Karnataka cyber police bust Rs 290-crore hawala scam

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Bengaluru, June 13 | Karnataka’s cybercrime police have busted a Rs 290-crore hawala (money laundering) scam, operated in the name of ‘Powerbank’ investment and arrested nine persons, including two Chinese and two Tibetans, an official of the state’s Criminal Investigation Department (CID) said on Sunday.

“The 9 accused, including 2 Chinese, 2 Tibetans and 5 directors of shell companies involved in the hawala scam were arrested under section 420 of the IPC (Indian Penal Code) and section 66 of the IT Act for cheating several investors,” said CID cybercrime’s Superintendent of Police M.D. Sharath here.

During the investigation, the cybercrime sleuths found that a Kerala-based businessman (Anas Ahmed) was the mastermind behind the scam, operating with Chinese hawala operators in money laundering.

“Ahmed, who is still at large, married a Chinese woman when he was in China for studies and established links with Chinese hawala operators. He opened shell companies to route the laundered money,” said Sharath in a statement.

The case was registered on a complaint by Razor Pay Software Ltd, a payment solutions firm in this tech city, which alleged that the accused had availed its solutions by claiming that they were in gaming, social and e-commerce business.

“The accused defrauded Razor by misusing its solutions to deviate from their stated business and routed transactions to collect payments from investors in the name of ‘Powerbank’ an application (app) in Google Playstore,” said Sharath.

Razon came to know from investors, who invested in the Powerbank app to earn some percentage of interest daily and weekly on their investment, as promised.

“The accused neither paid the interest nor returned the principal amount to the investors and laundered the money through the hawala route outside the country,” said Sharath.

Ahmed, who hosted the online Rummy application camouflaged and converted it into Powerbank app and lured investors with good returns.

“An unusual spike was seen in user investments on the day Ahmed announced much higher returns. As per his plan, the apps from Google Playstore and other websites were removed and he absconded,” said Sharath.

The cybercrime wing froze Ahmed’s bank accounts which had Rs 290 crore since he began the scam in November 2020.

“We have also observed that the Chinese handlers are in possession of a huge number of shell companies and bank accounts. Lured by the offer of these handlers, many gullible Indians and Tibetans fell in their trap to open shell companies and open bank accounts for them,” added Sharath.

Source: IANS

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Does MBA really help in getting a better job offer ?

Does MBA really help in getting a better job offer ?

Most students pursuing an MBA come with the sole objective of having a decent job offer or a promotion in the existing job soon after completion of the MBA. And most of them take loans to pursue this career dream. According to a recent survey by education portal Campusutra.com  74% MBA 2022-24 aspirants said they would opt for education loans.

There are exceptional cases like those seeking master’s degree or may have a family business to take care of or an entrepreneurial venture in mind. But the exception cases are barely 1%. For the rest 99%, a management degree is a ticket to a dream job through campus placements or leap towards career enhancements. Stakes are high as many of them quit their jobs which essentially means loss of 2 years of income, apprehension and uncertainty of the job market. On top of that, the pressure to pay back the education loans. Hence the returns have to be high. There is more than just the management degree. Colleges need to ensure that they offer quality management education which enables them to be prepared for not just the demands of recruiters and for a decent job but also to sustain and achieve, all along their career path.

  • So, what exactly are the B Schools doing to prepare their students for the job market and make them industry ready ?
  •  Are B schools ready to deliver and prepare the future business leaders to cope up with the disrupted market ?  

These are the two key questions every MBA aspirant needs to ask, check and validate before filling the MBA application forms of management institutes. And worth mentioning that these application forms do not come cheap. An MBA aspirant who may have shortlisted 5 B Schools to apply for, may end up spending Rs 10,000.00 to Rs 15,000.00 just buying MBA / PGDM application forms.

While internship and placements data of some management institutes clearly indicates that recruiters today have specific demands. The skill sets looked for are job centric and industry oriented. MBA schools which have adopted new models of delivery and technology, redesigned their courses, built an effective evaluation process and prepared the students to cope with the dynamic business scenario, have done great with campus placements despite the economic slow down.

However, the skill set being looked for by a consulting company like Deloitte or KPMG may be quite different from FMCG or a manufacturing sector. Institutes need to acknowledge this fact and act accordingly.

  • Management institutes should ensure that students are intellectually engaged, self motivated and adapt to changes fast. In one word ‘VUCA ready’.
  • B Schools should encourage students to participate in national and international competitive events, simulations of business scenarios.
  • Institutes should have the right mix of faculty members with industry exposure and pure academics.

The placement records of 2021 across top management institutes indicated the fact that recruitment is happening, skilled talent is in demand and certain management institutions continued to attract recruiters even in the middle of an ongoing crisis.

It is time, all management institutes rise to the occasion, understand market realities and identify areas of improvement at both ends – students and faculty.

After all, the stakes are high at both ends. B Schools taking corrective measures will stay while those which are lagging will end up shutting down.

Author Name : Nirmalya Pal

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