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Indian Express
3 days ago
- Indian Express
Delhi Police arrest 6 for duping man of Rs 10 lakh in cryptocurrency scam
The Delhi Police Monday arrested six men in connection with an alleged Tether or USDT cryptocurrency investment scam that targeted unsuspecting investors on the pretext of high returns. The police said the case came to light after a victim filed a complaint alleging that he was conned into investing Rs 10 lakh via a fraudulent app, Bitop, after being contacted through Facebook Messenger. 'The complainant was induced to download a fake crypto trading application, and was shown fake gains in the wallet or dashboard. However, when he tried to withdraw the invested amount, the accused demanded a 30 per cent clearance fee, following which he realised he had been duped,' said Ankit Chauhan, Deputy Commissioner of Police (South). The victim then approached the Cyber Police, following which a First Information Report (FIR) under Section 318(4) (cheating) of the Bharatiya Nyaya Sanhita (BNS) was registered. The police's first breakthrough came after the interrogation of Garima Singh from Mirzapur in Uttar Pradesh, who had provided her bank account details to a neighbour, Alok Singh, 30, for Rs 1,000. She told the police that Singh had been procuring accounts from villagers, and passing them on to another man, Avinash Verma. Verma, in turn, sold them to the alleged mastermind, Himanshu Baisoya, 23, for Rs 15,000 each. Baisoya, a BCA graduate from Kotla Mubarakpur in Delhi, was later arrested. 'He operated the bank accounts, withdrew the cheated amount in cash from ATMs, purchased USDT in cash from Kamal Insan and Simaranjeet Singh and further transferred the USDT to his contacts at a higher margin,' said Chauhan. Kamal Insan is a 29-year-old interior designer, and Simranjeet Singh, 28, is a BCA graduate who is currently unemployed. He introduced Baisoya to Insan, and also facilitated the purchase of USDT in cash, said the police. Verma, 20, provided eight bank accounts to Baisoya for cyber fraud. He also received bank accounts from Alok Singh, and handed them over to Baisoya. The Delhi Police said they have recovered several items, including five mobile phones, one laptop, and four PNB passbooks, which were allegedly used in the operation.
India Today
4 days ago
- Business
- India Today
IIT Kharagpur offers free remote internship in AI, ML, and cloud tech till June 21
IIT Kharagpur's IEEE Computer Society Student Branch Chapter (CS SBC), in collaboration with the IEEE Kharagpur Section, has officially launched the Summer Internship Programme 2025, offering an exceptional opportunity for aspiring tech professionals to gain research and industry exposure in cutting-edge domains. The internship is completely online, allowing students from across India to participate two-to-three-month internship is open to undergraduate and postgraduate students (BTech, MTech, BSc, MSc, BCA, MCA, or equivalent), offering them a chance to work on real-world projects and gain mentorship from experts affiliated with IIT Kharagpur and IEEE. The deadline to apply is June 21, DOMAINSInterns can choose to work in one or more of the following domains:AI/ML-Driven Network ManagementCloud-Edge Computing & Vehicular NetworkingMachine Learning & Deep LearningGenerative AI & Explainable AIThe program is designed to cater to students with a foundational understanding of programming, computer networks, operating systems, DBMS, engineering mathematics, and basic knowledge of machine learning and Python. However, prior expertise is not PROCESS AND REQUIREMENTSTo apply, candidates must submit a Google Form application along with the following documents:Updated CV (PDF, max 10 MB)Passport-size photo (PDF/Image, max 1 MB)Scanned signature (PDF/Image, max 1 MB)Valid student ID card (PDF/Image, max 1 MB)Applications must be submitted through the official form. Shortlisted candidates will be notified by the end of June, and the internship is scheduled to commence in early July here to check more details for AND VALUEWhile unpaid, the internship offers immense value through e-certificates, project mentorship, and the opportunity to engage with IIT Kharagpur faculty and IEEE professionals. Participants will gain crucial skills, portfolio projects, and references that will strengthen their academic and professional initiative is aimed at preparing the next generation of tech talent with practical experience and exposure to high-growth fields in science and engineering.
Business Standard
4 days ago
- Business
- Business Standard
Moody's Ratings upgrades ratings of Yes Bank 'Ba2' with 'stable' outlook
Yes Bank said that Moody's Ratings has upgraded the bank's long-term (LT) foreign currency (FC) and local currency (LC) bank deposit ratings to 'Ba2' from 'Ba3'. The agency has also upgraded the banks baseline credit assessment (BCA) to 'ba3 from 'b1. It has changed the rating outlooks to stable from positive. Moody's Ratings said that the upgrade of Yes Bank's ratings and BCA is driven by a gradual improvement in the bank's credit profile including its capital and loan loss reserves which will provide sufficient buffers against the bank's unseasoned asset risks and improving yet modest profitability and funding. Yes Bank's Ba2 deposit ratings are one notch above its ba3 BCA based on our expectation of a moderate likelihood of support from the Government of India (Baa3 stable) in times of need. The bank's gross non-performing loan (NPL) ratio declined to 1.6% as of March 2025 from 13.9% in March 2022. Reported provision coverage as a proportion of NPL increased to 80% from 71% during this period. Despite these improvements, Yes Bank's asset quality remains exposed to unseasoned risks associated with the rapid expansion in its retail and small & medium enterprise portfolios, its increased focus into higher-risk retail segments, and reliance on third-party sourcing channels. The bank's Common Equity Tier-1 (CET-1) capital ratio on a standalone basis improved to 13.5% as of the end of March 2025 from 12.2% a year earlier following the exercise of equity share warrants during the year. In May 2025 Sumitomo Mitsui Banking Corporation (SMBC) announced that it will acquire a 20% stake in Yes Bank from existing shareholders. The planned acquisition is credit positive for Yes Bank because it brings in a long-term strategic partner, with a strong balance sheet and funding capacity to support its growth. However, with a 20% stake, we expect that SMBC's influence will be limited and consequently we do not plan to factor in affiliate support in the bank's rating after completion of the transaction. The bank's efforts to reduce deposit costs and increasing lending to higher yielding, albeit higher-risk retail and small and medium enterprise segments and will help maintain its net interest margins despite the significant decline in policy rates in India over the past few months. Continued improvement in the bank's ability to meet the central bank's priority sector lending norms will also support its profitability. Yes Bank's profitability is weaker than Indian peers we rate and remains the banks' key credit challenge. The bank's funding has gradually improved with higher share of low cost current and savings deposits and retail term deposits which increased to 51% of its total deposits at the end of March 2025 from 41% as of the end of March 2021. Yes Bank is private sector bank that is headquartered in Mumbai. The bank had reported consolidated assets of Rs 4,24,100 crore as of 31 March 2025. The scrip rose 0.20% to currently trade at Rs 20.20 on the BSE.
Economic Times
5 days ago
- Business
- Economic Times
YES Bank shares in focus after Moody's upgrades rating to Ba2, outlook revised to stable
YES Bank shares will be in focus on Monday after international rating agency Moody's upgraded the lender's rating to Ba2 from Ba3 and revised the outlook to 'stable', citing improvements in its credit profile. Moody's also raised the bank's Baseline Credit Assessment (BCA) to ba3 from b1. ADVERTISEMENT "YES Bank's Ba2 deposit ratings are one notch above its ba3 BCA based on our expectation of a moderate likelihood of support from the Government of India (Baa3 stable) in times of need," Moody's said. Also Read: 10 midcap stocks with more than 20 buy Calls: Analysts see up to 25% upside Last week, YES Bank announced that the Reserve Bank of India (RBI) had approved a six-month extension for Managing Director and CEO Prashant Kumar, effective October 6, or until a new MD & CEO takes charge. Kumar's original three-year term ends in October, and the bank has initiated a global search for his successor. In May, Japan's Sumitomo Mitsui Banking Corp (SMBC) signed a definitive agreement to acquire a 20% stake in YES Bank through a secondary purchase. SMBC will acquire 13.19% from State Bank of India and 6.81% from other banks for Rs 13,483 crore, at a price of Rs 21.5 per share. SBI will offload its stake for Rs 8,889 crore, while the remaining Rs 4,594 crore will come from other banks including Axis Bank, Bandhan Bank, Federal Bank, HDFC Bank, ICICI Bank, IDFC First Bank, and Kotak Mahindra Bank. ADVERTISEMENT Also Read: These 11 Nifty microcap stocks can rally 55-210% in the next 12 monthsYES Bank share price target ADVERTISEMENT According to Trendlyne, the average target price for YES Bank is Rs 16, indicating a potential downside of nearly 18% from current levels. Of the 12 analysts covering the stock, most have a 'Sell' stock has risen 24% over the past three months but remains down 15% on a 12-month basis. The bank's current market capitalisation stands at Rs 63,227 crore. ADVERTISEMENT Also Read: Swiggy, Radico Khaitan among 7 stocks on which brokerages initiated coverage, see up to 34% upside (Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
5 days ago
- Business
- Time of India
YES Bank shares in focus after Moody's upgrades rating to Ba2, outlook revised to stable
YES Bank shares will be in focus on Monday after international rating agency Moody's upgraded the lender's rating to Ba2 from Ba3 and revised the outlook to 'stable', citing improvements in its credit profile. Moody's also raised the bank's Baseline Credit Assessment (BCA) to ba3 from b1. "YES Bank's Ba2 deposit ratings are one notch above its ba3 BCA based on our expectation of a moderate likelihood of support from the Government of India (Baa3 stable) in times of need," Moody's said. Also Read: 10 midcap stocks with more than 20 buy Calls: Analysts see up to 25% upside Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Last week, YES Bank announced that the Reserve Bank of India (RBI) had approved a six-month extension for Managing Director and CEO Prashant Kumar, effective October 6, or until a new MD & CEO takes charge. Kumar's original three-year term ends in October, and the bank has initiated a global search for his successor. In May, Japan's Sumitomo Mitsui Banking Corp (SMBC) signed a definitive agreement to acquire a 20% stake in YES Bank through a secondary purchase. SMBC will acquire 13.19% from State Bank of India and 6.81% from other banks for Rs 13,483 crore, at a price of Rs 21.5 per share. SBI will offload its stake for Rs 8,889 crore, while the remaining Rs 4,594 crore will come from other banks including Axis Bank , Bandhan Bank , Federal Bank , HDFC Bank , ICICI Bank , IDFC First Bank , and Kotak Mahindra Bank . Also Read: These 11 Nifty microcap stocks can rally 55-210% in the next 12 months YES Bank share price target According to Trendlyne, the average target price for YES Bank is Rs 16, indicating a potential downside of nearly 18% from current levels. Of the 12 analysts covering the stock, most have a 'Sell' rating. The stock has risen 24% over the past three months but remains down 15% on a 12-month basis. The bank's current market capitalisation stands at Rs 63,227 crore. Also Read: Swiggy, Radico Khaitan among 7 stocks on which brokerages initiated coverage, see up to 34% upside ( Disclaimer : Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)
