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In Maharashtra’s Thane district, police have registered a case of alleged fraud involving two construction company owners accused of deceiving a family of ₹1.2 crore. The incident came to light after a 28-year-old woman from Thane’s Rabodi area lodged a complaint against the two accused, who are brothers. The accused allegedly persuaded the woman, her mother, and her sister to invest the substantial sum in their construction company based in Mumbai’s Bandra area. Promises were made of a significant payout within five years or, alternatively, the option of acquiring two or three apartments in the city’s prime real estate zone. According to the complaint, the woman’s family entered the deal on December 31, 2022, convinced by assurances of either a return of ₹3 crore over five years or property options in Bandra. To meet the required investment amount, the family borrowed funds from various sources, entrusting their money with the accused based on the lucrative promises. The police official handling the case noted that the family, enticed by the seemingly profitable terms, had not foreseen the outcome that would follow. In May 2023, however, when the family attempted to reclaim their funds and the anticipated profit, the accused allegedly declined the request. The complainant stated that the brothers not only refused to pay but also reportedly threatened the family, citing powerful connections that would shield them from legal repercussions. This behaviour alarmed the family, leading them to seek legal recourse. The Rabodi police have filed a case against the accused under various sections of the Indian Penal Code, including Section 420 for cheating, Section 406 for criminal breach of trust, and Section 506 for criminal intimidation. Additionally, charges were filed under Section 34, indicating common intention, along with relevant provisions of the Maharashtra Protection of Interest of Depositors Act. The case highlights the dangers that investors may face when lured by high-return promises in unregulated sectors. Fraudulent schemes in real estate and construction have been known to target individuals and families looking for profitable investments, often leaving them with financial losses and emotional distress. Authorities are continuing investigations, with the Rabodi police closely monitoring the case to gather further evidence. This incident is expected to bring more attention to regulatory practices within the real estate industry and underscore the need for stricter oversight to protect potential investors from falling prey to deceitful operators. (with PTI inputs)

Thane family loses Rs 1.2 crore as they get cheated by construction company, details here

In the last two years, there has been a rapid rise in scams in India and a lot of people have lost their hard-earned money after trusting strangers for financial advice. Be it a fraudulent app, being added to a shady WhatsApp group, or receiving phone calls from strangers that sound too good to be true, many cases have come to light. Now, in a new incident, a doctor from Thane, Maharashtra, was misled by three Karnataka-based suspects who promised earnings via a municipal contract to supply medical equipment, costing him ₹3.84 crore. Despite investing over a three-year period, he saw no returns and reported the crime to the Naupada police, who have registered a case but made no arrests. Thane doctor tricked by false municipal contract According to a PTI report, a 39-year-old doctor in Thane, Maharashtra was deceived by three men from Karnataka. These fraudsters offered him lucrative returns through a supposed municipal contract for supplying medical equipment. Convinced by the promise of reliable profits, the doctor began investing heavily in December 2020, making significant contributions until March this year. The doctor’s substantial investment – totalling ₹3.84 crore – was made over multiple transactions from December 2020 and March this year, in anticipation of high returns that never materialised. Suspicion finally arose after the doctor had seen no profits despite his repeated investments. Recognising he may have been defrauded, he reached out to the Naupada police station, who registered a case under charges of cheating. While no arrests have been made so far, authorities have launched an investigation to track down the perpetrators and recover the funds if possible. A police official told PTI, "The man approached police after he did not get profits or any return on investment. We have registered a case of cheating but have not arrested anyone." Ahmedabad gynaecologist duped in <keyword id="21361161" type="General" weightage="100" keywordseo="stock-market-scam" source="keywords">stock market scam</keyword> In a similar incident, a gynaecologist from Ahmedabad lost ₹1.1 crore to a scam that began with a social media advertisement. Attracted by the potential for substantial stock market returns, the doctor engaged with a group promising expert tips and was subsequently added to a WhatsApp group where members shared investment insights. Through this group, he was introduced to a web link for stock and IPO investments, along with an application that required his banking details and identification documents. A PTI report revealed that the doctor’s initial investment of ₹50,000 yielded a profit of ₹10,000, which he successfully withdrew. This initial success encouraged him to make larger investments, transferring ₹1.1 crore through multiple transactions in pursuit of higher gains. When he later attempted to withdraw his funds, he was unexpectedly asked to pay 20% of his total profits. After refusing this demand, he was removed from the WhatsApp group and realised the extent of the deception. He contacted Cybercrime police in February, and after months of waiting, a formal case was registered against unknown suspects under charges of breach of trust and cheating, alongside provisions of the <keyword id="20003647" type="General" weightage="20" keywordseo="information-technology-act" source="keywords">Information Technology Act</keyword>.

Thane doctor gets cheated of ₹3.84 crore, was promised high financial returns by 3 men

The Enforcement Directorate (ED) on Thursday attached assets worth Rs 2,747.69 crore of the ABG Shipyard Limited in bank fraud case. The ED said that the attached assets include Shipyards in Gujarat's Surat and Dahej; agricultural lands and plots, various commercial and residential premises in Gujarat and Maharashtra; and bank accounts owned by <keyword id="155095" type="General" weightage="80" keywordseo="abg-shipyard-ltd" source="Orion">ABG Shipyard Ltd</keyword>, its group companies and other related entities. The ED initiated a money laundering investigation on the basis of an FIR registered by the <keyword id="6354889" type="General" weightage="50" keywordseo="central-bureau-of-investigation" source="Orion">Central Bureau of Investigation</keyword> (CBI). Investigation by ED revealed that ABG Shipyard Ltd and its Chairman and Managing Director <keyword id="13160809" type="General" weightage="80" keywordseo="rishi-kamlesh-agarwal" source="Orion">Rishi Kamlesh Agarwal</keyword> availed various credit facilities from consortium of Banks led by ICICI Bank, Mumbai on the pretext of meeting its capital requirements and other business expenses, but ABG Shipyard Ltd misappropriated the credit facilities availed from the consortium and diverted the funds for the purposes other than its actual cause in the garb of various loans, advances, investments to various related entities incorporated in India and abroad. It caused monetary loss to the tune of Rs 22,842 crore to the consortium. The ED has traced movable and immovable assets totaling Rs 2747.69 crore belonging to ABG Shipyard Ltd, its group companies, Bermaco Energy Systems Ltd., <keyword id="78238" type="General" weightage="80" keywordseo="dhananjay-datar" source="Orion">Dhananjay Datar</keyword>, <keyword id="15057158" type="General" weightage="50" keywordseo="savita-dhananjay-datar" source="Orion">Savita Dhananjay Datar</keyword>, <keyword id="15057157" type="General" weightage="80" keywordseo="krishna-gopal-toshniwal" source="Orion">Krishna Gopal Toshniwal</keyword>, <keyword id="1896504" type="General" weightage="80" keywordseo="viren-ahuja" source="Orion">Viren Ahuja</keyword> and attached them under the provisions of Prevention of Money Laundering Act (PMLA). Further investigation in the matter is on. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/indias-microfinance-loan-portfolio-stands-at-3-lakh-crore-with-6-crore-unique-borrowers/articleshow/94375376.cms">India’s microfinance loan portfolio stands at ₹3 lakh crore with 6 crore unique borrowers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/how-did-the-hot-debate-on-moonlighting-start/slidelist/94374503.cms">How did the hot debate on moonlighting start?</a>

ED attaches property worth ₹2,747 cr of ABG Shipyard in bank fraud case

<ul><li>Radheshyam and Surender Singh worked in cohesion to dupe nearly 2 million people out of ₹12 billion.</li><li>Together they ran a <keyword id="501221" type="PERSON" weightage="20" keywordseo="multi-level-marketing">multi-level marketing</keyword> scheme (MLM) scheme promising quick returns on <keyword id="6355120" type="UNKNOWN" weightage="20" keywordseo="investment">investment</keyword>. </li><li>The <keyword id="195959" type="ORGANIZATION" weightage="20" keywordseo="Cyberabad-police">Cyberabad Police</keyword> has detained the two perpetrators but a third is still on the loose. </li></ul>A class VII dropout and a graduate worked hand-in-hand to <a href="http://www.newindianexpress.com/cities/hyderabad/2018/sep/09/hyderabad-police-bust-mlm-fraud-worth-rs-1200-crore-two-held-1869574.html?utm_source=inshorts&amp;utm_medium=referral&amp;utm_campaign=fullarticle&amp;utm_source=inshorts&amp;utm_medium=referral&amp;utm_campaign=fullarticle" data-type="tilCustomLink">carry out a multi-level marketing scheme</a> (MLM) in India conning over 2 million people out of ₹12 billion ($166 million). While Radheshyam and Surender Singh are in custody, a third perpetrator is still on the run. The Economic Offences Wing (EOW) of the Cyberabad Police in Hyderabad, India confiscated ₹2 billion from the bank account’s of the accused after a citizen from Kukatpally altered the authorities about suspicious activity. Modus operandi Their plan was simple. Set up an <keyword id="244039" type="DOMAIN" weightage="20" keywordseo="investment-company">investment company</keyword> and use a binary scheme to lure in people with the promise of quick returns on small investments. All the while, aim for gullible individuals who would fall for the promise of a high income. According to the police, the duo set up Future Maker Life Care Global Marketing Pvt Ltd (FLMC) with Radheshyam as the chairman and Surender Singh as the distributor three months ago. They even registered it with the Registrar of Companies. Thus, began their operation in Hyderabad of entrapping more than 20,000 customers, most of whom were from the states of Haryana, Madhya Pradesh, Maharashtra and Orissa. The target demographic was youngsters, homemakers and retired employees. The scheme itself was a binary model. Once a person signed up for it with an initial fee of ₹7500, they would have to get two more people to sign up creating a never-ending chain. And since it’s a never ending chain, it leads to a mathematical impossibility and ultimately cheating. It’s the simplest version of a <keyword id="1494298" type="PERSON" weightage="20" keywordseo="pyramid-scheme">pyramid scheme</keyword>. Recruitment came with the promise ₹500 commission on top of the ₹2500 that would be paid out every month for the next two years. That’s a total of ₹60,000 ($830) in two years with a principal amount of ₹7500 ($104). They’ve been charged under Section 3 of the Prize Chits and Money Circulation Schemes (PCMCS) Act of 1978, where it’s not only illegal to initiate such scheme but it’s also illegal to participate in them. Any propagators of the scheme are held liable under Section 420 of the <keyword id="75223" type="ORGANIZATION" weightage="20" keywordseo="Indian-Penal-Code">Indian Penal Code</keyword>.

Duo in India caught carrying out ₹12 billion multi-level marketing scheme

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

<ul><li>Since Indians along with the rest of the world, spent most of their time at home during the pandemic, the dependency on apps increased substantially.</li><li>Domestic apps dominate the mobile marketplace, beating out foreign players.</li></ul> <a href="https://www.appsflyer.com/" target="_blank">AppsFlyer</a>, the global leader in mobile attribution and marketing analytics, launched the <a href="https://infogram.com/state-of-app-marketing-in-india-2020-1hnq4100mo39p23?live" target="_blank">State of App Marketing in India 2021</a> report, which underlined the growing popularity of domestic apps as they continued to climb up the ladder in India’s app race. The report's compelling findings showed an increase in India's app installs with 38.5 percent of market share, beating China and the US in 2020. Since Indians along with the rest of the world, spent most of their time at home during the pandemic, the dependency on apps increased substantially. The report shares key findings on increased user consumption in various app categories, offers an in-depth perspective and study of pan-India regional insights, developments in user acquisition, remarketing insights, and the effect of mobile fraud on marketing budgets. The study analysed 7.3 billion installs that were recorded in India from January 1st to November 30th, 2020, including 4519 apps covering Entertainment, Finance, Shopping, Gaming, Travel, News, Food &amp; Drink, and Utility verticals. The data sample also includes 933 billion app opens and 3.0 billion remarketing conversions. Demand from semi-urban areas fires up India’s app consumption: <ul><li>The overall mobile usage increased, and semi-urban areas emerged as the hub for mobile usage giving rise to an ideal opportunity to reach younger digital consumers. </li><li>States with predominantly semi-urban areas emerged as the new sweet spots for mobile usage.</li><li>Uttar Pradesh, which is India's most populated state, led the market in non-organic installs (NOI) at 12.10 percent, leaving behind Maharashtra at 11.49 percent due to the impact of lockdown. </li><li>Owing to the availability of cheaper mobile data and handsets, the tier 2, 3, and 4 cities saw a rise in mobile usage in Gaming, Finance, and Entertainment. </li><li>Additionally, various apps in different verticals were launched targeting lower-tier cities that boosted mobile usage in tier 2 and 3 cities. </li></ul>In the hyper-competitive app space fuelled by the growing choice of apps, keeping mobile users engaged with an app or app retention was a major challenge for marketers. Owing to the government lockdown's financial implication, app marketers have had to slash their budgets, resulting in lower overall spending, which led to a 12 percent decrease in app retention rates. The lower retention rate encouraged marketers to change their strategies towards remarketing. Sanjay Trisal, Country Manager, <keyword id="2693878" type="PERSON" weightage="20" keywordseo="AppsFlyer">AppsFlyer</keyword> India, “The State of <keyword id="2840966" type="PERSON" weightage="20" keywordseo="App-Marketing">App Marketing</keyword> report is the source of truth for apps to drive marketing success in 2021 and beyond. While Chinese apps have slipped in terms of overall market share (29%), Indian apps leveraged this opportunity by dominating the install volume (40%) in the country. Foreign apps from Israel, the United States, Russia, and Germany made further inroads into this rapidly growing market and are in line to challenge China. Closer to home, it is encouraging to see tier 2 and 3 markets provide tough competition to the metros when it comes to gaming, entertainment, and fintech. Regional content is a key by product of this trend, and it will be the next big pivot for app marketers.” Key user acquisition insights: <ul><li>Entertainment vertical enjoyed the fastest time to first purchase, often converting the user within the first 10 minutes.</li><li>Shopping events and promotions made for a significant rise in in-app purchases, and relaxed COVID-19 restrictions helped support the spike as well. </li><li>Overall, 50 percent of all app uninstalls happen within the day of installation. Uninstall rates increased as compared to last year – this insight paves the way for marketers to launch their remarketing campaigns. </li></ul> Remarketing insights: Owing to the above scenario and retention rates dipping, sectors like gaming, travel, and fintech that were most hit had to invest heavily into remarketing to incentivise their existing user base. These remarketing tactics proved to be highly effective and in twelve weeks the retention rate went up to 85 percent as compared to the sectors that did not invest in it. Therefore, app marketers need to analyse the marketing ROI and invest in remarketing campaigns that are providing better returns. Mobile ad fraud insights: While the report found that spend and reduced marketing budgets led to lower fraud rates across all apps, improved preventive measures also contributed to the decline in mobile frauds. Fraud will remain a serious issue and will come back in 2021 as soon as the marketing budgets recover. Travel, entertainment, and finance were the most affected verticals and will remain most vulnerable to fraud. Apart from being exposed to bot fraud, which is the most dominant fraud type, app marketers need to watch out for click flooding and install hijacking. Key ­­recommendations for 2021: <ul><li>Brands should look at measuring the incremental lift from remarketing campaigns to better understand their ROI and optimization of remarketing budgets.</li><li>Regional content plays a significant and growing role for marketers to acquire and retain users.</li><li>Marketers should seek fraud protection solutions to mitigate this perennial risk.</li><li>Maintaining a healthy mix of SRN, affiliates, agencies, and owned media is critical for marketers.</li><li>Remarketing campaigns, referrals and rewards will play a crucial role to re-engage and acquire new users.</li></ul>

App retention rate across verticals fell this year by 12%: AppsFlyer

<ul><li>The Reserve Bank of India put withdrawal restrictions on customers of Punjab &amp; Maharashtra Cooperative (PMC) Bank.</li><li>Depositors cannot withdraw more than ₹1,000 from their savings/current/other deposit accounts.</li><li>The sanctions from the central bank ahead of the festive season has led to panic and protests in many parts of the country.</li><li>The business as usual has been restricted due to under-reporting of bad loans, according to reports.</li></ul>Thousands of customers of Punjab &amp; Maharashtra Cooperative Bank (PMC) woke up to a terse notification from the Reserve Bank of India. Depositors cannot withdraw more than ₹1,000 from their savings/current/other deposit accounts. The bolt from the blue, ahead of the festive season, led to panic protests in many parts of the country. <div type="image" title="Thane: Customers gather inside the Punjab and Maharashtra Cooperative Bank, at K..." msid="71279706" hostid="261" caption="&amp;lt;p&amp;gt;Customers gather inside the Punjab and Maharashtra Cooperative Bank, at Kolshet in Thane. The Reserve Bank of India has placed Mumbai-based PMC Bank under directions for six months from the close of business of the bank on September 23, 2019.Photo)(&amp;lt;/p&amp;gt;"></div>

 As per the RBI sanctions, the PMC Bank is debarred for six months from granting, renewing any loans and advances, make any investments, incur any liability, including borrowal of funds or accept fresh deposits, etc, without the prior written approval from RBI. Described as a multi-state cooperative banking entity founded in 1984 from a small room in Mumbai, the PMC Bank has grown to 137 branches - in Maharashtra (103), Delhi (6), Karnataka (15), Goa (6), Gujarat (5), and Madhya Pradesh (2). <div type="image" title="Mumbai: Bank employees paste a copy of closure notice issued by the RBI on a wal..." msid="71279713" hostid="261" caption="&amp;lt;p&amp;gt;Bank employees paste a copy of closure notice issued by the RBI on a wall of Punjab and Maharashtra Cooperative Bank building, at Fort in Mumbai. The Reserve Bank of India has placed Mumbai-based PMC Bank under directions for six months from the close of business of the bank on September 23, 2019.Photo/Mitesh Bhuvad)(&amp;lt;/p&amp;gt;"></div>

 The RBI has also restricted PMC, which ranks among the top 10 cooperative banks in the country, from disbursing, agreeing to disburse any payment-- even if it is to discharge its liabilities. Neither can the bank enter into any compromise or arrangements and sell, transfer or otherwise dispose of any of its properties or assets except as notified in the RBI notification of Monday. The decision by the banking regulator was triggered by the under-reporting of loans by PMC, according to sources cited by the LiveMint. <div type="image" title="Thane: Customers show a message received on their phones about the closure of Pu..." msid="71279724" hostid="261" caption="&amp;lt;p&amp;gt;Customers show a message received on their phones about the closure of Punjab and Maharashtra Cooperative Bank, at Kolshet in Thane. The Reserve Bank of India has placed Mumbai-based PMC Bank under directions for six months from the close of business of the bank on September 23, 2019.Photo)(&amp;lt;/p&amp;gt;"></div>

 "This Rs 1,000 limit is ridiculous. We have to make purchases for Navratri, Diwali, pay our children's educational fees and other household expenses. How can we manage ?" the fuming man asked. <div type="image" title="Mumbai: A man talks on his phone outside outside the Punjab and Maharashtra Coop..." msid="71279739" hostid="261" caption="&amp;lt;p&amp;gt;A man talks on his phone outside outside the Punjab and Maharashtra Cooperative Bank at GTB Nagar in Mumbai. The Reserve Bank of India has placed Mumbai-based PMC Bank under directions for six months from the close of business of the bank on September 23, 2019.Photo/Shashank Parade) (&amp;lt;/p&amp;gt;"></div>

 "As the MD of the Bank, I take full responsibility and assure all the depositors that these irregularities will be rectified before the expiry of six months," Joy Thomas , Managing Director, PMC said the bank had been put under regulatory restrictions by the RBI owing to irregularities disclosed to the apex bank. As per the PMC Bank's latest Annual Report, it has deposits of over ₹11,617 crore and loans/outstandings of ₹8,383 crore. With inputs from IANS SEE ALSO: RBI offers Narendra Modi government money to boost growth-- share markets cheer India will soon have an online fraud registry with real-time data

In pics: Thousands of customers of a small bank in India panic after the regulator cracks the whip

<ul><li>Authorities in the Indian city of Thane raided the offices of the <keyword id="6591672" type="ORGANIZATION" weightage="20" keywordseo="Money-Trade-Coin">Money Trade Coin</keyword> (<keyword id="49524" type="ORGANIZATION" weightage="20" keywordseo="MTC">MTC</keyword>) on Monday. </li><li>MTC advertises itself as a ‘safer’ and ‘superior alternative’ of storing wealth. </li><li>But, to the contrary, complaints have surfaced about MTC being a front for international fraud.</li></ul>When 2,500 people invest in a supposed <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> and in turn lose anywhere between ₹3 billion ($45 million) to ₹5 billion ($74 million), one can’t help but wonder whether or not the regulation would be a boon. But what it surely will do is provide clarity between legit ventures and fraudulent ones. Cryptocurrencies have never been considered to be a <a href="https://cointelegraph.com/news/why-is-the-cryptocurrency-market-so-volatile-expert-take">‘stable’</a> financial asset, but add fraud into the mix and things can get really complicated. And, that’s exactly what <a href="https://news.bitcoin.com/police-forces-bust-alleged-new-age-cryptocurrency-scam-in-india/">happened</a> in Thane, a city that lies on the periphery of Mumbai in the state of Maharashtra. The cryptocurrency racket Amit Lakhanpal, in collusion with four other people, launched a cryptocurrency called Money Trade Coin (MTC) at an Initial Coin Offering (<keyword id="236078" type="ORGANIZATION" weightage="20" keywordseo="ICO">ICO</keyword>) in <keyword id="6354539" type="UNKNOWN" weightage="20" keywordseo="Dubai">Dubai</keyword>. An ICO, in its essence, is similar to an Initial Public Offering (IPO) when a company goes public. MTC was initially valued at $3 (₹200) when it launched in 2017 with Lakhanpal <a href="https://news.bitcoin.com/police-forces-bust-alleged-new-age-cryptocurrency-scam-in-india/">allegedly</a> promising investors a 20-fold return on their buy-in within six months according to Param Bir Singh, the police commissioner in Thane. Soon enough, he raised the value of MTC to $6,000 (₹401,472). Cumulatively, with 2,500 people in the mix, that amounts to ₹5 billion. But, there was no way for them to sell any of the cryptocurrency or even make limited withdrawals. So, basically, people made an investment but couldn’t get to their returns, or even the principal amount. In fact, the scam only caught the attention of the authorities when a businessman and his colleagues finally complained that they could no longer get a response from the company with respect to their investments. According to the police, it was easy for Lakhanpal to get away with the scheme due to the portfolio he had created for himself, including a fake degree from an international university. Apparently, he launched a magazine that highlighted ‘inspirational quotes’ and images of famous celebrities as well as a book on cryptocurrency, which added to his profile. The <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) may be <a href="https://www.businessinsider.in/indian-cryptocurrency-exchanges-looking-for-leeway-from-rbi/articleshow/64453526.cms">imposing</a> a blanket ban on cryptocurrency exchanges, but that doesn’t necessarily mean that the people won’t participate if the opportunity were to present itself. That being said, the uncertainty and <a href="https://factordaily.com/cryptocurrency-last-legal-stand-in-india/">lack of clarity</a> on where the government of <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword> stands on the issue creates a problem. It’s not about whether to invest or not, but rather about whether or not it will create more of a controversy if its reported, for the victims.

Police bust an alleged ₹5 billion cryptocurrency scam in India

New Delhi, Feb 5 () The government aims to complete merger of three state-owned general insurance companies -- National Insurance Co Ltd, United India Insurance Co Ltd, and Oriental Insurance Co Ltd -- by the end of March, Finance Secretary Rajiv Kumar said. Respective boards of the three companies have already given their in-principal approvals for the merger. "Merger of PSU general insurers is at an advanced stage. We can see that happening quite soon. It is already before the Cabinet," Kumar told in an interview. Though the merger process was in the works, the government would take a call on listing the merged entity after the merger, he said. To facilitate the merger, the Budget has announced a capital infusion of Rs 6,950 crore into the three public sector general insurance companies (PSGICs) in the next financial year. This will help achieve requisite minimum solvency ratio by each of the three PSGICs, according to Budget documents. "A partial budgetary support has been made in RE 2019-20 through first batch of supplementary demands for grants and provision for further capital infusion is included. The provision is met from the National Investment Fund," it said. The government infused Rs 2,500 crore into the three insurers through first supplementary demands for grants for 2019-20 in December. In his Budget Speech 2018-19, then finance minister Arun Jaitley had announced that the three companies would be merged into a single insurance entity. However, the merger process could not be completed due to various reasons, including poor financial health of these companies. As on March 31, 2017, the three companies together had more than 200 insurance products with a total premium of Rs 41,461 crore and a market share of around 35 per cent. Their combined net worth was Rs 9,243 crore, with total employee strength of around 44,000 spread over 6,000 offices. In 2017, state-owned New India Assurance Company and General Insurance Corporation of India were listed on the bourses. The government had raised nearly 17,500 crore through initial public offerings in New India Assurance Co Ltd and General Insurance Corp of India Ltd, the only listed state-owned non-life insurance companies. With an aim to protect interest of depositors of cooperative banks, he said the government would amend the Banking Regulation Act to avoid repeat of PMC Bank type of fraud. "These cooperatives also play an important role in last-mile agriculture credit. So, while we need to allow them to continue to work, at the same time, if you are in the business of banking, if you are taking depositors' money, you need to follow the same rigour and robustness of the banking system," he said. Under the Banking Regulation Act, the Reserve Bank of India (RBI) regulates and supervises the banking functions of urban co-operative banks, but their administrative control is with the Registrar of Co-operative Societies. Regulatory lacunae in co-operative banks have come to the fore after a whistle-blower complained to the RBI about financial irregularities at Punjab and Maharashtra Co-operative Bank, which is now under an administrator appointed by the central bank. DP Md

Govt to finalise PSU general insurers' merger by March-end: Finance Secretary

In view of the mounting cases of white-collar crimes in India, its impact on businesses and an increase in anti-fraud fighting professionals, a white paper on 'The changing dynamics of white-collar crime in India' was launched recently on the sidelines of EY's ‘Forensic Trailblazer Award’ event. 
 Meant to honour for excellence in forensic investigations, EY Fraud Investigation and Dispute Services and Association of Certified Fraud Examiners Western Region Chapter declared Divya Mohan from SAP (India) as the winner. He will go to ACFE’s Fraud Conference in <keyword id="6356662" type="COUNTRY" weightage="20" keywordseo="Singapore">Singapore</keyword> and get one week of forensic technology training at EY. 
 At the event, Arpinder Singh, Partner and National Leader, Fraud Investigation &amp; Dispute Services, EY soke on <keyword id="1793361" type="UNKNOWN" weightage="20" keywordseo="white-collar-crimes">white collar crimes</keyword> - “The cost and impact of white-collar crime has proved steep, and is increasing in magnitude, incidence and intricacy. Mitigating these risks will require sweeping changes at a macro as well as micro level, and also involve the expertise of anti-fraud or forensic specialists to deter current and future threats.” 
 
Satish Mathur, Director General of Police, Maharashtra who felicitated the winner, said - “Increased public awareness, changing mind-set and technological disruption has created a challenging environment. As fraudsters attempt to break ethical and regulatory barriers; corporates, government and the society at large need to join forces with the mutual objective of curbing white-collar crime. This will spur economic growth, improve investor confidence and build a better future.” 
 
The white paper launched, meanwhile, cited how both corporate India as well as the Government need to join forces, and come together to tackle the current and imminent problems around white-collar crime. 
 
It said- "With the nature of such crimes becoming complex, piercing new sectors and becoming increasingly trans-border, there is a dire need to have more technologically advanced platforms to battle these risks. In addition, multi-jurisdiction fraud will demand closer collaboration not just between corporate and enforcement agencies within a country, but could transcend borders to assume a global nature." 
 
It also noted - "Going forward, there will also be increased collaboration between global enforcement agencies, as well as corporates whose operations spans geographies, to detect and deter perpetrators of white-collar crime. Investigators probing into such cases will therefore have to develop skill-sets which can enable them to not only understand the psyche of the perpetrator, but also regulations in different jurisdictions." 
 
Here are some of the ways, it noted, the menace can be tackled: 
 
- Establishment of institutions specialized in imparting forensic skills 
With increasing cases of white-collars crime, it is becoming critical to have “formal” training and skill-building exercises around forensic investigations. Setting up specialized courses in colleges at a graduate or a master’s level, designed to exclusively cater to the needs of the modern day forensic professionals, would be an ideal scenario. Setting up of an apex forensic investigation training institute, which could be involved in the training of personnel of various enforcement agencies, as well as research and identification of best practices in the field of forensic investigations is another way to tackle the perils of whitecollar crime. 
 
- Driving transparency 
Driving transparency is key to creating a sustainable ethical framework. Berlin-based corruption watch-dog Transparency International, in its latest CPI has ranked India 76 out of the 168 countries, compared to 85 in the previous index. This highlights a positive perception of transparency in the country, driven by factors such as new and improved regulations, greater enforcement activities, improved public awareness and the Government’s initiatives to promote the country as an investment hub. 
 
- Setting up forensic technology centers of excellence Of the various initiatives taken by the Government, the digital revolution, a part of the <keyword id="1929810" type="UNKNOWN" weightage="20" keywordseo="Digital-India">Digital India</keyword> initiative, could be taken to the next level by setting up forensic technology centers of excellence. 
 
- Public—private partnership 
Forensic is increasingly emerging as a specialized skillset and domain of knowledge, and various private organizations are investing in creating a wider pool of forensic professionals in the country. The Government could explore the benefits here by possibly recruiting such professionals in a lateral manner to support its regulatory and enforcement framework. Allowing participation could help capitalize on the specialized skillsets acquired by investigators and also support in understanding key governance challenges faced. 
 
-Augmenting awareness and incentivizing 
Public service announcements are one of the oldest and most successful means to create awareness among the masses. It has gained popularity in the recent past due to the emergence of social networking sites, making it easier to share video content. This platform could be utilized as a vehicle of communication to spread awareness among the masses about sound governance, common laws governing corruption and accessibility to ombudsmen. An announcement of bounty for whistle-blowers on the lines of countries such as the US may also encourage more people to report irregularities.

Reasons why white collar crimes are rising in India, and ways to tackle the menace

<ul><li>The Yes Bank crisis could have a cascading effect on the stock markets. </li><li>Businesses with deposit accounts at Yes Bank may not be able to make payments on loans taken from other financial institutions. </li><li>Mutual funds have a total exposure of ₹2,848 crore, and most are already side-pocketing the risk. </li></ul>As the Yes Bank crisis continues to unfold, not everyone is on board with the Reserve Bank of India’s (RBI) scheme to restructure the troubled bank. Mutual funds stand to lose millions and the moratorium limiting withdrawals to ₹50,000 could spell trouble for companies who are using the bank’s services. “With large-sized withdrawals disallowed, a number of companies availing of facilities from Yes Bank could face disruption in their operations, which may constrain their ability to service financial obligations on time,” said global rating firm CRISIL in a statement. As the fourth largest private sector bank in the country, Yes Bank has an asset book of more than ₹3.45 crore and deposits exceeding ₹2 lakh crore. CRISIL believes that the moratorium has “material implications” for companies using Yes Bank for loans, deposits, bonds and other instruments. How Yes Bank crisis could affect other banks The fall out from funds being stuck at the troubled bank could result in companies defaulting on their loans from other financial institutions since their payments are linked to deposit accounts at Yes Bank. It may further aggravate liquidity issues for the already cash-starved non-banking lenders, according to a report by <a href="https://www.businessinsider.in/business/news/yes-bank-reconstruction-may-further-aggravate-liquidity-issues-for-nbfcs-report/articleshow/74579814.cms">Fitch Ratings.</a> “There could also be a marginal uptick in delinquencies in retail loans of banks and non-banks,” said CRISIL. Companies using Yes Bank’s letters of credit and bank guarantees to leverage their businesses may also have to rethink their plans. “There are also some securitisation transactions of other originators where Yes Bank is a counterparty - either as the bank where credit enhancement in the form of fixed deposits is being maintained, or as the collection and paying agent for the transaction,” said CRISIL. NSE Clearing (NCL) and India Clearing Corporation (ICCL), the biggest clearing firms in the country, have told members that any existing benefit toward bank guarantees and fixed deposit receipts issued by Yes Bank were to be squared off by Wednesday, March 11. “The RBI decision has a cascading effect on trading members and their clients at large since they may not be able to cover their positions from their own funds,” Association of National Exchanges (ANMI) president Vijay Bhushan told <a href="https://economictimes.indiatimes.com/markets/stocks/news/yes-bank-fds-bank-guarantees-no-longer-valid-traders-have-to-arrange-funds-by-wednesday/articleshow/74545067.cms">ET.</a> Bonding over bonds Nearly 32 mutual funds are exposed to Yes Bank’s debt with a total exposure of ₹2,848 crore. Many of them are AT 1 (Additional 1) bonds, set to be written off completely. Mutual funds owned by Nippon, Kotak, and Franklin <a href="https://economictimes.indiatimes.com/markets/stocks/news/yes-banks-at1-bond-write-down-these-mfs-pension-funds-stand-to-lose-most/articleshow/74555609.cms">have the most to lose</a>. After news broke of RBI superseding Yes Bank’s board, rating agency ICRA downgraded Yes Bank’s debt instruments to a “D” — below investment grade. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td colspan="2" style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mutual fund owners with the most to lose from RBI’s scheme to restructure Yes Bank: </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mutual fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Loss </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nippon Mutual Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,500 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Franklin Mutual Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹590 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Barclays Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹246 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mutual Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹130 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reliance Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹100 crore </td></tr></tbody></table> Nippon India Mutual Fund, which has the largest exposure, was the first to side-pocket the risk. The move prevents distressed assets, like Yes Bank, from damaging returns generated from better-performing assets. PGIM India Mutual Fund, UTI Mutual Fund, Franklin Templeton Mutual Fund and Baroda Mutual Fund <a href="https://www.bloombergquint.com/business/yes-bank-news-two-more-mutual-funds-side-pocket-exposures-to-yes-bank-bonds">soon followed suit</a>. Axis Trustee Services, on the other hand, filed a petition to delay any action until its bond investors have had the time to review its impact. It asks the court to give enough time for bond investors to review the proposed plan. <div type="twitter" handle="LiveLawIndia" handlename="Live Law" image="http://pbs.twimg.com/profile_images/897707258334916608/nMQWwGlo_normal.jpg" favoritecount="11" retweetcount="6" status="Axis Trustee Services Ltd, a debenture trustee of #Yes_Bank , on Monday petitioned the Bombay High Court against th… https://t.co/pE53lzxTwl" createdat="1583913099000" id="1237647359091195905"></div>

 According to Axis, the proposal to write off the value of over ₹8,000 AT-1 bonds is unjustified and goes against global best practices. It argues that the scheme put forth by the RBI gives preference to Yes Bank promoters despite their shady record and mismanagement of resources — which landed the bank in hot water, to begin with. The possibility of the moratorium being cut short The proposed restructuring of Yes Bank includes recapitalisation of ₹20,000 crore with equity contribution and bulk deposits of around ₹30,000 crore by multiple-state owned banks. “If equity commitments are in place and CD funds flow in, the moratorium may be lifted by the end of the week,” RBI administrator of Yes Bank told reporters on March 10. CRISIL believes that the challenges in the face of the Yes Bank crisis are likely to be temporary, since they are a direct result of a crunch in liquidity and cash flow. Nonetheless, the temporary crunch will result in systemic risk until the moratorium is resolved — like the cost of borrowing and capital-raising becoming tougher for other banks Sources told <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/under-the-scanner-rbi-to-check-if-yes-bank-auditor-bsr-had-raised-red-flags/articleshow/74568396.cms">ET</a> that RBI is checking with Yes Bank’s auditor — BSR &amp;Co, which is a part of KPMG India — whether or not the proposal for SBI to buy a stake in Yes Bank will have any “material impact” on the existing accounts with the bank. Another one bites the dust The repeated incidents of large — supposedly ‘too big to fail’ — companies are becoming increasingly rampant. Last September, the Mumbai-based Punjab and Maharashtra Cooperation (PMC) Bank faced a similar crisis. It was placed under an RBI administrator for six months after under-reporting of loans going bad. However, banks aren’t the only ones going down. The collapse of Jet Airways and Cox &amp; Kings left many investors — and travelers — stranded. Even stockholders in IL&amp;FS and DHFL saw their money disappear overnight due to mismanagement, fraud and corruption within the companies. More than just getting Yes Bank on its feet, the central government and the RBI will have to address the trust deficit that now plagues the market. See also: <a href="https://www.businessinsider.in/finance/news/indias-largest-bank-stock-sees-the-sharpest-fall-in-over-7-years-investors-want-to-say-no-to-yes-bank/articleshow/74504449.cms">India's largest bank stock sees the sharpest fall in over 7 years — investors want to say 'no' to Yes Bank</a> <a href="https://www.businessinsider.in/finance/news/finance-minister-assures-employment-and-salary-at-yes-bank-at-least-for-one-year/articleshow/74514015.cms">Finance Minister assures employment and salary at Yes Bank at least for one year</a> <a href="https://www.businessinsider.in/finance/news/yes-bank-share-price-falls-10-after-rbi-limits-withdrawals/articleshow/74504094.cms">Yes Bank share price nose dives 72% after RBI limits withdrawals</a>

Yes Bank crisis and its domino effect on bonds, mutual funds and other corporate defaults

<keyword id="798973" type="PERSON" weightage="60" keywordseo="Mary-Barra">Mary Barra</keyword>, <keyword id="4581" type="CITY" weightage="80" keywordseo="general-motors">General Motors</keyword>’ first woman CEO, says the auto maker isn’t bothered about the past and is focused on the future. 
 In an interaction with the media in New Delhi – held between two meetings she had with Prime Minister <keyword id="6354477" type="PERSON" weightage="100" keywordseo="Narendra-Modi">Narendra Modi</keyword> and Commerce Minister Nirmala Seetharaman – the 34-year GM veteran fielded questions with elan. 
 When asked what went wrong with GM in India, with a less than 3per cent <keyword id="34527" type="UNKNOWN" weightage="100" keywordseo="market-share">market share</keyword> after 18 years and $1 billion of investment, she said “a lot of things went right too in India”. 
 
Striving to make a new beginning in Indian operations that have been plagued with alleged technical fudging and safety recalls, Barra said GM plans to start afresh with the Indian unit as an export base, shipping its first car to Chile. Exports to Mexico and Colombia are also on the cards. Edited excerpts: 
 
On General Motors in India and the way forward… 
 
It starts with putting customers at the centre. In India, they have great options and choices. We came to India with vehicles that are great in quality and also bear a good life-time experience. 
 
We were one of the foremost auto makers to start assembly operations as early as 1928 in India. Our two plants in Halol in Gujarat and Talegaon in Maharashtra have seen a cumulative investment of over $1 billion. We have put efforts in India to develop new products with a technical centre for not just the local market but also for global applications. We make sure we understand the customers and develop the right vehicles. 
 
We want GM to be a highly respected, valued company in India and also globally with year after year of growth. We had our global chairman Tim Solso and head of international operations Stefan Jacoby, along with our CFO (Chuck Stevens), in India to demonstrate our commitment and belief in India’s future. 
 
On charges of corporate fraud against the company and the strategy to bring back confidence to the Indian unit… 
 
India is a key strategic market with a great opportunity from the market perspective. There is a huge focus to improve quality across the market we operate in. Our global team visited the Indian plants to improve the quality of our vehicles and product assessment to bring some dramatic improvements. 
 
General Motors operations have seen some quality issues and the integrity of vehicles that were the result of the decisions taken many years ago. We are looking forward to deal with the situation just like in America where we are taking it very straight forward and did the right thing. 
 
On new initiatives… 
 
We have a relatively new leadership team in India with Stefan (Jacoby) in charge. We are really focused and have put five key initiatives globally and for the Indian market. The customers as the main centre of our operations are there for the entire lifetime. We understand the importance of brands that grow with the customer. 
 Our global brands are <keyword id="55200" type="COMPANY" weightage="100" keywordseo="Chevrolet">Chevrolet</keyword> and Cadillac. In India, we are here with Chevrolet that is a great brand in terms of value and we want to introduce model after model and products in this brand. We also want to be a leader in technology and innovation that truly create value for the customer in terms of fuel efficiency or safety or connectivity and any aspect of the vehicle. 
Future product lineup… 
 
We plan to introduce 40 new products across the international market, including India. We would be brining 14 new products in the US and 27 models in the Opel brand in the European market. Also, we plan to bring 17 new and upgraded models in China. On GM India’s strategy to bring 
 
Chinese vehicles from partner Shanghai Automotive Industry Corporation (SAIC), a step that has not fared well… 
 
We have a significant partnership still with SAIC in China. And we assessed and in that cases we did not have the right focus in understanding the right product to the Indian market. We had some quality challenges that have been assessed. We have not closed the books. We have a wealth of products in the General Motors family and need to identify the future models. I’m not here to make any product announcement today. We are here to drive success for the entire company including India that makes us a strong organisation globally. 
 
<div style="page-break-after: always;">
	&#xa0;</div>
India’s contribution to overall volumes… 
 
We see it as a significant market as the industry is going to grow. We think there is an opportunity to grow and we are here to evaluate, also from an overall share perspective as well. We don’t have any specific targets. 
 
On transformation at GM… 
 
We have a very strong leadership team. We have a good balance sheet. We have showed across markets that we have superior products. We have a well-defined game plan. In India, we have a dedicated strategy.

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