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By:

Rajendra Joshi

3 December 2024 at 3:50:26 am

Kolhapur cop sets new standard for investigations

Yogesh Kumar Gupta Kolhapur: When a police officer takes genuine interest in securing justice for citizens duped in financial fraud, investigations can move swiftly enough to lift the crushing burden off affected families. Kolhapur Superintendent of Police Yogesh Kumar Gupta has demonstrated precisely that. His firm and sensitive handling of a cheating case ensured relief for Akshay Deepak Dhale, a young entrepreneur from Kolhapur who had fallen prey to a Rajkot-based company that allegedly...

Kolhapur cop sets new standard for investigations

Yogesh Kumar Gupta Kolhapur: When a police officer takes genuine interest in securing justice for citizens duped in financial fraud, investigations can move swiftly enough to lift the crushing burden off affected families. Kolhapur Superintendent of Police Yogesh Kumar Gupta has demonstrated precisely that. His firm and sensitive handling of a cheating case ensured relief for Akshay Deepak Dhale, a young entrepreneur from Kolhapur who had fallen prey to a Rajkot-based company that allegedly promised to secure large government loans for business expansion. Gupta’s intervention compelled company representatives to travel to Kolhapur and assure repayment of the money collected, effectively forcing them onto the back foot. Dhale, a resident of Sadar Bazaar, had dreamt of expanding his late father’s small printing business after losing him during the Covid-19 pandemic. Lured by promises of securing a multi-crore loan under a Central government scheme, he transferred ₹69 lakh — raised from nearly 15 friends and relatives — to the company’s account. The loan, however, never materialised. When Dhale began making inquiries, he was met with evasive responses. The financial shock left the family devastated. Initial attempts to seek police help reportedly went nowhere, with the matter labelled as “non-criminal” and dismissed at the preliminary stage. Acting on advice, the family approached the district police chief directly. Gupta’s decisive stand altered the course of the case, leading to concrete assurances of refund from the company. However, a far larger challenge now looms before the Kolhapur police chief. Across Kolhapur — and reportedly other parts of Maharashtra — several Marathi youths claim to have been duped by a Morbi-based businessman who allegedly promises to set up “innovative” enterprises for aspiring entrepreneurs. The scale of the alleged fraud runs into crores of rupees. The businessman, said to be linked to a major tile industry in Morbi, is accused of luring youngsters through social media promotions and advertorials in prominent English dailies. Contracts are structured to appear transparent and legitimate. Prospective entrepreneurs are promised exclusive access to novel business models, often involving products sourced from Chinese markets, complete with projected marketing strategies and attractive feature lists. According to victims, payments are collected upfront, but the products eventually supplied lack the promised specifications and hold negligible market value. Several youths across Maharashtra are believed to have suffered losses. Those who have confronted the accused allege they were threatened with defamation suits and warned that a team of “expert lawyers” would ensure their financial and reputational ruin if complaints were filed. While some victims have resigned themselves to debt and despair, others who attempted to pursue police complaints claim they were turned away. For many of these young entrepreneurs, SP Yogesh Kumar Gupta represents a ray of hope. If he chooses to take up the matter with the same resolve demonstrated earlier, it could not only restore faith among affected youths but also send a strong deterrent message to fraudsters operating under the guise of innovation-driven enterprise.

Rupee gains 10 paise to settle at 85.26 against US dollar

  • PTI
  • May 14, 2025
  • 2 min read


Mumbai: The rupee pared most of its initial gains and ended the day higher by 10 paise at 85.26 (provisional) against the American currency on Wednesday, supported by gains in domestic equities and positive macroeconomic data.


Forex traders said the weakness of the American currency in the overseas market and rising appetite for riskier assets amid easing trade tariff tensions boosted investors' sentiments.


At the interbank foreign exchange, the domestic unit opened on a positive note and moved between the intra-day high of 85.05 and the low of 85.52 against the greenback. The unit ended the session at 85.26 (provisional), registering a gain of 10 paise over its previous closing level.


On Tuesday, the rupee reversed early gains to settle flat at 85.36 against the US dollar.


"Bolstered by a weaker US dollar index, cheaper imported commodities, and a prevailing risk-on mood in the markets, the Indian rupee saw gains against the US dollar on Wednesday," said Dilip Parmar, Senior Research Analyst, HDFC Securities.


Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.64 per cent lower at 100.35.


Brent crude, the global oil benchmark, fell 1.10 per cent to USD 65.90 per barrel in futures trade.


The retreat in crude oil prices and the overall softening of the greenback acted as tailwinds, specifically supporting the local currency during Wednesday's trading session, Parmar said, adding that in the near future, the USDINR spot rate is anticipated to find a floor near the 84.90 mark, while encountering upward pressure around the 85.70 level.


In the domestic equity market, the 30-share BSE Sensex advanced 182.34 points, or 0.22 per cent, to close at 81,330.56, while the Nifty rose 88.55 points, or 0.36 per cent, to 24,666.90.


Foreign institutional investors (FIIs) offloaded equities worth Rs 476.86 crore on a net basis on Tuesday, according to exchange data.


On the domestic macroeconomic front, India's retail inflation eased to a nearly six-year low of 3.16 per cent in April, creating enough room for the Reserve Bank to go for another round of rate cut in the June monetary policy review.


Wholesale price inflation dropped to a 13-month low of 0.85 per cent in April with softening in prices of food articles, fuel and manufactured products.

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