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<ul><li>Senior IAS officer, BM Vijay Shankar, who was accused and arrested for bribery in the ₹4,000 crore I-Monetary Advisory scam, passed away on June 23 evening. </li><li>He reportedly committed suicide and was found dead in his house in Jayanagar. </li><li>While the Tilak Nagar Police has filed a case under the Unnatural Death Registry (UDR), the exact cause of death is yet to be figured. </li><li>Shankar, 58, was posted as Additional Mission Director in Sakala after he was out on bail. </li></ul>Senior IAS officer, BM Vijay Shankar, who was accused and arrested for bribery in the ₹4,000 crore I-Monetary Advisory scam, passed away on June 23 evening. He was found dead in his house in Jayanagar and the Tilak Nagar Police has filed a case under the Unnatural Death Registry (UDR). However, the exact cause of death is not certain yet. He attended a review meeting in VV Tower before leaving in the evening — and appeared cheerful, Times of India <a href="https://bangaloremirror.indiatimes.com/bangalore/others/bengaluru-ima-scam-accused-ias-officer-ends-life/articleshow/76538130.cms">reported</a> citing sources. "Vijay Shankar was found hanging in a room on the first floor of his residence at Jayanagar in the city's southern suburb by his wife late evening. The officer was under pressure after he learnt that the state government has permitted the CBI, probing the scam, to interrogate and prosecute him," an official told IANS. Typically, in a <keyword id="6365281" type="UNKNOWN" weightage="20" keywordseo="ponzi-scheme">ponzi scheme</keyword>, the perpetrator raises money from new investors to pay off the old ones. There is no real wealth created and the chain keeps growing until it goes bust. Shankar was appointed as an IAS officer in 2014 and was posted as the Karnataka cadre officer later. He was suspended as the Deputy Commissioner of Bengaluru Urban district after he agreed to have taken ₹1.5 crore bribe from Mohammed Mansoor Khan in the IMA scam. He was suspended from his position after he was arrested in July 2019 and the Central Bureau of Investigation (CBI) is investigating the scam. Shankar, 58, was posted as Additional Mission Director in Sakala after he was out on bail. The government transferred the case from the Special Investigation Team (SIT) of the state police to CBI in August. Five directors of I-Monetary Advisory (IMA) were arrested and jailed last year. "Though the Reserve Bank of India (RBI) alerted the state government and the city police about the illegal activities of the IMA group, including raising illegal deposits from investors through cash or gold jewellery, assuring them hefty interest and returns on maturity, no action was taken against the company for allegedly indulging in the criminal act," a CBI official told IANS earlier. See also: <a href="https://www.businessinsider.in/india/news/four-civic-commissioners-transferred-after-coronavirus-cases-increase-in-mumbai-metropolitan-region/articleshow/76542277.cms">Four civic commissioners transferred after coronavirus cases increase in Mumbai metropolitan region</a> <a href="https://www.businessinsider.in/india/news/karnataka-health-minister-hints-at-lockdown-in-covid-hit-bengaluru-again/articleshow/76542217.cms">Karnataka Health Minister hints at lockdown in Covid-hit Bengaluru again</a>

The mysterious death of a Bengaluru bureaucrat accused in a ₹4,000 crore ponzi scheme

New Delhi, Dec 13 () Assets worth over Rs 10 crore of a Bengaluru-based firm have been attached under the anti-money laundering law in connection with an alleged 'Islamic banking or halal investment' ponzi scam case, the ED said on Friday.
 The accused firm is Ambidant Marketing Pvt Ltd and its promoters and the case of alleged duping of a number of gullible investors had made headlines last year in Karnataka.
 The Enforcement Directorate (ED) said in a statement the case pertains to allegations that the accused firm and its promoters were collecting investments from customers under various plans and Haj/Umrah plan in the name of 'Islamic banking or halal investment' and offering huge returns to the extent of up to 15 per cent per month.
 The company was not authorised to collect such funds as it was neither registered with RBI nor with the SEBI under their collective investment scheme, it said.
 "The company sold their plans in the form of partnership business with promise of high returns. Initially, to win the trust, it was ensured that customers get back their first instalment as promised," the ED alleged.
 The company had hired agents who would convince investors to invest in the plan by giving these agents a heavy commission, it said.
 "The company earned the trust of gullible investors and they were lured to invest even more but later returning the money including the principal amount was stopped," the federal probe agency said.
 Initially, the company shared profits to the existing investors out of funds obtained from its new investors, the ED added.
 "The attached immovable properties are in the form of land and residential flats in various part of Bengaluru. The value of immovable properties attached is Rs 8.8 crore while movable properties totalling Rs 1.4 crore have been attached,"it said.
 The total value of the attached assets, as part of a provisional order issued under the Prevention of Money Laundering Act (PMLA), is Rs 10.2 crore.
 The federal probe agency had taken over investigation in the case on the basis of a Bengaluru Police FIR and a charge sheet filed by it in February this year. NES CK

ED attaches Rs 10-cr assets in 'Islamic banking' Bengaluru ponzi scam

Bengaluru, Jun 13 () The coronavirus induced lockdown over the past two months proved to be harrowing for a majority of the victims of the Rs 4,000 crore I-Monetary Advisory (IMA) ponzi scam, with some of them saying they had to depend on others for their day-to-day needs. After losing all the money in the IMA group entities in 2019, the biggest challenge for the duped investors was survival during the coronavirus related lockdown. Mohammed Mansoor Khan who operated the ponzi scheme in Bengaluru, lured people, proming huge returns. Besides a large number of Muslims, many Hindus and Christians too invested in the firm, sources said. A CBI probe has shown that IMA group entities headed by Mansoor Khan had raised illegal and unauthorised deposits in an alleged dishonest and fraudulent manner from innocent investors to the tune of over Rs 4,000 crore. "To win the trust of people, Khan gave huge returns initially, which the investors had never expected. Soon, his firm became very popular and people started investing huge money," said an officer in the Special Investigation Team formed by the then H D Kumaraswamy-led coalition government, which had initially probed the case. Almost 85 per cent of the investors were from Karnataka while others belonged to different parts of the country including Tamil Nadu, Andhra Pradesh, Telangana, Maharashtra and Delhi. Tears rolled down his cheeks as Salim Basha, a resident of Hubballi, recalled how he coped with the situation during the lockdown. "I had saved Rs 3 lakh for the marriage of my niece, which I invested in the IMA.I had no inkling that I would be cheated," Basha said. He said he was not in a position to do the job of even a security guard due to age related ailments while his only son who worked in a small company did not get the salary during the lockdown. "For the first time in my life I had to depend on others for food," Basha narrated his agony. The lockdown compounded their woes, he added. Rajesh Naik and his brother Kishore Naik, who live in Bengaluru, had saved about Rs 50 lakh from their hard earned income. Instead of investing in banks, mutual funds or post offices, they opted to deposit it with the IMA on the advice of their friend. "....now we don't have a penny.During the lockdown, we could not pay our house rent despite being threatened by the house owner..," the Naik brothers said. Another victim, Razia Amin said her family members and relatives had lost approximately Rs 80 lakh which they had invested in the company. "While I managed to sail through the lockdown smoothly because of my job, some of my relatives who are living in abject poverty led a hand-to-mouth situation. Arranging two square meals was difficult for them," she recalled. "Difficulties have now been somewhat minimised with the easing of restrictions," she added. About 25 people have been arrested in the case including the seven directors of the IMA group. The Central Bureau of Investigation recently sought permission from the state government to prosecute an IAS officer, two IPS officers, a Karnataka Administrative Service officer and a few other government employees who had misled the government on the IMA case and had given a clean chit to the ponzi scheme. According to CBI sources,the IAS officer along with two other officers allegedly collected Rs 1.5 crore to hush up the case. While the probe is on, the victims are clueless whether they would get their money back. "Whether you hang him (Mansoor Khan) or pardon him is not our concern, we want our money back. He operated his ponzi scheme right under the nose of the government, so the government has to ensure that our money is returned," Salim Basha said. The case came to light when Mohammed Mansor Khan fled to Dubai, leaving behind a video message, saying he was committing suicide because of "corruption in the state and central governments." Khan was arrested on July 19 last year on his arrival in New Delhi. He had allegedly promised returns ranging from 2.5 to 3 per cent per month to the investors. The Karnataka government had set up a SIT of the police to probe the case before handing it over to the CBI. GMS BN WELCOME BN WELCOME

"COVID-19 lockdown compounded our woes," say victims of IMA ponzi scam

Shares of <keyword id="6358007" type="DOMAIN" weightage="20" keywordseo="bank-of-baroda">Bank of Baroda</keyword> jumped 9 per cent on Wednesday after the company reported a profit-after-tax of Rs 507 crore in the March 2020 quarter. The stock zoomed 9 per cent to Rs 55 on the BSE. On the NSE, it surged 8.51 per cent to Rs 54.80. State-owned Bank of Baroda on Tuesday reported a profit-after-tax of Rs 507 crore in the March quarter, helped by lower provisioning for bad loans. Effective April 1, 2019, the bank amalgamated <keyword id="6359442" type="COMPANY" weightage="20" keywordseo="dena-bank">Dena Bank</keyword> and Vijaya Bank with it. The numbers for the quarter/year ended March 31, 2020 are not comparable with that of same period of the year ended March 31, 2019. Bank of Baroda had reported a net loss of Rs 8,875 crore in the same period last year. The provisions for non-performing loans declined by 69.23 per cent to Rs 3,190 crore as against Rs 10,368 crore in the same quarter of last year. For the full year, the bank reported a net profit of Rs 546 crore as against a net loss of Rs 8,340 crore during FY19. SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/the-success-of-nasas-mars-helicopter-exploring-martian-skies-depends-on-the-final-five-inches/articleshow/76542852.cms" data-type="tilCustomLink">The success of NASA’s Mars helicopter exploring Martian skies depends on the final five inches</a> <a href="https://www.businessinsider.in/india/news/the-mysterious-death-of-a-bengaluru-bureaucrat-accused-in-a-4000-crore-ponzi-scheme/articleshow/76541918.cms" data-type="tilCustomLink">The mysterious death of a Bengaluru bureaucrat accused in a ₹4,000 crore ponzi scheme</a>

Bank of Baroda shares rally over 9% post Q4 earnings

<ul><li>According to a report by Bernstein, in the month of May 2020, <keyword id="2750705" type="PERSON" weightage="20" keywordseo="Google-Pay">Google Pay</keyword> led the payments market in India, followed by <keyword id="6357886" type="UNKNOWN" weightage="20" keywordseo="phonepe">PhonePe</keyword>, <keyword id="4009819" type="PERSON" weightage="20" keywordseo="Amazon-Pay">Amazon Pay</keyword>, <keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> and then <keyword id="4878801" type="PERSON" weightage="20" keywordseo="whatsapp-pay">Whatsapp Pay</keyword>. </li><li>Google Pay had 75 million transacting users in May, while PhonePe had 60 million users and Paytm had 30 million. </li><li>Google Pay’s operational validity as a third party app is currently under scrutiny in the Delhi High Court. </li></ul>Google Pay has taken a comfortable lead in India’s payments market over rivals like PhonePe, Amazon Pay, and a one-time market leader, Paytm. However, for Google, the up and coming WhatsApp Pay may prove to be the real challenge. <div type="image" title="payments" msid="76543059" hostid="261"></div> However, according to <a href="https://techcrunch.com/2020/06/03/google-and-walmarts-phonepe-establish-dominance-in-indias-mobile-payments-market-as-whatsapp-pay-struggles-to-launch/?guccounter=1&amp;guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&amp;guce_referrer_sig=AQAAAMcIsliNZIKY7hZUjEcnpwa3gQlErtUsIDDizI_EKdBwqUqwIV0OIAb1vUkIk2HhxebPYMuriJn_cVrQbQh6nrGqEvzhS69P_P7m7DtmAdhEK7EIYvYdTvTfT-AmwDDL3m9r-rpkkIddx4avmQLcoQ4xSz54FuFcCKyN3nSNsfcp">reports</a>, Google Pay had 75 million transacting users in May, while PhonePe had 60 million users and Paytm had 30 million. Paytm has been facing the pressure from competition as according to <a href="https://www.theinformation.com/articles/once-dominant-paytm-stalls-in-india">reports</a>, its monthly active users in December 2019 too were at 40 million, down from 45 million a year earlier. Paytm reached out to Business Insider to say that "Paytm Wallet &amp; other payment methods (net-banking, cards, IMPS etc) available on our app has continued to grow and we register a huge number of transactions. Overall, Paytm continues to dominate digital payments and has over 50% market share of mobile payments to merchants. We have the largest offline merchant network in the country with over 17 million merchants." The spokesperson added that "Paytm has over 10 million daily transacting users and our overall user base is much more than the combined UPI base of all players." According to the TechCrunch report which cited data from National Payments Corporation of India, Google Pay had 540 million UPI transactions, PhonePe had 460 million while Paytm saw 120 million. Another <a href="https://timesofindia.indiatimes.com/business/india-business/google-pay-maintains-lead-amazon-pay-starts-to-show-scale-as-paytm-sees-volumes-fall/articleshow/76294038.cms">report</a> said that Amazon Pay too had ramped up its operations and saw 60 million UPI transactions in May. According to NPCI, the total UPI transactions in May hit 1.23 billion. However, Paytm has clarified that " UPI consists of just a minor percentage of all digital payments happening in the country. The largest majority of payments is made on wallets, cards, and net banking." PhonePe, which claims to have 200 million registered users, has been slowly increasing its merchants user base as well and now has over 10 million merchants onboard. It has also diversified to financial services and offers travel insurance as well. Meanwhile, Amazon Pay too is offering more to users. In April, it launched the pay now, buy later option for its users. WhatsApp will be the real challenge for Google Pay But the next big challenge will come from Facebook;s WhatsApp, which has 400 million monthly active users in India – thanks to the Reliance Jio-Facebook deal. Analysts at Bernstein expect WhatsApp Pay’s penetration to increase to 30% (from the current 10%) by FY25. WhatsApp Pay has been in the testing mode in India since 2018, and has been caught up with regulatory hurdles. But its bank of already existing users (through WhatsApp), will make it easier to conquer the market. And that is visible already. According to Bernstein’s hypothesis, WhatsApp has already garnered 10.7% of the market in the first phase of rollout since the approval came in February. The subsequent phases will be much bigger and a lot more competitive. “Payments remains the missing link, the tie up could be a potential game changer with WhatsApp Pay integration with JioMart,” said the report by Bernstein. Paytm already has plan B, C and D Once, not very long back, the leader in payments, Paytm’s parent company One97 communications has now forayed into a bunch of new businesses. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><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;">Paytm Mall </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;">E-commerce </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;">Paytm First Games </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;">Gaming </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;">Paytm Money </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;">Mutual Funds </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;">Paytm Insider </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;">Entertainment </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;">Paytm Insurance Broking </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;">Insurance </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;">Paytm Payments 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;">Banking </td></tr></tbody></table> “One97 communications as a whole registers 700-800 million transactions,” a source told Business Insider in April. The $16 billion Paytm’s founder Vijay Shekhar Sharma also remains confident. “One of the most important KPIs for us is what’s the percentile of the market of people that is using Paytm. Our philosophy is User - Transaction - Dollar - Delta. User-wise, we remain a high percentile owner,” Sharma told Business Insider in an interview in February. Google has its share of challenges Meanwhile, Google Pay which added nearby stores feature and expanded it to 35 cities, and partnered with hyperlocal delivery app Dunzo in May, also has troubles in hand. Google Pay’s operational validity as a third party app is currently under scrutiny in the Delhi High Court. If Google Pay is a “full-fledged payment system provider” it will be a violation of Payment Systems Settlement Act 2007. However, the Reserve Bank of India has <a href="https://www.indiatoday.in/business/story/google-pay-not-payment-system-operator-rbi-to-delhi-hc-1691083-2020-06-20">told</a> the HC that it recognizes Google Pay as a third party app provider (TPAP). SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/reliance-industries-shares-are-worth-more-than-hdfc-bank-icici-bank-and-kotak-mahindra-bank-combined/slidelist/76504066.cms">Reliance Industries’ shares are worth more than HDFC Bank, ICICI Bank, and Kotak Mahindra Bank combined</a> <a href="https://www.businessinsider.in/india/news/the-mysterious-death-of-a-bengaluru-bureaucrat-accused-in-a-4000-crore-ponzi-scheme/articleshow/76541918.cms">The mysterious death of a Bengaluru bureaucrat accused in a ₹4,000 crore ponzi scheme</a>

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The mysterious death of a Bengaluru bureaucrat accused in a ₹4,000 crore ponzi scheme

BI India Bureau

ED attaches Rs 10-cr assets in 'Islamic banking' Bengaluru ponzi scam

PTI

"COVID-19 lockdown compounded our woes," say victims of IMA ponzi scam

PTI

Bank of Baroda shares rally over 9% post Q4 earnings

PTI

Google Pay has a solid lead over PhonePe, Paytm and Amazon Pay⁠ in India⁠— but its biggest challenge is yet to come

Sanchita Dash

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