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Mumbai (Maharashtra) [India], April 11 (ANI): The <keyword id="19906039" type="General" weightage="20" keywordseo="Mumbai-Police" source="keywords" meta.keywordsubtype="org" meta.entityname="Mumbai Police" meta.hostid="261" meta.entityid="Mumbai Police">Mumbai Police</keyword> confirmed that the <keyword id="21269661" type="General" weightage="20" keywordseo="Economic-Offence-Wing" source="keywords">Economic Offence Wing</keyword> of Mumbai police have arrested <keyword id="21269662" type="General" weightage="20" keywordseo="vaibhav-pandya" source="keywords">Vaibhav Pandya</keyword>, stepbrother of cricketers <keyword id="19906064" type="General" weightage="100" keywordseo="Hardik-Pandya" source="keywords">Hardik Pandya</keyword> and <keyword id="21139135" type="General" weightage="20" keywordseo="krunal-pandya" source="keywords">Krunal Pandya</keyword> for allegedly cheating them of around Rs 4 crore in business. Vaibhav allegedly diverted around Rs 4.3 crore from the partnership firm, causing a loss to both the <keyword id="4464498" type="General" weightage="20" keywordseo="Pandya-brothers" source="Orion">Pandya brothers</keyword>. The incident took place in 2021. The accused Vaibhav had started a polymer business company with the Pandya brothers, Hardik and Krunal's stake in this company was 40-40%, and Vaibhav had a 20% stake. According to the allegations, Vaibhav illegally raised his own profit share from 20% to 33.3%, which further harmed Hardik and Krunal Pandya financially. The profit from the company was to be divided into three in the same ratio. Instead of giving the company's profit money to the Pandya brothers, the accused Vaibhav formed a separate company and transferred the profit amount to it, due to which the Pandya brothers suffered a loss of about Rs 4.3 crore. The Indian Premier League responsibilities of both cricketer brothers are keeping them quite busy at the moment; Hardik Pandya is leading the Mumbai Indians, while Krunal has been playing well for the Lucknow Super Giants in the 2024 season. Hardik recovered from an ankle injury that he suffered during the 2023 World Cup. The all-rounder had a difficult few months. Not only that, but the fans of the MI team themselves strongly opposed his appointment to the post of captain. The 30-year-old player had a difficult start to his captaincy as MI lost their first three games before beating the Delhi Capitals by 29 runs last week to register their first victory.

Mumbai's Economic Offence Wing arrests Hardik Pandya's stepbrother for cheating him of ₹4 crore in business

<ul><li>In our last feature from the series where we crystal-gazed into 2022 and brought to you some key trends that will impact the industry, we speak to experts from the Indian <keyword id="6357332" type="General" weightage="20" keywordseo="gaming" source="Orion">gaming</keyword> industry.</li><li>They share their thoughts of a few big trends that will dominate the industry in 2022.</li></ul>As we enter 2022, we can only look back and wonder at the meteoric rise online gaming has seen in India in the past two years. While gaming had been witnessing growth, albeit a relatively slow one, before the lockdown, it was during the locked-at-home phase that many across the country not only discovered the joys of gaming, but also realised they could make a healthy living out of it. If most reports coming out in the last one year are to be believed, India will see an even faster growth for the industry in the next few years, and now Bharat is joining in this growth. A recent report by <keyword id="7087972" type="General" weightage="20" keywordseo="mobile-premier-league" source="Orion">Mobile Premier League</keyword> (MPL), an <keyword id="2440542" type="General" weightage="20" keywordseo="esports" source="Orion">esports</keyword> and skill gaming platform revealed that India’s tier-III cities and towns have witnessed a significant rise in the number of online gamers in 2021. The top 30 of them reported up to 170% more gamers compared to 2020. Some of the small towns have more than 100% to up to 200% growth in online gamers. Another report by Sequoia India and BCG said that while the gaming industry in India is currently smaller than that of the US and China and is 1% of the global gaming market, it is generating $1.5B revenue and is expected to triple to over $5 billion by 2025 on the back of the ‘mobile first’ phenomenon. This massive growth has also led to a new breed of influencers who are being followed by hundreds of thousands of engaged audiences. YouTube’s recently released list of top Indian creators on its platform featured 5 gamers. And things are just about starting to get heated. To understand where this highly dynamic industry is headed in this next year, we reached out to a few prominent voices from the industry and this is what they had to say: Lokesh Suji, Director, Esports Federation of India &amp; Vice President of the Asian Esports Federation (AESF) India was a sleeping giant till Covid-19 happened, and now we have established ourselves as a market that cannot be ignored; Stakeholders like the brands, investors, authorities and so on, were just sitting on the fence and observing. But with a market of at least 450 million online gamers, the potential of video games and esports cannot be ignored. The year 2021, has been the inflection point for video games in India. While esports evolves itself into various business models, Non-fungible token (NFT) will be one big trend to watch out for in 2022. Video Games is the best use case for NFTs, customization of the skins, virtual avatars, in-game items/rewards etc. all this already exists in video games (so-called metaverse) and is now starting to be converted into NFTs. One of the key drivers for the meteoric growth of Video Games has been live streaming and esports, and such content creators and/IP holders will eventually look at converting the best of gameplays/streaks/moments into NFTs, which not only help increase monetization for content creators, video game developers etc. but also be a catalyst in terms of retention of fans and users respectively. Anirudh Pandita, Founder, <keyword id="820765" type="General" weightage="20" keywordseo="Loco" source="Orion">Loco</keyword> Gaming has now arrived as a truly mainstream entertainment experience and has become the primary source of entertainment for India’s young generation. 2021 saw the rise of esports and game streaming, and 2022 will see this multiply. In 2021, we saw the arrival of BGMI which all Indian fans were waiting for and in 2022, we will see multiple big publishers release games for India. In 2021, we saw esports go to new heights and we will see continued growth in the sector in the next year as prize money as well as number of games will increase. Game streaming saw the entry of hundreds of thousands of new streamers and millions of viewers, and this trend should accelerate in 2022, with individual streams rivaling those of major traditional sports. Lastly, with blockchain providing interesting use cases, we expect to see interesting new use cases come out to help creators and consumers. We, at Loco, have always aimed at paving the way for gaming to go from a niche hobby to a mainstream national interest- which the year 2021 has helped realize. We are confident that with this, India will cement its place on the global gaming map in 2022. Abhishek Aggarwal, Co-Founder &amp; CEO, <keyword id="12415204" type="General" weightage="20" keywordseo="trinity-gaming" source="Orion">Trinity Gaming</keyword> The gaming industry is progressing, taking complete advantage of the latest developments in technology, software, better internet services, gadgets, cloud technology and more. In the Indian scenario, there is an explosive growth of gamers in this booming industry with creative and engaging content being an important aspect of the system. With more games introduced and with more people joining the pool, more brands are shifting their focus on marketing their brands through these young creators who have an enormous fan following across the age group of 15-30 which is the most targeted audience in advertising terms for both endemic and non-endemic brands. Gaming content has begun to penetrate the Tier II, Tier III locations, and beyond, giving vernacular content creators a chance to grow. With Hindi &amp; Tamil being the two most popular languages in streaming in India, it will surely gain more prominence in the coming time. More people will watch game streaming. Audiences tend to admire their creators and feel more connected to them due to their high level of engagement. The future of gaming beholds a lot and a stronger and classified gaming ecosystem is on the rise. Tarun Gupta, Founder, <keyword id="10820861" type="General" weightage="20" keywordseo="ultimate-battle" source="Orion">Ultimate Battle</keyword> Games and gaming content are highly engaging and we're seeing a huge spike in average and concurrent viewership for gaming content. The consumers are very dynamic and their attention span size has decreased noticeably in GenZ. We see short gaming video content to witness a never seen before hype in the gaming community. The mobile gaming market is expanding in tier 2 and tier 3 cities and we'll witness a rise in engagement in games, viewership, and content creation. Young gamers will play engaging games, consume fast-paced engaging content, and want to socialize with gamers often simultaneously. This will lead to more virtual world socialization among the young generation and higher consumption of gaming content. As such, 2022 will usher higher inclination by brands into the gaming industry to target the young age group of 18 to 25. With many startups and organizations focusing on gaming and esports, we'll see a spike in Esports events and team IPs being created. This will boost the gaming ecosystem in India and open multiple opportunities in careers for gamers and IT professionals. Roland Landers, CEO, <keyword id="3634002" type="General" weightage="20" keywordseo="All-India-Gaming-Federation" source="Orion">All India Gaming Federation</keyword> The Indian gaming industry along with the M&amp;E segment has now become one of the fastest growing sectors in India with around 7.3 Bn downloads in recent years. It has emerged as an important avenue due to a multitude of favorable factors such as young and tech-savvy population, affordable availability of feature-packed smartphones, better internet connectivity, and an overall technological development. The move has also accelerated the growth of multi gaming format in the online gaming space. The Indian gaming industry is expected to reach 3 billion by 2025 and is now projected to grow faster than the global online gaming segment. The industry currently employs 40,000 people in direct jobs and by 2024 the online skill gaming industry is expected to employ around 2 lakh people. This growth will further lead to revenue generation for the country, driven by ease of payment, better security and instant withdrawal of winnings etc. As the regulatory landscape is also evolving and positive judgments are expected from many states, we as an industry leader look forward to an exciting year for this sunrise sector. With its exponential growth, the gaming industry will also attract international investors to invest in the Indian market. Sameer Barde, CEO - E Gaming Federation <div type="image" title="IMG-20220110-WA0005" msid="88826278" hostid="261"></div> Online gaming will become increasingly mainstream and find acceptance as a source of entertainment in 2022. This year, we anticipate a growth rate of over 35 % for the sector as a whole. However, for this to happen, we hope to see government stakeholders accepting the need for regulation to protect the player and industry interests. Increasing monetization and adoption of new-age technology including blockchain and NFTs in the gaming ecosystem will be seen. We expect a larger number of players moving from free-to-play to paying-to-play, in-game purchases, and skill gaming. Industry players will develop new and exciting games for users based on traditional games and Indian themes, keeping the PM’s vision in mind. Additionally, e-Sports being a medal sport in the forthcoming Asian Games in September will result in a significant increase both in terms of acceptance and interest. All in all, we at EGF are excited and believe that this will be a bellwether year for the entire industry. Bhavin Pandya, CEO and Co-Founder, <keyword id="8913431" type="General" weightage="20" keywordseo="Games24x7" source="Orion">Games24x7</keyword> The Indian online skill gaming industry is poised for tremendous growth. With the right support particularly in the form of progressive policy structures, gaming can spur a second software revolution in India. As of today, this industry offers direct employment to almost 50,000 people. It is also a major source of taxation for the exchequer. In addition, the sector has multiplier benefits for several other domains including fintech, banking, semiconductors, animation, and other aspects of Information Technology. The sector has witnessed significant investments from marquee international investors and accounts of several Unicorns. With the right encouragement and support, India can emerge as a global pioneer in gaming technology. Ankur Singh, CEO and Founder, Witzeal We believe that the gaming sector will continue to expand with the high end adoption of AI and data science to understand and provide users experiences they wish for. Future of gaming will likely be based upon newer technologies like Blockchain and its active usage would prove fruitful in the years to come. Another key trend to look forward to is the penetration of gaming in rural areas because the penetration of internet and smartphones is on a gradual rise. Yashash Agarwal, Co-Founder and CEO, <keyword id="3212361" type="General" weightage="20" keywordseo="Gamezop" source="Orion">Gamezop</keyword> <div type="image" title="RIC_8498" msid="88758667" hostid="261"></div> Blockchain gaming is shaping up to be a very interesting space. We are already seeing very interesting games emerge with blockchain and NFTs at the heart of all the action. Games like Axie Infinity have popularized the Play to Earn mechanic and they have been able to scale engagement as well as monetization to huge numbers. Take it one step further and we see that decentralization is fundamentally changing how companies operate: all the way from raising money, to day-to-day governance. This is most notable in DAOs (Decentralized Autonomous Organisations), which follow a bottom-up, community-driven management style. We are excited to see the blockchain gaming projects that emerge from India! Vaibhav Odhekar, COO &amp; Co-Founder, <keyword id="2734866" type="General" weightage="20" keywordseo="POKKT" source="Orion">POKKT</keyword> The gaming industry is constantly evolving, and its popularity will continue to rise. In the last three years, the sector has welcomed 500 million new gamers globally. New technological breakthroughs such as virtual reality have provided another dimension towards entertainment in this domain. For many young folks, the industry has also become a viable career option. Talking about the trends- The audience will continue to diversify in the coming years. So, instead of a male/female audience bias, we'll have a nearly 50-50 gender split, with a lot more older people joining the online gaming space. India is expected to create more global content. Although the percentage is extremely low right now, as more high-quality content is created in India, the trend will improve. Also, e-Sports as a category will grow in popularity. In 2022, there will be a significant increase in the number of movies released worldwide. So, the biggest trend we anticipate to see is a lot more games based on movie franchises. Gaming has its own history of adapting films and gamers are enthralled by such games. Video games are a vast medium that covers a wide variety of genres and experiences that can only be experienced in games, along with contributions from a population from all over the world. Even while many modern games are inspired by movies, they are nevertheless unique in their own way and we expect them to expand in the coming years.

Gaming: What to expect from the Indian gaming and e-sports industry in 2022

You are in a good job, earn a fat salary and have a bright future. Yet, none of this is evident when you look at your <keyword id="25450" type="UNKNOWN" weightage="40" keywordseo="savings">savings</keyword>. This is because young people often find it difficult to save in the initial years of their careers. Studies reveal that discretionary spending can be as high as 18-20% of the income for young people. A 2011 study by Assocham revealed that almost 35% of the urban youth spend up to Rs 5,000 a month on clothing alone. This is one of the reasons most young people have such low savings. 
 “Gen Y focuses on their EMIs, but ignores their <keyword id="159805" type="COMPANY" weightage="80" keywordseo="SIPs">SIPs</keyword>. They want to splurge on the latest smartphones and the newest cars but not save for their future,” says Sudipto Roy, business head, Principal Retirement Advisors. 
 
Discipline and self-regulation are the cornerstones of a successful investment plan. We know it is difficult to salt away money when everyone around you is spending as if there is no tomorrow. There is tremendous peer pressure and even the most level-headed youngsters can stumble. Our cover story this week looks at 8 secret mantras that can help transform a spendthrift into a saver. 
 
MANTRA 1: SAVE BEFORE YOU SPEND 
 Many people are not able to save enough because they don’t have anything left after all their expenses. Their financial equation is: Income - Expenses = Savings. Legendary investor <keyword id="6358963" type="PERSON" weightage="40" keywordseo="Warren-Buffett">Warren Buffett</keyword> offers a simple solution. He says the equation should be changed to Income - Savings = Expenses. Instead of saving what is left after expenses, you should spend what is left after you are done with your savings for the month. 
 
We know controlling expenses is easier said than done. However hard you may try, there will be some expense that will gobble up the surplus and prevent you from saving. The solution lies in automating your savings. 
 If you give an ECS mandate to your bank for an SIP, the money will automatically flow into your mutual fund even before you can withdraw it. Ideally, the savings should flow into an investment option that does not allow easy withdrawals. This is one of the reasons that make the <keyword id="45028" type="ORGANIZATION" weightage="40" keywordseo="Provident-Fund">Provident Fund</keyword> such an effective tool for long-term savings. Every month, the employee’s contribution is deducted from the salary and deposited into his PF account. The money keeps growing till the person retires. He can access the corpus before retirement only in certain circumstances. 
 
MANTRA 2: WAIT BEFORE YOU SPLURGE 
 
The urge to buy something you like can be overwhelming. Easy financing options and plastic money prevent an individual from distinguishing his wants from his needs. Whenever you want to buy something expensive but not essential, follow the 30-day rule. Just postpone the purchase by 30 days. 
 
During that period, think hard whether you really want the item. At the end of the month, if you still want to buy it, go ahead and purchase it. However, if the item was not really essential, you will get over the urge to buy and will probably junk the idea. 
 
This simple rule works very effectively in case of gadgets, apparel, footwear and accessories. It’s also not very difficult to follow because you don’t actually deny yourself the item. You merely postpone the purchase by a month. As a fringe benefit, you also get to research the item over the next 30 days. 
 
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There is another guideline that can help you know the difference between wants and needs. The 30-minute rule says that if you are unlikely to use an item for a least 30 minutes a day on average, you should not buy it. The fancy coffee maker is really no use if you take it out once a month. Of course, this rule is only for gadgets and appliances and should not apply to other essential household items. 
 
MANTRA 3: AVOID USING PLASTIC MONEY 
 
Credit and debit cards are essential because an increasing number of our financial transactions take place online. However, plastic can be dangerous in the hands of a reckless spender. Studies show that even normal people tend to overspend if they use a credit card for a purchase. If they have to make the payment in cash, they will feel the pinch more. Since the credit card user only signs on the slip, the full impact of the purchase is not felt. 
 
To suppress the shopaholic inside you, leave your debit and credit cards behind when you go to the mall. Take cash instead. Mumbai-based IT professional Vaibhav Pandya (see picture) has followed this simple rule for the past 6-7 years and seen his savings shoot up. He says paying cash makes him think twice before he makes a purchase. 
 
 
Experts recommend some extreme measures for serious shopping addicts. Some say you should just note down the card details and then cut the card into pieces so that you can’t use it anymore. Others suggest you keep the card in a paper sleeve and stick pictures of your kids or spouse on it. You will be reminded of the other goals you may be jeopardising when you swipe the card for an unnecessary purchase. 
 
“Keep in mind that every craving sets you back when it comes to reaching your long-term goals,” says P V Subramanyam, financial trainer, Iris. One bizarre idea is to literally freeze your card inside a block of ice. It won’t damage the card, but the user will have to wait for the ice to melt before he can access it. However, we believe the average spender won’t have to resort to such extreme measures. Just keeping the card in a safe place instead of carrying it around in the wallet is good enough. 
 
MANTRA 4: START SMALL TO SAVE BIG 
 
At the beginning of your career, your income is not very high. In many cases, there is a very small investible surplus after the expenses. Still, this does not hold you back from saving. Delhi-based Sanjay Koul (see picture) was not able to save much in his initial years of earning because his income was low and there were too many financial responsibilities. 
 
 
Yet, he managed to put away a small amount every month. For a young investor, the low quantum of investment is more than made up by the long period available for the money to grow. The magic of compounding ensures that even a small sum grows into a gargantuan amount over the long term. The investment can be scaled up as the income grows in the coming years. Turn to page 18 to know how even a modest investment of Rs 3,000 a month in an option that gives a conservative 8.5% can balloon to over Rs 1.5 crore in 30 years if you just keep increasing the investment by 10% every year. 
 
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However, it is difficult for the average investor to maintain the discipline required for this approach over a long period of time. Mutual fund investors start SIPs but don’t enhance the amount every year. Ulip investors pay the same premium year after year without any top-ups. Investors in recurring deposits and fixed deposit don’t even have the option to increase their investment in the same account. 
 
MANTRA 5: DON’T BE PRESSURED TO SPEND 
 
Everybody’s financial situation is different. Just because your colleague has bought a new car or booked a flat in a fancy location does not mean you should follow suit. Bangalore-based Rajesh Prasad (see picture) learnt this early in his career. “When I started working, there was a lot of peer pressure to go out and splurge. However, my father and senior colleagues advised me against blowing away my entire income,” he says. 
 When it comes to big-ticket items like cars and houses, do the math carefully before committing expenses. For instance, the total cost of ownership of a car is much higher than the price quoted by the dealer. You also have to include the cost of fuel, insurance, servicing, spares and repair. There are a few rules for buying a car. The price of the car should not be more than 60% of your annual household income. The <keyword id="6357050" type="COMPANY" weightage="40" keywordseo="EMI">EMI</keyword> should not be more than 15% of your monthly income or 30% of your investible surplus after expenses. 
 
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Besides, a new car should be used for at least 8 years for complete return on investment. Similarly, assess how much you really need the new smartphone before upgrading. 
 
MANTRA 6: LEVY LUXURY TAX ON YOURSELF 
 
The intention of this article is not to make you deny yourself the very luxuries that you have worked hard to attain. Every now and then, you need to treat yourself to some as well. 
 
Pune-based Vikas Mathur (see picture) has found a novel way to boost his savings everytime he spends. No, we are not talking about credit card reward points here. Every time Mathur indulges in some discretionary spending, he socks away an equal amount for his savings. If a dinner and movie with the family costs him Rs 2,000, another Rs 2,000 is put into savings. 
 
 
There is another advantage of this rule. The luxury tax that Mathur levies on himself helps him get over the guilt of spending on discretionary items. 
 
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MANTRA 7: DON’T SPEND TO DE-STRESS 
 
For many people, spending can be therapeutic. It is a way to unwind after a stressful day and gives the person a sense of control. However, the aftermath of this de-stressing can be even more stressful if it burn a big hole in your wallet. Worse, if the bills you pile up remain unpaid, it will hurt your credit score. 
 “Use your credit card wisely. If you use more than 30% of your total available credit card limit, it will affect your credit score adversely,” says Nitin Vyakaranam, Founder &amp; <keyword id="5645" type="POSITION" weightage="40" keywordseo="CEO">CEO</keyword>, ArthaYantra.com. 
 
Do you also frequently head to the mall and pick up stuff to fight depression and anxiety? Get a grip on the situation and look for healthier (and less costlier) alternatives to unwinding. When you feel overwhelmed by the urge to go on a shopping spree, go for a stroll in the park or do some light exercise. This will act as a distraction and ease the urge to spend. 
 
MANTRA 8: FIX A BUDGET AND STICK TO IT 
 
This should have been the first mantra, but has been deliberately brought up at the end because Gen Y is put off by the B word. The fact is that setting up a budget is the first step towards prudent financial planning, and it’s not too difficult. Just set a limit for how much you can spend on clothes, travel and movies in a month and stick to your budget. Budgeting also helps you keep tabs on the itsy-bitsy expenses, such as casual shopping for clothes, eating out, gifting, and entertainment. 
 
Most of the time, these smaller items go unnoticed even though they take up a large portion of the total monthly expenditure. In the good old days, financial planners advocated the ‘envelope’ method, where the outlay for each head was put in separate envelopes. 
 
Now you can sign up with a money management portal. These websites aggregate all your finances, from savings bank accounts and credit cards to loan payments and mutual fund SIPs. They help you keep track of your money, alerting you when a payment is due or when you have overspent under a certain head. 
 
 
Must read story: <a href="http://economictimes.indiatimes.com/wealth/savings-centre/analysis/ET-Wealth-Eight-saving-ideas-that-can-cost-you-money/articleshow/36194419.cms">Eight saving ideas that can cost you money</a>

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Mumbai's Economic Offence Wing arrests Hardik Pandya's stepbrother for cheating him of ₹4 crore in business

ANI

Gaming: What to expect from the Indian gaming and e-sports industry in 2022

Samarpita Banerjee

Eight Mantras To Control Spending And Start Saving

Economic Times

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