.businessinsider.in/stock-market/news/there-are-one-of-only-17-indian-companies-out-of-500-that-aced-the-du-pont-test/articleshow/79911627.cms">There are one of only 17 Indian companies out of 500 that aced the Du Pont test</a> <a href="https://www.businessinsider.in/business/corporates/news/wipro-buyback-offer-details-and-700-million-metro-ag-deal-drives-share-price/articleshow/79911875.cms">Wipro offers 10% more to buy back shares and signs a $700 million deal with Metro AG – everything that’s driving the IT services stock higher today</a>

Three promoters of Agri Gold Group arrested for Ponzi Scheme Fraud Case worth ₹6,380

<keyword id="6448574" type="PERSON" weightage="20" keywordseo="n-r-narayana-murthy">N R Narayana Murthy</keyword>, the co-founder of software giant <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword> who chairs a Sebi panel on alternate investment policy advisory, on Tuesday pitched for pension funds and banks to invest money in Indian startups. Speaking at the annual Tiecon event, Murthy said a bulk of the money which gets invested as risk capital in the upcoming companies is from abroad and there is a need for domestic money to play an important role in this. At the same event, Murthy's former colleague at Infosys T V <keyword id="6491998" type="PERSON" weightage="20" keywordseo="mohandas-pai">Mohandas Pai</keyword>, who is now associated with Ispirit, an advocacy group for startups, said only a tenth of the USD 60 billion invested into Indian startups since 2014 has come from domestic investors. Pai warned that "we risk the prospect of turning into a digital colony" by 2025, seeking to draw parallels with imperialism.
 He said there will be 1 lakh startups in India with a collective valuation of over USD 500 billion by 2025. There will be at least 100 unicorns among them and over 65 of them will be majorly owned by foreign investors.
 "This is one of the most important issues that we have been discussing (at the Sebi panel). That is, what are the policy changes that are required to make sure that there is more of Indian and domestic money coming into the startup sector because today it is by and large from abroad," Murthy said.
 "To do that, pension funds must be allowed, corporations must be allowed, banks must be allowed," he added.
 Pai sounded more disappointed with Indian billionaires who are willing to invest in real estate and even bank deposits, but have a tendency to overlook the startup sector.
 In an apparent reference to the spate of frauds, Pai said the billionaires also tend to pass the risk on money invested to banks.
 He said the biggest letdown has been from financiers in Mumbai, and asked startup entrepreneurs to educate such professionals on the need of the hour. 
 Pai said why Indian pension funds or insurance companies cannot invest, questioning how companies in the same sector from abroad are coming in and taking interests here.
 Meanwhile, Murthy also clarified on a recent controversy over cutting short his speech at an event where he shared stage with American e-commerce giant Amazon's chief executive <keyword id="191583" type="PERSON" weightage="20" keywordseo="Jeff-Bezos">Jeff Bezos</keyword>. He said Bezos had come on time to the venue, but the "indisciplined" crowd at the venue in New Delhi mobbed the entry gates which resulted in the delayed start for the event.
 Bezos was very understanding and smiled at the act of cutting short the speech, Murthy said, adding that this is so because the visiting honcho is himself a disciplinarian. See also: <a href="https://www.businessinsider.in/business/news/with-kapil-wadhawans-arrest-the-family-is-now-accused-of-scams-worth-over-a-billion-dollars/articleshow/73713230.cms?src=hp_ts">With Kapil Wadhawan’s arrest, the family is now accused of scams worth over a billion dollars</a> <a href="https://www.businessinsider.in/budget/news/union-budget-2020-what-can-finance-minister-nirmala-sitharaman-do/articleshow/73691622.cms?src=hp_wh">Watch: India’s ‘make or break’ budget 2020⁠— once-in-a-career crisis offers Finance Minister Nirmala Sitharaman a fertile ground for creativity</a>

India's tech icon Narayana Murthy says India may become a 'digital colony' if startups have to rely on foreign funds

New Delhi, Dec 18 () Shares of Infosys on Wednesday rallied for the fourth consecutive session after the IT major announced reaching a settlement in an alleged tax fraud matter in the US.
 The stock settled 0.44 per cent higher at Rs 732.50 on the BSE. It rose as much as 1.09 per cent to Rs 737.25 during the day.
 On the NSE, the stock touched a high of Rs 737.30, up 1.04 per cent over the previous close and later on closed the day 0.51 per cent higher at Rs 733.40.
 More than 1.2 crore shares of Infosys were traded on the NSE and 3.53 lakh units on the BSE.
 The stock has been on a gaining streak for the last four sessions. It has increased 2.98 per cent on the BSE and 3.07 per cent on the NSE.
 It was one of the top gainers in the Sensex pack in early trade.
 On Wednesday, the IT major informed Indian stock exchanges that it has reached a settlement with California Attorney General.
 Infosys will pay California USD 800,000 to resolve allegations that between 2006 and 2017 approximately 500 Infosys employees were working in the state on Infosys-sponsored B-1 visas rather than H-1B visas, California Attorney General Xavier Becerra said.
 In the regulatory filing, Infosys said the case is being dismissed with prejudice and was reached to avoid the time, expense, and distraction of protracted litigation on allegations dating back more than 13 years. RUJ SHW
SHW

Infosys shares settle marginally up; gain over 3 pc in four sessions

<ul><li>Besides <keyword id="1860700" type="PERSON" weightage="20" keywordseo="SRS-Real-Infrastructure">SRS Real infrastructure</keyword> and <keyword id="1643113" type="COMPANY" weightage="20" keywordseo="SRS-Real-Estate-Ltd">SRS Real Estate Ltd</keyword> which are into development of malls, commercial spaces etc, the agency has also booked the company's group chairman Anil Jindal and directors Rajesh Singla, Nanak Chand Tayal, Bishan Bansal, Vinod Jindal and Jitender Kumar. </li><li>The searches were conducted at the premises of the company and its directors in Delhi, Faridabad and Bengaluru </li><li>The agency acted on a complaint from <keyword id="6357132" type="COMPANY" weightage="20" keywordseo="Canara-Bank">Canara Bank</keyword> which had done a forensic audit of the companies' accounts showing massive diversion of fund, with over Rs 89 crore of funds parked in the Republic of Congo. </li></ul> The CBI on Thursday carried out searches at 19 premises in Delhi-NCR and Bengaluru after registering an FIR against two firms of Faridabad-based <keyword id="9590027" type="COMPANY" weightage="20" keywordseo="srs-group-of-companies">SRS Group of Companies</keyword> and its directors for allegedly defrauding Canara Bank to the tune of Rs 135 crore, officials said. Besides SRS Real infrastructure and SRS <keyword id="1595046" type="DOMAIN" weightage="20" keywordseo="Real-Estate-Ltd">Real Estate Ltd</keyword> which are into development of malls, commercial spaces etc, the agency has also booked the company's group chairman Anil Jindal and directors Rajesh Singla, Nanak Chand Tayal, Bishan Bansal, Vinod Jindal and Jitender Kumar, they said. "It was alleged that the said borrower group of companies had availed term loans from the bank. It was further alleged that the borrower defrauded the bank and diverted the funds by not routing the proceeds of sale/booking of the flats through accounts maintained with the bank," CBI spokesperson R K Gaur said here. The searches were conducted at the premises of the company and its directors in Delhi, Faridabad and Bengaluru, they said. The agency acted on a complaint from Canara Bank which had done a forensic audit of the companies' accounts showing massive diversion of fund, with over Rs 89 crore of funds parked in the Republic of Congo. "There were massive diversion of funds, and unkept promises, the company and promoters dragged into courts, besides investigation by Economic Offence wing, etc," the bank alleged in its complaint which is now part of the FIR. "The group appears to have not only not paid the banks, but also a slew of operational and financial creditors, as well as many home buyers who have reportedly paid large sums to the developers which have been diverted by the promoters to various other ventures in India and abroad," it said. The FIR said that the balance with scheduled banks in current account of SRS Real Infrastructure zoomed to Rs 95.23 crores by March 31, 2017, from mere Rs.5.64 crores the previous year. "The net increase in the current account balance in the bank is Rs 89.51 crores, out of which Rs 89.50 crores is only due to amount received and held for specific project to be executed in the Republic of Congo (Central Africa). To this extent, there is a diversion of funds," it said. Both the companies, booked by the CBI, are of SRS group of Companies with same promoters and thereafter common guarantors in both the accounts, the bank alleged. Their accounts were classified as NPA on June 6, 2016. SEE ALSO: <a href="https://www.businessinsider.in/education/news/in-india-schools-cant-conduct-online-classes-for-more-than-90-minutes-for-class-1-to-8-and-other-guidelines-to-follow/articleshow/76976329.cms">In India, schools can’t conduct online classes for more than 90 minutes for class 1 to 8 — and other guidelines to follow</a> <a href="https://www.businessinsider.in/stock-market/news/infosys-vs-tcs-vs-wipro-comparison-of-share-price-and-earnings/articleshow/76996578.cms">Infosys shares are on fire because it beat TCS and Wipro⁠— and gave a soothing guidance</a> <a href="https://www.businessinsider.in/science/health/news/the-world-cant-wait-for-good-news-from-oxford-serum-institute-and-astrazeneca-but-that-is-only-the-first-step/articleshow/76996301.cms">The world can’t wait for good news from Oxford, Serum Institute and AstraZeneca ⁠— but that is only the first step</a>

CBI searches 19 premises of real estate firm SRS Group, its directors in bank fraud case

Almost 90 years after the Smoot-Hawley legislation imposed <keyword id="44844" type="ORGANIZATION" weightage="20" keywordseo="Trade">trade</keyword> tariffs that made economic conditions go downhill and sent people into despair, history looks like it might repeat itself. Trump’s tariff increases on steel and aluminum imports have sparked fears of a retaliatory war from Europe and other nations. The move has also prompted the World Bank to issue a warning that the impact on global trade could drop by about 9 percent, the same as during the 2008 financial crisis. Although such a dire scenario may not come to pass, global trade is showing signs of slowing down. <keyword id="6357761" type="UNKNOWN" weightage="20" keywordseo="WTO">WTO</keyword> predicted a 4.7 percent increase in the total gross merchandise exchanged around the globe in 2017; the prediction for this year is 4.4 percent. The combined impact of unfavorable trends – <keyword id="44380" type="COMPANY" weightage="20" keywordseo="protectionism">protectionism</keyword>, higher risk, slowing growth, and pessimism – will be felt on the cost of trade transactions. But with the help of digital technology, it is possible to limit the extent of the cost passed on to the end consumer. This article profiles one of the technologies that can really swing things in the world of trade finance, namely <keyword id="6355684" type="PERSON" weightage="20" keywordseo="Blockchain">Blockchain</keyword>. Broadly speaking, Blockchain and other distributed ledger technologies can reduce trade <keyword id="864664" type="PERSON" weightage="20" keywordseo="transaction-costs">transaction costs</keyword> on three fronts. Reduce transaction-related costs International trade transactions are riddled with cost, complexity, and documentation. To cite just one example, a shipment of refrigerated goods going from Africa to Europe can involve more than 200 interactions between 30 officials and agencies. Just the financing process, from approving to issuing a Letter of Credit (LC), can take between 7 and 10 days. But a distributed ledger can dramatically bring down the time and handoffs, and consequently, the transaction costs. Last year, a machinery export deal between Japan and Australia carried all its trade processes on a Blockchain-based platform reducing the delivery time to two hours from several days earlier, cutting down the labor and cost of creating and dispatching documents, and making the entire process transparent to all parties. The technology also eliminates intermediaries since the transactions are approved by a network of several thousand members by consensus. The immutability of Blockchain transactions provides an additional layer of safety since the transactions once posted and approved, cannot be repudiated, changed or withdrawn. Check <keyword id="38935" type="PERSON" weightage="20" keywordseo="Fraud">fraud</keyword> Fraud and malpractice in trade transactions can take a massive toll on the economy. A study by John Zdanowicz, a fraud expert and professor at the FIU College of Business, found that between 2003 and 2014, false invoicing rose 30 percent in the United States, from US$ 168.31 billion to US$ 230.58 billion, and total trade invoice fraud cost the country about US$ 2.3 trillion in taxes. Duplicate invoice / bill of lading financing is rampant because banks have no way to check the authenticity of documents. With Blockchain, however, that problem is eliminated forever, because with network consensus and total transparency, there is no way a document can be duplicated or forged. It is also impossible for a supplier to renege on an order at a late stage of a transaction. Once the paperwork is put on Blockchain, the network holds the supplier liable for keeping his end of the bargain. If the innate safety and security of Blockchain could lead to just 10 percent of global trade transactions, it would significantly reduce banks’ spending on Anti Money Laundering, fraud detection, and risk management solutions. This would not only offset some of the cost increases arising from protectionist measures but also provide visibility and traceability, both of which are sorely lacking in trade transactions at present. Improve banks’ balance sheets Today most banks are struggling to meet even their cost of equity, let alone make a return on it. At the same time, banks are forced to spend sums of money on contingent liability insurance to protect themselves against potential lawsuits, loan repayment default, and losses to a third party for which they are liable. Blockchain can help reduce this cost. Since with Blockchain, there is little or no risk of a deal going bad, the need for contingent liability insurance reduces. And if an insurance company is brought aboard the network, it can track each and every transaction, and even revise the premium downward. The same logic applies to other service providers such as logistics partners, warehousing companies, and customs agents. The potential of Blockchain and other distributed ledger technologies to lower the cost of trade is immense. A leading management consulting firm estimates that if implemented right, distributed ledger technology can reduce trade finance operating expenses by as much as 50 to 80 percent, and LC processing time by 80 percent. Technology providers are responding with a variety of solutions. A few months ago, Infosys formed an award-winning Blockchain-based network called <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword> Trade Connect with a consortium of Indian banks to address trade finance processing requirements. Progressive banks across the world have also started seeing early results of their Blockchain implementations. This is just the beginning. The article is written by a Business Insider India contributor - Rajashekhara V Maiya, Vice President and Head of Business Consulting and Strategy at Infosys Finacle. Rajashekara Maiya is responsible for Finacle’s business consulting practice where he heads client advisory, product strategy and pre-sales functions. He is also responsible for strategy regarding acquisitions and global alliance partnerships. He represents the company while interacting with external stakeholders such as analysts and the media. He has played several roles across diverse areas, including product management, solution architecture, implementation, and pre-sales over the last 18 years at Infosys.

Here's how blockchain reduces the overall costs associated with trade

IT major <keyword id="10862" type="CITY" weightage="100" keywordseo="Wipro">Wipro</keyword> has listed cybersecurity breaches as a potential risk to its business, stating that such attacks could lead to financial obligations to its customers, according to PTI news report. The development comes weeks after 'WannaCry' ransomware hit systems across sectors like telecommunications and healthcare in over 100 countries, including India, Russia and the UK. One of the most widespread cyber attacks in history, WannaCry infected computers running on older versions of <keyword id="10387" type="CITY" weightage="20" keywordseo="Microsoft">Microsoft</keyword> operating systems like XP, locking access to files on the computer. Wipro, in its filing to the <keyword id="108474" type="ORGANIZATION" weightage="20" keywordseo="US-Securities-and-Exchange-Commission">US Securities and Exchange Commission</keyword>, noted that while there is an increase in the number of connected devices and transition to cloud, the impact of threats is also on the rise. It added that attempts for unauthorised access, malwares, fraud, misuse/loss/tampering of personal and business data, deliberate or accidental act of its employees or other stakeholders are also on the rise. "While various security controls mechanisms are deployed at different technology layers and re-enforced periodically, it may be difficult always to be successful considering the complexity of the environments...," it said. In the past, the Bengaluru-based firm has acknowledged the growing cyber threat in its annual reports, but had not listed it as a risk factor. "...any potential cyber event impacting confidentiality, integrity ... could lead to financial, disclosure of data, privacy, security, reputational, customer loss, legal, regulatory and contractual obligations to Wipro and may have direct impact (on) our customers and partners," Wipro said in its filing. In a recent study, Wipro has said at least 1.38 billion records of data were reported stolen -- that is about 43 records every second -- during the year 2016 through data breaches at enterprises globally. Such breaches not only impact the business operations but also often result in customer faith being severely dented for enterprises in the aftermath of these attacks. This negative sentiment, after the breaches are notified, are often reflected in stock price dips and/or lower business online, ultimately hitting the company's bottom line. Wipro's larger rival <keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword> also has a similar cautionary note in its annual filing. It says that while Infosys has put in place adequate infrastructure and business continuity plans against cyber security breaches, there could be an impact on active voice and data communications between its various development centres and clients' sites due to such disruptions.

Wipro flags cybersecurity breaches as potential risk to business

In what can be a setback for <keyword id="6357549" type="UNKNOWN" weightage="20" keywordseo="Indian-IT-companies">Indian IT companies</keyword> such as <a href="http://www.businessinsider.in/searchresult.cms?query=tcs&amp;sortorder=effectivedate">Tata Consultancy Services </a>(<keyword id="6357150" type="CITY" weightage="20" keywordseo="TCS">TCS</keyword>), <a href="http://www.businessinsider.in/searchresult.cms?query=infosys&amp;sortorder=effectivedate">Infosys</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=wipro&amp;sortorder=effectivedate">Wipro</a>, etc, the <a href="http://www.businessinsider.in/searchresult.cms?query=H1B+visa&amp;sortorder=effectivedate">H1-B bill </a>is introduced in the <a href="http://www.businessinsider.in/searchresult.cms?query=donald+trump&amp;sortorder=effectivedate">US House of Representatives</a>. 
 
One of the key features of the bill is more than doubling the minimum salary of H-1B visa holders to USD 130,000, which can be difficult for <a href="http://www.businessinsider.in/searchresult.cms?query=indian+IT+sector&amp;sortorder=effectivedate">Indian IT market</a>. 
 
Following the tabling of the bill in America, IT stocks plunged. 
 
The High-Skilled Integrity and Fairness Act of 2017 introduced by California Congressman Zoe Lofgren prioritises market based allocation of visas to those companies willing to pay 200 per cent of a wage calculated by survey, eliminates the category of lowest pay, and raises the salary level at which H-1B dependent employer are exempt from non displacement and recruitment attestation requirements to greater than USD 130,000. 
 
This is more than double of the current H-1B minimum wage of USD 60,000 which was established in 1989 and since then has remained unchanged. 
 
"My legislation refocuses the H-1B programme to its original intent - to seek out and find the best and brightest from around the world, and to supplement the US workforce with talented, highly-paid, and highly-skilled workers who help create jobs here in America, not replace them," said Lofgren. 
 
"It offers a market-based solution that gives priority to those companies willing to pay the most. This ensures American employers have access to the talent they need, while removing incentives for companies to undercut American wages and outsource jobs," he said. 
 
Lofgren said it removes the 'per country' cap for employment based immigrant visas so that all workers are treated more fairly and to move to a system where employers hire the most skilled workers without regard to national origin. 
 
It raises the salary level at which H-1B dependent employer are exempt from attestation requirements to a new required wage level of 35 percentile points above the median national annual wage for Computer and Mathematical Occupations published by the Department of Labour Occupational Employment Statistics (roughly USD132,000), which would be adjusted in the future without the need for new legislation, and eliminates the Master's Degree exemption for dependent employers. 
 
The legislation sets aside 20 per cent of the annually allocated H-1B visas for small and start-up employers (50 or fewer employers) to ensure small businesses have an opportunity to compete for high-skilled workers, while still protecting against outsourcing. 
 
It among other things removes visa hurdles for students and other temporary visa holders by building a bridge from F-1 student status to Lawful Permanent Residence and removes paperwork burdens by streamlining H-1B filing requirements and reducing administrative costs. 
 
The legislation tightens employee protection by stipulating that employers may not reduce beneficiary wages, regardless of whether the deduction is in accordance with a voluntary authorisation by the employee. 
 
It makes exceptions for taxes, garnishments, and deductions that are reasonable and customary in the occupation. 
 
In related development, Senator Sherrod Brown has announced to introduce H-1B and L-1 Visa Reform Act in the Senate which he said would close loopholes in the H-1B and L-1 visa programs and provide increased protections for both American workers and visa holders. 
 
"We need to crack down on the fraud and abuse that allows corporations to avoid paying Americans fair wages and exploit foreign workers," said Brown. 
 
"During his campaign, President Trump promised to increase oversight of our H-1B and L-1 visa programs and reform starts with this bipartisan legislation to ensure that American businesses are giving American workers a fair shot at good-paying jobs," he said. 
 
The bill would require that employers first offer a vacant position to an equally or better qualified American worker before seeking an H-1B or L-1 visa holder. 
 
It would also establish wage requirements for L-1 workers and improve H-1B wage requirements to encourage companies to hire qualified American workers and prevent them from using foreign workers as a source of cheap labour. 
 
Under the H-1B and L-1 Visa Reform, the Department of Labor (DOL) and the Department of Homeland Security (DHS) would have additional oversight authority to investigate fraud and abuse as well as to increase penalties for companies that violate the bill's requirements. 
 
The bill also requires DOL and DHS to share information so that visa petitions are effectively scrutinised.

Setback for TCS, Infosys, Wipro, other IT companies? Donald Trump Govt introduces H-1B Bill

The number of online transactions is growing every day and banks need to have stringent <keyword id="137092" type="UNKNOWN" weightage="100" keywordseo="cyber-security">cyber security</keyword> measures. 
 The need for broader security system increased after salary accounts of at least two dozen <keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword> employees were hacked last month in May. 
 
Experts and company executives said told Economic Times that the hacking highlighted broader cyber security challenges for domestic banks. 
 
At least Rs 2 lakh were siphoned off from half a dozen salary accounts of Infosys employees hacked by a still unidentified person, two people familiar with the development told the financial daily. 
 <keyword id="6653" type="CITY" weightage="100" keywordseo="ICICI-bank">ICICI Bank</keyword> refunded salaries to affected employees immediately, given its longstanding relationship with Infosys, executives told ET. 
 
An ICICI spokesperson told ET that the impacted customers got their debit cards prior to December 2013 and as per the rules at the time the cards were activated for international transactions. "However, the customers had the choice of blocking international transactions on their debit cards," the spokesperson said. 
 
Since December 2013, the spokesperson informed, the bank has been issuing EMV chip debit cards to customers who make international transactions, besides giving all customers the choice to opt for cards with this global security standard. 
 
"The bank did not issue EMV chip cards to these customers as they neither transacted internationally nor did they opt for the EMV chip cards," the spokesperson told the financial daily. 
 
"This was a case of card skimming, wherein debit card information was used by the fraudsters for conducting unauthorised transactions. Debit card information may have leaked at point of sale machine or through some other channel and this led to the incident," a top executive at ICICI Bank told ET on the condition of anonymity. 
 
Meanwhile, this episode has highlighted how current online security measures in most of the public and private sector banks are inadequate to counter new-age threats. 
 
"Incidents of skimming happen because banks continue to ask simplistic questions on customer's date of birth, address, mother's maiden name, name of spouse, etc. Such information is freely and publicly available on Facebook, LinkedIn and job search portals. So fraudsters have easy access to such information. In essence, that is leading to a number of frauds; some get reported while the others don't," Sivarama Krishnan, a partner at PricewaterhouseCoopers, told ET. 
 
Meanwhile, few banks like HSBC often issue fast tokens to customers where the personal identification number changes every 30 seconds depending on the frequency that the bank sets up. 
 
Customers are then required to use a one-time password sent to their phones. A number of banks have still not enabled such a system, which drastically reduces the vulnerability of security systems, experts told ET. 
 
But Infosys was not the first case. In 2013, the Axis Bank salary accounts of 15 police officers in Mumbai were hacked and money was withdrawn from those accounts through ATMs in Greece. Axis Bank later refunded the amount to the affected officers. 
 
"Customers often give the debit card/ card details to petrol pump attendant, hotel waiter or to salesperson. Such negligent behaviour causes risks," said the chief information security officer of a leading private sector bank. 
 
Experts told ET most banks need to implement Adaptive Access systems, a new-age security solution that uses tools like analytics to thwart cyber attacks. A number of banks such as HDFC, Axis Bank and Punjab National Bank have already deployed such systems. 
 
(Image: Thinkstock)

You Searched For "infosys fraud" and got 13 results

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