Companies & Sectors
Russian sovereign wealth fund, SBI plan $2 billion investment fund

Once the agreement is in place, RDIF and SBI would team up to facilitate access to long-term capital in Russia and India besides promoting mutual investments

New Delhi: State-owned Russian Direct Investment Fund (RDIF) and State Bank of India (SBI) plan to set up a $2 billion investment consortium aimed at promoting mutual investments between the two countries, reports PTI.

 

The $10 billion-RDIF is Russia's sovereign wealth fund.

 

A memorandum of understanding (MoU) for setting up the consortium would be signed later Monday between RDIF and SBI, as part of Russian President Vladimir Putin's official visit to India.

 

"RDIF and State Bank of India would each invest up to $1 billion in the proposed co-investment consortium," RDIF Chief Executive Officer Kirill Dmitriev told PTI.

 

The consortium can make investments in India and Russia.

 

"Basically we are creating this platform that has capital allocated for high return projects in interesting sectors, with synergy between India and Russia," Dmitriev said.

 

Once the agreement is in place, RDIF and SBI would team up to facilitate access to long-term capital in Russia and India besides promoting mutual investments.

 

The emphasis would be on projects geared towards higher purchasing power of the population, creation of value addition in the extraction and processing of natural resources as well as development of manufacturing businesses and service sector companies.

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International loan racket busted in Hyderabad

The accused opened four offices in different localities in Hyderabad and defrauded people from the UK and the US by promising to sanction loans for them if they paid certain charges

Hyderabad: An international loan racket conducted from the city was busted with the arrest of six persons who allegedly cheated people from the UK and US by offering them loans, police said, reports PTI.

 

Accused Atiq Ababs, Syed Abdul Basith, Niranjan Reddy along with three of their associates had opened four offices in different localities in Hyderabad and defrauded people from the UK and US by promising to sanction loans for them if they paid certain charges, Hyderabad Police Commissioner Anurag Sharma told reporters.

 

The accused used to collect data of those looking to obtain loans from their sources in UK through one Simran Veer Singh of Delhi and some others from Pune, Sharma said.

 

Once the data was received here, the staff would call up loan seekers pretending to be call centre employees of a financial institution and trap them, the Police Chief said, adding, the people seeking loan were then asked to pay fee ranging from 120 to 210 pounds or $200 or more depending on the loan amount.

 

"They were promised that their loans would be sanctioned within half-an-hour after depositing 'fee' in particular bank accounts. However, the loan was never granted and the customers were again asked to make more payments for approval of the loans," Sharma explained.

 

The accused were engaged in this fraud since October 2011 and police seized 80 computers from their offices here, he said.

 

They had employed over 30 staff who were given an alternative western name and told to speak to loan seekers in western accent on VOIP as if they were calling from UK/US and they were collecting around 40,000 Pounds per month from UK and over $1,50,000 per month from the US, the CP said.

 

"The accused will be interrogated further as we want to gather details about their bank accounts and involvement of other accused," Sharma added.

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International loan racket busted in Hyderabad

The accused opened four offices in different localities in Hyderabad and defrauded people from the UK and the US by promising to sanction loans for them if they paid certain charges

Hyderabad: An international loan racket conducted from the city was busted with the arrest of six persons who allegedly cheated people from the UK and US by offering them loans, police said, reports PTI.

 

Accused Atiq Ababs, Syed Abdul Basith, Niranjan Reddy along with three of their associates had opened four offices in different localities in Hyderabad and defrauded people from the UK and US by promising to sanction loans for them if they paid certain charges, Hyderabad Police Commissioner Anurag Sharma told reporters.

 

The accused used to collect data of those looking to obtain loans from their sources in UK through one Simran Veer Singh of Delhi and some others from Pune, Sharma said.

 

Once the data was received here, the staff would call up loan seekers pretending to be call centre employees of a financial institution and trap them, the Police Chief said, adding, the people seeking loan were then asked to pay fee ranging from 120 to 210 pounds or $200 or more depending on the loan amount.

 

"They were promised that their loans would be sanctioned within half-an-hour after depositing 'fee' in particular bank accounts. However, the loan was never granted and the customers were again asked to make more payments for approval of the loans," Sharma explained.

 

The accused were engaged in this fraud since October 2011 and police seized 80 computers from their offices here, he said.

 

They had employed over 30 staff who were given an alternative western name and told to speak to loan seekers in western accent on VOIP as if they were calling from UK/US and they were collecting around 40,000 Pounds per month from UK and over $1,50,000 per month from the US, the CP said.

 

"The accused will be interrogated further as we want to gather details about their bank accounts and involvement of other accused," Sharma added.

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