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Ex-bankers sentenced to 4 years imprisonment in Mehta stock market scam

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By NewsGram News Desk

A special court on Thursday convicted MS Srinivasan of the State Bank of Saurashtra (SBS) and R Sitaraman of State Bank of India (SBI) over criminal breach of trust and misappropriation of public funds in the 1992 Harshad Mehta stock market scam after observing that the accused persons’ acts can be termed as ‘anti-national’.

The duo held the post of chief manager of Funds Management Cell (FMC) and bank officer in the securities division of State Bank of India (SBI) respectively. Charges have been out under various sections of the Indian Penal Code (IPC) for criminal breach of trust by a public servant and under the Prevention of Corruption Act for dishonestly and fraudulently misappropriating funds of SBS and SBI.

Srinivasan and Sitaraman are sentenced for four years of rigorous imprisonment and a compensation of Rs 5 crore. The court observed that the duo caused tremendous loss aggregating to several hundreds of crores to SBS and SBI unbefitting their position as public servants responsible to the public exchequer.

“In this case, the complainant, the victim, the accuser is (representing) the country at large. It is the coffers of public financial institutions that have been swept clean,” Justice Dalvi said.

“They (Srinivasan and Sitaraman) have degraded themselves by misappropriating public property for illegal and criminal ends, causing enormous monetary loss to the public exchequer. Their acts can well be termed as anti-national as such acts had caused a tremendous economic strain and drain upon the country resulting in the scam of 1992,” Justice Dalvi said, adding the accused not only corrupted themselves but corroded the country.

 

 

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WhatsApp Offering 1000GB Free Data on its Birthday a Scam

In reality, users ended up on sites that signed them up for premium and costly SMS services or installed third-party apps on their smartphones

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whatsapp, paytm, UPI-based Pay service
FILE - The WhatsApp app logo is seen on a smartphone in this picture illustration. VOA

Have you received a WhatsApp message offering 1000GB free Internet data? Beware, as it is a scam that is spreading fast.

Researchers from cybersecurity firm ESET have received a message on WhatsApp stating that the app was giving away 1000 GB of internet data to celebrate its 10th anniversary this year.

The fraudulent campaign is hosted by a domain that is home to yet more bogus offers pretending to come from other well-known brands.

“What strikes us right off the bat here is that the URL that comes with the message is not an official WhatsApp domain,” the researchers said in a blog post late Monday.

Even though businesses may sometimes run promotions through third parties, the rule of thumb here is to check on the company’s website to make sure any promotion is real and valid.

If you were to click on the link, you would be taken to a page that invites you to answer a series of questions in the form of a survey — ranging from how you found the offer to your opinion on the app.

“While you would be responding to the questionnaire, the site would invite you to pass along the offer to at least 30 more people in order to qualify for the big reward’. Needless to say, this is merely a way to boost the campaign’s reach,” said the researchers.

Conference, Privacy, Social Media
FILE – Silhouettes of mobile users are seen next to logos of social media apps Signal, Whatsapp and Telegram projected on a screen in this picture illustration. VOA

What are the fraudsters running this WhatsApp-themed scam looking to gain from it?

“Apparently their goal here is click fraud – a highly prevalent monetization scheme that relies on racking up bogus ad clicks that ultimately bring revenues for the operators of any given campaign,” warned ESET.

The same domain that hosts this scam is also home to many other offers, each pretending to come from a different company, including Adidas, Nestle and Rolex, to name but a few.

Also Read: Websites Using Facebook’s ‘Like’ Button Liable for Data: EU Court

In 2017, a similar WhatsApp-themed scam made the rounds that promised to unlock free Internet access.

In reality, users ended up on sites that signed them up for premium and costly SMS services or installed third-party apps on their smartphones.

“In 2018, perhaps the same fraudsters used ‘free Adidas shoes’ as the bait. Regardless of the tune, the end goal was invariably the same — give the scammers an easy way to line their pockets,” said the researchers. (IANS)