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Around 75 % of <keyword id="20593458" type="General" weightage="20" keywordseo="UPI-users" source="keywords">UPI users</keyword> will stop using it if any transaction charge is levied on the service, a survey by LocalCircles said today. The survey found that 38% of users make over 50% of their payment transactions via <keyword id="19900911" type="General" weightage="100" keywordseo="UPI" source="keywords">UPI</keyword> instead of debit, credit, or any other form of digital transaction. "Only 22 % UPI users surveyed are willing to bear a <keyword id="20813527" type="General" weightage="20" keywordseo="transaction-fee" source="keywords">transaction fee</keyword> on payments, 75% of respondents stated that they will stop using UPI if a transaction fee is introduced," the survey said. The survey comprising three broad areas, claims to have received 42,000 responses from 308 districts but the number of replies on each question varied. The questions regarding transaction fee on UPI received 15,598 responses. The <keyword id="19907219" type="General" weightage="20" keywordseo="National-Payments-Corporation-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="National Payments Corporation of India" meta.hostid="261" meta.entityid="National Payments Corporation of India">National Payments Corporation of India</keyword> (NPCI) posted a record 57% rise in the volume of transactions and 44% rise in value in the 2023-24 fiscal year, compared to the previous fiscal year. For the first time UPI transactions crossed 100 billion and closed at 131 billion in a financial year, compared to 84 billion in 2022-23. In value terms, it touched Rs 199.89 trillion, compared to Rs 139.1 trillion, the report said. The survey found 37 % of respondents shared UPI transaction accounts for more than 50 % of their total payment in value terms. "With UPI rapidly becoming an integral part of nearly 4 in 10 consumers, there is strong resistance to any kind of direct or indirect transaction charges being imposed. LocalCircles will escalate the findings of this survey with the <keyword id="19908390" type="General" weightage="20" keywordseo="Ministry-of-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Ministry of Finance" meta.hostid="261" meta.entityid="Ministry of Finance">Ministry of Finance</keyword> and <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) so that the pulse of the UPI user is taken into account before any MDR charges are permitted," the survey report said. The survey was conducted online, between July 15 to September 20.

Majority of users say they will stop using UPI if transaction fee is levied, notes a LocalCircles survey

<ul class="summary-list"><li>PayPal is set to launch an ad business, starting in the US.</li><li>The company intends to offer ads across its own properties, as well as other retailers.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/category/paypal">PayPal</a> is set to announce the official launch of PayPal Ads on Thursday. This new advertising business looks to help marketers tap into data on the billions of transactions that take place across its payments platforms.Starting this year, brands and agencies in the US will be able to run ads across properties, including PayPal, the person-to-person payment service <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/banking/venmo-review">Venmo</a>, and <a target="_blank" class="" href="https://www.businessinsider.com/paypal-acquired-honey-in-hopes-of-expanding-its-services-reach-2019-11">Honey</a>, its coupon and cash-back tool.Next year, PayPal also intends to let these advertisers purchase ads across the more than 30 million merchants that use its payment systems, opening up a much broader commerce-media ad network.Mark Grether, SVP and general manager of PayPal Ads, who <a target="_blank" class="" href="https://www.wsj.com/articles/paypal-is-planning-an-ad-business-using-data-on-its-millions-of-shoppers-cc5e0625">joined</a> the company this year after leading <a target="_blank" class="" href="https://www.businessinsider.com/uber-ads-reaches-1-billion-annual-revenue-run-rate-2024-8">Uber's now-$1-billion ad business</a>, will make the announcement at the Advertising Week New York trade show later on Thursday.In an interview with Business Insider, Grether said the company is looking to address a key pain point in the <a target="_blank" class="" href="https://www.businessinsider.com/retail-media-advertising-surges-challenging-google-traditional-channels-2023-9">fast-growing retail media ad space</a>. An avalanche of retailers, apps, and businesses have launched advertising businesses in recent months, but marketers typically can't buy campaigns across multiple sites and instead must deal with each company individually."With our cross-merchant data we are in a prime position to help the market to rationalize," Grether said.Around $1 in every $7 US ad dollars is expected to be devoted to the retail media space this year, according to <a target="_blank" class="" href="https://www.emarketer.com/content/retail-media-ad-spending-forecast-h1-2024">Emarketer</a>. Advertisers are particularly attracted to the space because they can get in front of consumers just as they're about to make a purchase and retailers can offer unique data about whether their advertising led to a sale. That means it's a high-margin business for the sellers of retail media ads because they can charge higher rates than the average web display ad."The newest offering from PayPal underscores the importance of incrementality: While data and signals tied to consumer purchasing are not necessarily new, the opportunity to infuse incremental moments of influence throughout shoppers' journeys opens up real-time engagement for advertisers," said JiYoung Kim, chief operating officer, of the the media investment company GroupM.PayPal had 429 million active accounts as of June 30, a larger potential audience than most individual retailers — bar the likes of Amazon and Walmart, which are the leaders in the retail media space.Grether said PayPal will also be able to offer advertisers insights, such as the market share of their products across various retailers compared to their competitors."It's really powerful not only for the CMO but also for the CFO, to see how a retail marketing campaign actually influences market share," Grether said.Users can opt-out of their data being shared with advertisers, PayPal said.PayPal's other plans for next year include expanding from display ads to video, working on self-service ad software for its clients, and offering PayPal Ads in more territories, such as the UK and Germany. PayPal said the current ad stack has been built using a mixture of third-party software and its own in-house tech.PayPal made its first foray into ads earlier this year, launching non-targeted in-app offers from brands like Nordstrom, Lyft, and Ticketmaster. It's also recently launched a marketing push that aims to position PayPal and Venmo as rewarding payment methods.PayPal's advertising expansion follows the company's appointment of CEO Alex Chriss, who has sought to make the company more <a target="_blank" href="https://finance.yahoo.com/news/how-paypals-new-ceo-is-reinventing-the-firm-as-it-goes-beyond-payments-141126940.html">nimble</a>. Under Chriss, PayPal overhauled its leadership team, including hiring former Verizon chief marketing officer Diego Scotti, who Grether reports to.Robert Webster, the founder of the consultancy TAU Marketing Solutions, said PayPal's transaction data puts the company in a prime position to launch an advertising service. But he said it will need to tread carefully in order not to alienate and bombard customers. Plus, it's launching late into an already crowded market."Mastercard already has a data business," Webster said. "They will be somewhat also competing with other data vendors like Lotame, Dunn and Bradstreet, Experian, as well as potentially competing with retail media networks."

PayPal just opened a new ad business. The exec leading it unpacks the plan to link advertisers with its trove of transaction data.

<ul class="summary-list"><li>Mark Cuban continued his criticism of former President Donald Trump in a recent interview.</li><li>The billionaire said Trump is "the most unethical" person he had ever done business with.</li></ul>Mark Cuban has a take on why former President Donald Trump has some big backers out in Silicon Valley — and it has a lot to do with Trump's character, he said.The billionaire investor and "Shark Tank" star discussed Trump's politics in an <a target="_blank" class="" href="https://www.youtube.com/watch?v=QqDPrv8oFyY">interview</a> with YouTuber Brian Tyler Cohen earlier this week, telling the progressive commentator that Trump is "the antithesis" of someone with good character."I think they believe they can manipulate him. I think they understand that he's so transactional and so devoid of core values that anything that they want they can manipulate him to get," Cuban said of Silicon Valley backers of Trump.During his interview with Cohen, Cuban added that he thinks Trump is "the "most unethical" and "dishonest" person he's ever worked with or done business with. It's unclear what business Cuban is referring to.Cuban added that he believes a president needs to have character and empathy, and who is "ethical when it comes to making difficult decisions.""I can't even imagine why people consider Donald Trump because of his lack of character and ethics," Cuban said.Tesla chief <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-learned-lesson-twitter-x-kamala-harris-donald-trump-2024-9">Elon Musk</a>, who Cuban <a target="_blank" class="" href="https://www.businessinsider.com/mark-cuban-asking-elon-musk-post-up-x-source-code-2024-8">often spars with on X</a>, is now one of Trump's biggest supporters. Musk endorsed Trump after the former president survived an assassination attempt and has expressed interest in serving on a possible government <a target="_blank" rel="" class="" href="https://www.businessinsider.com/donald-trump-wants-elon-musk-on-his-cabinet-2024-8">efficiency commission should Trump win the election.</a>Cuban also has a theory on why Musk wants to get on the Trump train."If you're the wealthiest person in the world and you have control, effective control — you're the puppet master of the president, the most powerful person in the world?" Cuban said. "Oh my god, that's about as intoxicating — that is the definition of power corrupts, but absolute power corrupts absolutely.""I mean, I would — if I had the same goal, I wouldn't care about my EV sales, right? I wouldn't care about my Starlink sales," Cuban added.To be sure, this isn't the first time Cuban has speculated on his Silicon Valley peers' motivations for backing Trump.In August, Cuban said he thought the tech bros who supported Trump were out for world domination."Watching what's happening in Silicon Valley is insane. It's not so much a support thing. It's more like a takeover thing, trying to put themselves in a position to have as much control as possible," Cuban said in an <a target="_blank" rel=" nofollow" class="" href="https://x.com/TheDailyShow/status/1823177433639505969">interview</a> with the "Daily Show" host <a target="_blank" rel="" class="" href="https://www.businessinsider.com/jon-stewart-biden-looked-like-resting-25th-amendment-face-2024-6">Jon Stewart.</a>"They've gotten to the point now where they feel like they should control the world right and that there should be a CEO in charge of everything because they are rich as fuck," Cuban added during his interview with Stewart.<h2 id="abb68b15-63ee-4092-b873-19d85c9781ec">Cuban's doubts about Trump go beyond business</h2>Cuban has endorsed <a target="_blank" class="" href="https://www.businessinsider.com/mark-cuban-kamala-harris-only-candidate-in-founder-mode-2024-9">Vice President Kamala Harris</a> in the upcoming election and has been increasingly vocal about his distaste for Trump in recent months.The businessman has repeatedly railed against many of Trump's plans. That includes Trump's proposed <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariff-trade-tax-proposal-inflation-interest-rates-outlooks-predictions-2024-7">tariffs</a>, which Cuban has said would be disastrous for <a target="_blank" class="" href="https://www.businessinsider.com/mark-cuban-donald-trump-tariffs-inflation-trade-war-small-business-2024-9">businesses</a>.Cuban's also dislike for Trump goes beyond business. In the Monday video, Cuban accused Trump of bigotry, specifically citing the former president's promotion of baseless claims that <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-haitian-immigrants-ohio-eating-pets-trump-2024-9">Haitian immigrants</a> in Springfield, Ohio, are eating pets."That's the Roy Cohn school of management," Cuban said, referring to <a target="_blank" class="" href="https://www.businessinsider.com/roy-cohns-influence-donald-trump-king-intimidation-2016-12">Trump's former mentor</a>, the infamous McCarthy-era lawyer. "You demonize, demonize, demonize."But Cuban didn't always feel this way. In an August interview with former Republican presidential candidate Vivek Ramaswamy, Cuban said he actually <a target="_blank" class="" href="https://www.businessinsider.com/mark-cuban-supported-trump-until-know-him-better-2024-8">started out supporting Trump</a>, thinking the businessman could shake up politics. But after digging into Trump's business records, Cuban said he changed his mind."The bigger point is Trump University. <a target="_blank" class="" href="https://www.businessinsider.com/trump-soho-has-a-sordid-history-highlights-photos-2017-11">Trump SoHo</a>. Stole $4 million from a friend of mine that had to sue to get it back. Mike Pence," Cuban listed off, referring to the former president's troubled <a target="_blank" class="" href="https://www.businessinsider.com/trump-university-settlement-focus-country-2016-11">real-estate training program</a>, luxury hotel, and <a target="_blank" class="" href="https://www.businessinsider.com/trump-called-pence-pussy-for-certifying-biden-electoral-vote-win-2021-11">broken relationship</a> with his vice president.Earlier in March, Cuban also told <a target="_blank" class="" href="https://www.axios.com/2024/03/05/mark-cuban-biden-endorsement-trump-snake-oil">Axios</a> that he would rather vote for President Joe Biden than a "snake oil salesperson.""One will tell you his snake oil will cure everything that ails you. The other will show you the details of his policies through charts, graphs, and statements," he said.Still, <a target="_blank" class="" href="https://www.businessinsider.com/mark-cuban-donald-trump-i-dont-hate-him-at-all-2024-9">Cuban denied "hating" Trump</a> earlier this month, responding to a user on X."I just think he was and would be a lousy president," Cuban wrote.Cuban told Cohen that whoever holds the presidency needs to have good character to handle whatever problems will inevitably arise."You want somebody who is ethical when it comes to making difficult decisions," Cuban said. "I can't even imagine why people consider Donald Trump because of his lack of character and ethics."Cuban, Musk, and representatives for Trump did not immediately respond to a request for comment from Business Insider.

Mark Cuban says Trump's billionaire backers know they can manipulate him because he's 'so transactional, and so devoid of core values' 

<ul class="summary-list"><li>Telegram CEO Pavel Durov was charged with six crimes related to illegal activity on his platform.</li><li>Durov was released from custody, but he is not allowed to leave France.</li></ul>French authorities charged <a target="_blank" class="" href="https://www.businessinsider.com/pavel-durov-telegram-billionaire-russia-instagram-wealth-founder-dubai-lifestyle-2022-3">Telegram CEO Pavel Durov</a> with six crimes on Wednesday related to allegations that the tech leader allowed illegal activity to proliferate on his platform.Following Durov's arrest this weekend, Telegram said in an unattributed statement that the CEO has "nothing to hide," that the company abides by "EU laws," and that "it is absurd to claim that a platform or its owner is responsible for the abuse of that platform."The influential messaging platform has grown to be a <a target="_blank" class="" href="https://www.businessinsider.com/how-telegram-became-the-heart-of-the-ukraine-conflict-2022-3">primary source of information</a> in the war in Ukraine and Russia but has repeatedly been called out by critics and <a target="_blank" class="" href="https://carnegieendowment.org/research/2023/09/facebook-telegram-and-the-ongoing-struggle-against-online-hate-speech?lang=en">researchers</a> for refusing to remove graphic, misleading, and sometimes criminal content. Despite consistent pressure to do so from governments around the world, Telegram rarely shuts down channels or removes posts from its servers.Over the weekend, authorities in France arrested Durov, later stating in a <a target="_blank" href="https://www.tribunal-de-paris.justice.fr/sites/default/files/2024-08/2024-08-26%20-%20CP%20TELEGRAM%20.pdf">press release</a> that there was an ongoing investigation into posts related to images of child sexual abuse, drug trafficking, and money laundering, among other offenses. On Wednesday, he was charged.In France's criminal justice system, Durov's indictment allows for more time for investigation.Durov's arrest raises questions about free speech and content moderation.<h2 id="30840377-89a8-47f3-80c7-7da5c6ac9aad">What do we know about Durov's charges?</h2>Durov, a Russian and French citizen, was charged on Wednesday with <a target="_blank" class="" href="https://www.tribunal-de-paris.justice.fr/sites/default/files/2024-08/2024-08-26%20-%20CP%20TELEGRAM%20.pdf">multiple offenses</a>, including "complicity" in the distribution of child sexual abuse material and drug trafficking on <a target="_blank" class="" href="https://www.businessinsider.com/pavel-durov-arrest-france-what-is-telegram-explained-2024-8">Telegram</a> while refusing to cooperate with the authorities' investigation into the platform.The charge of complicity in managing an online platform that allows organized crime carries up to 10 years in prison and a 500,00 Euro fine, French officials said, according to <a target="_blank" href="https://apnews.com/article/france-telegram-pavel-durov-arrest-6e213d227458f330ed16e7fe221a696c">The Associated Press</a>.Durov was released from police custody on Wednesday but is barred from leaving France. He'll also have to report to a police station twice a week, AP reported, citing the Paris prosecutor's office.Telegram called Durov's arrest "absurd" and said that the company is "awaiting a prompt resolution" of the situation.The AP, citing French media, quoted his attorney, David-Olivier Kaminski, saying, "It's totally absurd to think that the person in charge of a social network could be implicated in criminal acts that don't concern him, directly or indirectly."Durov's arrest has received backlash from free-speech absolutists like Elon Musk — although his track record for <a target="_blank" class="" href="https://www.businessinsider.com/judge-throws-out-hate-speech-lawsuit-elon-musk-x-2024-3">allowing speech on X</a> has also come into question.<a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-telegram-ceo-pavel-durov-arrest-france-free-speech-2024-8">Musk</a>, who has been criticized for the lack of content moderation on his platform X, defended Durov and painted the Telegram CEO's arrest as a broader global threat around free speech.Daniel Lyons, an internet law expert at Boston College Law School, told <a target="_blank" class="" href="https://www.nytimes.com/2024/08/28/business/telegram-ceo-pavel-durov-charged.html">The New York Times</a> that Durov's charges could push other social media platforms to apply more moderation to ensure that they're complying with local laws."As a CEO, seeing that you are personally put at risk, I'm going to have much lower tolerance for speech and transactions at the margins. It would at least make me question where I'm traveling and why," Lyons told the Times.Durov's charges are a signal to other tech and social media executives to toe the line, Harmeet K. Dhillon, founder and managing partner of the Dhillon Law Group and former vice chairwoman of the California Republican Party, told Business Insider in a statement."The EU has made similar threats against X and Rumble, among others," she said. "This will have a chilling impact worldwide, which, of course, is its intended purpose."French President Emmanuel Macron said on Monday that the decision to bring charges was "in no way a political decision" and that his country was "deeply committed" to freedom of expression, AP reported.

What we know about the charges filed against Telegram CEO Pavel Durov

US short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="153" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> alleged that it suspects <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="153" meta.entityid="Sebi">SEBI</keyword>'s unwillingness to act against <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="153" meta.entityid="Adani Group">Adani group</keyword> may be because its head Madhabi Puri Buch had stakes in <keyword id="20311680" type="General" weightage="20" keywordseo="offshore-funds" source="keywords">offshore funds</keyword> linked to the conglomerate - an allegation slammed by the SEBI head as "baseless" while Adani group said it never had any commercial relations with Buch. Hindenburg alleged that Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by <keyword id="20283220" type="General" weightage="20" keywordseo="Vinod-Adani" source="keywords">Vinod Adani</keyword> - the elder brother of group chairman Gautam Adani - to round-trip funds and inflate stock prices. SEBI, in October 2020, began a probe into the shareholding structure of Adani group companies after red flags were raised over the high concentration of foreign holdings in the conglomerate's listed companies. An investigation was launched to determine if the foreign investors were genuine public shareholders or acting as fronts for the promoters. SEBI, last year had told a Supreme Court-appointed panel that it was investigating 13 opaque offshore entities that held between 14-20% across five publicly traded stocks of the conglomerate. It hasn't stated if the two probes have since been completed, something which Hindenburg used to attack the market regulator. Madhabi Puri Buch and her husband Dhaval Buch in a joint statement strongly denied the "baseless allegations and insinuations made in the report". The same, they said, "are devoid of any truth". "Our life and finances are an open book," they said. "It is unfortunate that Hindenburg Research against whom SEBI has taken an enforcement action and issued a show cause notice, has chosen to attempt character assassination in response to the same." Buchs further said they have no hesitation in disclosing any financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. While the statement did not talk about the questions Hindenburg raised over SEBI probe, the duo promised to come out with a detailed response. Separately, Adani group in a regulatory filing called the allegations by Hindenburg as "malicious, mischievous and manipulative selections of publicly available information to arrive at predetermined conclusions for personal profiteering with wanton disregard for facts and the law." "The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing," it said. "We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements". Rejecting the allegations, it said they were nothing but a "recycling of discredited claims that have been thoroughly investigated, proven to be baseless, and already dismissed by the Supreme Court in March 2023." "It is reiterated that our overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents," Adani group said, adding Anil Ahuja was a nominee director of 3i investment fund in Adani Power (2007-2008) and, later, a director of Adani Enterprises until 2017. "For a discredited short-seller under the scanner for several violations of Indian securities laws, Hindenburg's allegations are no more than red herrings thrown by a desperate entity with total contempt for Indian laws," it added. Hindenburg on Saturday stated that the SEBI chairperson and her husband invested in offshore entities that were allegedly part of a fund structure managed by India Infoline, and in which Vinod Adani also had investments. These investments reportedly date back to 2015, well before her appointment as a full-time member of SEBI in 2017 and the subsequent elevation as chairperson in March 2022. It said the Bermuda-based Global Opportunities Fund, which allegedly was used by entities connected to Adani Group to trade in shares of group companies, had sub-funds. Buch and her husband were investors in one of these sub-funds in 2015. Citing "whistleblower documents", Hindenburg said, "<keyword id="22743118" type="General" weightage="20" keywordseo="Madhabi-Buch" source="keywords">Madhabi Buch</keyword>, the current chairperson of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani <keyword id="22743230" type="General" weightage="20" keywordseo="money-siphoning" source="keywords">money siphoning</keyword> scandal." SEBI, it claimed, has "shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities." Buch and her husband may have first opened their account with IPE Plus Fund 1 on June 5, 2015, in Singapore. IPE fund is a small offshore Mauritius fund set up by Vinod Adani director through India Infoline (IIFL), a wealth management firm with ties to the Wirecard embezzlement scandal. "Vinod Adani, brother of Gautam Adani, used this structure to invest in Indian markets with funds allegedly siphoned from over-invoicing of power equipment to Adani Group," claimed Hindenburg. Latching on to the Hindenburg allegations, Congress said the revelations only reinforced its demand for setting up a "joint parliamentary committee to investigate the full scope of the Adani mega scam" while the Trinamool Congress said the SEBI chairperson must resign. "This raises fresh questions about Gautam Adani's two 2022 meetings in quick succession with Ms Buch shortly after she became SEBI chairperson. Recall that SEBI was supposedly investigating Adani transactions at the time," Congress leader Jairam Ramesh said. In January last year, Hindenburg Research, which in the past has shorted - or bet against - companies like electric truck maker Nikola Corp and Twitter, accused Adani Group of pulling "the largest con in corporate history" by using a web of companies in tax havens to inflate its revenue and manipulate stock prices, even as debt piled up. Though the conglomerate vehemently denied all allegations, the damning report sent the group's shares into a free fall, wiping out over USD 150 billion in market value of the 10 listed entities at their lowest point. Most of the 10 listed companies have since recouped the losses. After the Hindenburg report, the Supreme Court asked market regulator SEBI to complete its investigation and set up a separate expert panel to look into regulatory lapses. The panel did not give any adverse report on Adani and the apex court too stated that no other probe other than one being done by SEBI was required. On June 26 this year, SEBI in a show cause notice charged Hindenburg of "deliberately sensationalizing and distorting certain facts" as well as working with a New York hedge fund to make its bet. Hindenburg had responded to that saying it made just USD 4.1 million from its declared positions on Adani stocks and criticized the regulator for not focusing its investigation into the January 2023 report "providing evidence" of the conglomerate creating "a vast network of offshore shell entities" and moving billions of dollars "surreptitiously" into and out of Adani public and private entities. The group led by billionaire Gautam Adani, who was the world's third-richest man before Hindenburg, in an epic comeback strategy raised USD 15 billion in equity and debt, sold some assets, repaid loans that were raised pledging shares, reined in expenses, repaid some debt and refocused energies on core business. Adani is now ranked 12th richest in the world, one notch and USD 6 billion shy of rival billionaire Mukesh Ambani. The group has also made some acquisitions, buying cement company Sanghi Industries and the news agency IANS. Adani has insisted the Hindenburg report has not changed operations at his companies, which include ports, airports, renewable parks generating electricity from sunlight and wind energy, gas distribution, cement processors, data centers, and even apple farms. 360 One Wam Ltd, formerly known as IIFL Wealth Management Ltd, separately said IPE-Plus Fund 1, a fully compliant and regulated fund, was launched in October 2013 and operated until October 2019. "Throughout the fund's tenure, IPE-Plus Fund 1 made zero investments in any shares of the Adani Group either directly or indirectly through any fund," it said. "At its peak, the fund's Assets Under Management (AUM) reached approximately USD 48 million, with over 90% of the fund consistently invested in bonds." The fund, it said, was managed as a discretionary fund by the Investment Manager. "No investor had any involvement in the fund's operations or investment decisions. Mrs. Madhabi Buch &amp; Mr. Dhaval Buch's holdings in the fund were less than 1.5% of the total inflow into the fund." Hindenburg on Saturday alleged that just weeks before Buch's appointment to SEBI, her husband requested the transfer of their investments into his sole control, potentially to avoid any scrutiny related to her new regulatory role. The couple's investments were reportedly funneled through a complex, multi-layered offshore structure, raising questions about their legitimacy and purpose. On March 22, 2017, just weeks ahead of Buch's appointment as SEBI Wholetime Member, her husband, Dhaval Buch, wrote to Mauritius fund administrator Trident Trust. That communication was regarding his and his wife's investment in the Global Dynamic Opportunities Fund (GDOF), the US firm alleged. "In the letter, Dhaval Buch requested to"be the sole person authorized to operate the accounts", seemingly moving the assets out of his wife's name ahead of the politically sensitive appointment," Hindenburg alleged. Dhaval Buch is currently a senior advisor at Blackstone and at Alvarez &amp; Marsal. He also serves as a non-executive director on the Board of Gildan. "In a later account statement dated February 26, 2018, addressed to Madhabi Buch's private email, the full details of the structure are revealed: "GDOF Cell 90 (IPEplus Fund 1)". Again, this is the same Mauritius-registered "cell" of the fund, found several layers deep in a convoluted structure, reportedly used by Vinod Adani," Hindenburg alleged. From April 2017 to March 2022, while Buch was a Wholetime member and Chairperson at SEBI, she had a 100 % interest in an offshore Singaporean consulting firm, called Agora Partners, it alleged adding On March 16, 2022, two weeks after she was appointed SEBI Chairperson, she quietly transferred the shares to her husband. To date, SEBI has taken no action against these funds, it claimed. "If SEBI wanted to find the offshore fund holders, perhaps the SEBI Chairperson could have started by looking in the mirror," Hindenburg said. In response to requests from the Supreme Court to investigate the Adani matter, SEBI is said to have hit a wall unveiling the holders of the offshore funds. The Supreme Court said that while SEBI seemingly agreed with its concerns over who funded Adani's offshore shareholders, "it is evident that SEBI has drawn a blank in this investigation", the firm alleged.

Hindenburg target SEBI chief, she calls charges baseless, Adani says no commercial relationship with SEBI head

<ul class="summary-list"><li>The cofounders of crypto mixer Samourai Wallet were charged with money laundering.</li><li>The service anonymized hundreds of millions of dollars for dark web criminals, prosecutors said.</li></ul>The cofounders of a cryptocurrency mixing service called Samourai Wallet — which rendered crypto transactions anonymous — have been arrested and charged with money laundering, according to an indictment unsealed Wednesday.Prosecutors for the Southern District of New York claimed the crypto mixer made $2 billion worth of transactions untraceable, and that its founders — Keonne Rodriguez and William Lonergan Hill — knew criminals were using the service to launder funds.Rodriguez and Hill were charged with conspiracy to commit money laundering and conspiracy to operate an unlicensed money transmitting business.The Samourai Wallet website <a target="_blank" href="https://samouraiwallet.com/">has been seized</a>. Rodriguez and Hill were arrested Wednesday, and the US will seek Hill's extradition from Portugal to stand trial, <a target="_blank" href="https://www.justice.gov/usao-sdny/pr/founders-and-ceo-cryptocurrency-mixing-service-arrested-and-charged-money-laundering">according to a press release</a>.About $100 million of the transactions executed by Samourai Wallet originated from "illegal darkweb markets, such as Silk Road and Hydra Market" — as well as various online schemes and other illegal activities, prosecutors alleged in the indictment.And Rodriguez and Hill were well aware, the prosecutors said. They "openly invited users to launder criminal proceeds" publicly on X, in DMs, and in marketing materials passed to potential investors, according to the indictment.Rodriguez was Samourai's CEO, and Hill was its CTO. They founded the company in 2015, according to the indictment, and the app has been downloaded over 100,000 times. All told, it netted them $4.5 million in transaction fees, according to the indictment."The FBI is committed to exposing covert financial schemes and ensuring no one can hide behind a screen to perpetuate financial wrongdoing," FBI Assistant Director James Smith said in a statement.Lawyers haven't been listed for either Rodriguez or Hill and an attorney who has represented their company in the past did not immediately respond to Business Insider's request for comment. If convicted, they each face a maximum of 25 years in prison.

2 founders of a crypto mixer charged with laundering funds from the dark web 

<ul><li>Realme has launched its latest mid-range smartphone, the <keyword id="21605929" type="General" weightage="100" keywordseo="Realme-GT-6T" source="Orion">Realme GT 6T</keyword> in India.</li><li>The Realme GT 6T is priced starting at ₹30,999 and is available in four variants.</li><li>Here’s everything you need to know about the latest mid-range offering from the Chinese smartphone maker.</li></ul> Realme today launched the much-anticipated Realme GT 6T, its latest smartphone in the GT series in India. The Realme GT 6T is the first GT series smartphone to launch in India after a gap of two years. The Realme GT 6T is a mid-range offering from the company and is offered in four variants, covering a large price segment. The Realme GT 6T is powered by the new Snapdragon 7+ Gen 3 chipset and offers up to 512GB of internal storage. <cmsannotation type="cmsannotation" annotationid="Realme GT 6T price in India" comment="subhead" text="Realme GT 6T price in India"><keyword id="21605933" type="General" weightage="20" keywordseo="Realme-GT-6T-price" source="Orion">Realme GT 6T price</keyword> in India</cmsannotation> The Realme GT 6T is priced starting at ₹30,999 for the 8GB + 128GB, ₹32,999 for the 8GB + 256GB variant, ₹35,999 for the 12GB + 256GB variant and ₹39,999 for the 12GB + 512GB variant. The Realme GT 6T comes in Razar Green and Fluid Silver colour options. It will be available from Amazon India, Realme online store and Realme authorised retailers across the country from May 29. <cmsannotation type="cmsannotation" annotationid="Realme GT 6T launch offers" comment="subhead" text="Realme GT 6T launch offers">Realme GT 6T launch offers</cmsannotation> As part of the launch offers, Realme has announced a discount of ₹4,000 on debit and credit card transactions from ICICI Bank, HDFC Bank and SBI. In addition to this, customers can avail an additional ₹2,000 off on exchange. <cmsannotation type="cmsannotation" annotationid="Realme GT 6T specifications" comment="subhead" text="Realme GT 6T specifications"><keyword id="21630630" type="General" weightage="20" keywordseo="realme-gt-6t-specifications" source="Orion">Realme GT 6T specifications</keyword></cmsannotation> The Realme GT 6T runs on Android 14 out of the box with the company’s Realme UI 5 on top. It features a 6.78-inch LTPO AMOLED display with a resolution of 2,789 x 1,264 pixels and a 120Hz refresh rate. The display comes with Corning Gorilla Glass Victus 2 protection. The Realme GT 6T is equipped with the Snapdragon 7+ Gen 3 chipset. It is available in four variants – 8GB RAM + 128GB internal storage, 8GB RAM + 256GB internal storage, 12GB RAM + 256GB internal storage and 12GB RAM + 512GB internal storage. Coming to the camera department, the <keyword id="21605934" type="General" weightage="20" keywordseo="Realme-GT-6T-features" source="Orion">Realme GT 6T features</keyword> a dual camera setup at the back consisting of a 50MP primary camera with Sony LYT-600 sensor with OIS and an 8MP ultra-wide-angle camera with Sony IMX355 sensor. On the front, the device sports a 32MP selfie camera. The Realme GT 6T is powered by a large 5,500mAh battery with 120W fast charging support, which the company claims can charge the device to 50% in 10 minutes. It comes with IP65 water and dust resistance. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/awfis-space-solutions-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/110305597.cms">Awfis Space Solutions IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/sports/webstories/rajasthan-royals-vs-royal-challengers-bengaluru-head-to-head-record-key-players-and-more/slidelist/110298325.cms">Rajasthan Royals vs Royal Challengers Bengaluru: head-to-head record, key players and more</a> <a href="https://www.businessinsider.in/tech/news/indias-pc-market-grows-by-2-6-in-q1-2024-recording-third-consecutive-quarter-with-growth/articleshow/110292150.cms">India's PC market grows by 2.6% in Q1 2024, recording third consecutive quarter with growth</a>

Realme GT 6T with Snapdragon 7+ Gen 3, 120W charging launched starting at ₹30,999

<ul class="summary-list"><li>Two brothers were arrested and charged with pulling off a $25 million crypto heist in seconds.</li><li>The DOJ said the Peraire-Bueno brothers tampered with the ethereum blockchain and funneled money to private accounts. </li></ul>Two brothers were arrested and charged with a major crypto heist, the Department of Justice said on Wednesday. The pair stole around $25 million worth of crypto in a heist that took about 12 seconds.Anton Peraire-Bueno, a 24-year-old based in Boston, and James Peraire-Bueno, a 28-year-old based in New York, now face numerous charges, including wire fraud and conspiracy to commit money laundering, the Department said in a <a href="https://www.justice.gov/opa/pr/two-brothers-arrested-attacking-ethereum-blockchain-and-stealing-25m-cryptocurrency" target="_blank" rel="noopener">statement on Wednesday.</a>The brothers, who had studied mathematics in university and had extensive knowledge of cryptocurrency, allegedly stole crypto funds from other users by tampering with transactions on the ethereum blockchain, using a process believed to be "the very first of its kind," prosecutors said.The stolen funds were funneled into a mix of shell companies, private crypto addresses, and foreign crypto exchanges, which New York IRS officials were able to trace."As we allege, the defendants' scheme calls the very integrity of the blockchain into question," Damian Williams, the Southern District of New York's US Attorney, said in a statement. "And once they put their plan into action, their heist only took 12 seconds to complete. This alleged scheme was novel and has never before been charged. But as the indictment makes clear, no matter how sophisticated the fraud or how new the techniques used to accomplish it, the career prosecutors of this office will be relentless in pursuing people who attack the integrity of all financial systems."The Peraire-Bueno brothers were arrested on Tuesday and are set to appear in two separate courts Wednesday afternoon. They face up to 20 years in prison for each count they've convicted on, the Justice Department said.

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You Searched For "transaction charges" and got 8 results

Majority of users say they will stop using UPI if transaction fee is levied, notes a LocalCircles survey

PTI

PayPal just opened a new ad business. The exec leading it unpacks the plan to link advertisers with its trove of transaction data.

Lara O&apos;Reilly

Mark Cuban says Trump's billionaire backers know they can manipulate him because he's 'so transactional, and so devoid of core values'

Erin Snodgrass,Aditi Bharade,…

What we know about the charges filed against Telegram CEO Pavel Durov

Katherine Tangalakis-Lippert,…

Hindenburg target SEBI chief, she calls charges baseless, Adani says no commercial relationship with SEBI head

PTI

2 founders of a crypto mixer charged with laundering funds from the dark web

Geoff Weiss

Realme GT 6T with Snapdragon 7+ Gen 3, 120W charging launched starting at ₹30,999

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2 brothers were just charged by the Justice Department over a $25 million crypto heist that took 12 seconds

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Lara O'Reilly