Udupi: Businessman duped of Rs 2 crore by ‘trusted’ associates in multiple ventures

News Network
January 13, 2025

Udupi: A resident of Karkala in Udupi district has accused five individuals of defrauding him of nearly Rs 2 crore under the guise of business partnerships.

Dawood Hakim, a resident of Ennehole in Marne village, Karkala, has filed a complaint stating that he operated a mobile sales and service business on Karkala Market Road for 15 years. He had known the accused for over two decades and trusted them implicitly.

According to Dawood, the accused convinced him to invest in multiple business ventures, including land dealings and a travel business, promising substantial returns and partnership benefits. Believing their assurances, Dawood reportedly handed over cash, gold, and a vehicle.

However, the promised profits never materialized, and the accused allegedly failed to return the money or assets. Dawood claims this deception has caused severe financial distress to him and his family, amounting to a loss of around Rs 2 crore.

A case has been registered at the CEN police station, and investigations are underway.

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News Network
February 7,2025

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Governor Thaawarchand Gehlot returned to the State Government the Karnataka Micro Loan and Small Loan (Prevention of Coercive Actions) Ordinance, 2025, suggesting that the ordinance will benefit borrowers while no provision has been made to provide protection to lenders.

Sources in the government said that the Governor felt the need for a detailed discussion on the ordinance in the legislature. Since the budget session will commence in March 2025, he advised the government to discuss the issue during the session, instead of bringing in the ordinance in a hurry.

The Governor advised the State Government to deliberate on the issue in detail and bring an effective enactment in the interest of the affected people and to protect their rights.

Following alleged harassment by microfinance companies seeking repayment of loans, more than a dozen borrowers had committed suicide in Karnataka. To check the harassment from MFIs, the government has proposed the ordinance.

The Raj Bhavan is of the opinion that it is the duty of the State to protect the vulnerable persons of the society. But, it is also necessary to protect the lawful and genuine rights of the persons who have lent to needy persons within the existing laws with proper checks and balance mechanism.

Mr Gehlot noted: “If all the pending loans with interest as on date is discharged, the lawful and genuine lenders may face trouble. Further, they have no remedy to recover their pending amounts, which may lead to legal battle.”

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News Network
February 6,2025

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Udupi: In the serene town of Shirva Manchakal, Udupi district, a profound sorrow has enveloped the community. Rakesh Kamath, a dedicated chartered accountant, aged 32, has tragically passed away on February 5 at Manipal Hospital, Bengaluru, following a brief illness.

A devoted son of businessman Balakrishna Kamath, he had recently journeyed to Hyderabad for professional commitments. He was employed at a private firm in Bengaluru.

Upon his return, he fell ill. Despite medical intervention and initial signs of recovery, his condition suddenly worsened, leading to his untimely collapse. 

His wife acted swiftly, admitting him to Manipal Hospital, but despite all efforts, he did not respond to treatment and departed from this world.

He leaves behind his beloved wife, CA Shruti, along with a multitude of relatives and friends who now mourn the loss of a vibrant soul taken too soon. 

The community stands in solidarity with the grieving family during this heart-wrenching time.

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Agencies
February 3,2025

The Indian rupee plummeted to a historic low of 87.29 per dollar on Monday. This decline is attributed to escalating trade tariffs imposed by US President Donald Trump amid global market uncertainties.

Having already depreciated over 1.5% this year, the rupee's latest tumble is regarded as a repercussion of tariff measures enforced by the US government. The currency opened with a substantial gap-down of 43 paise, hitting a low of 87.29 before rebounding to 87.13 following a Reserve Bank of India (RBI) intervention. 

Currency expert KN Dey explained to ANI that the tariff war, ignited by the US against Canada, Mexico, and China, is responsible for the rupee's decline. KN Dey noted, "Rupee opened with a gap of 43 paisa which was one of the highest gap openings, touched a new low of 87.29, but is now trading at 87.13 due to RBI intervention."

The situation remains fluid as President Trump has also hinted at possible tariffs on BRICS nations, including India. KN Dey cautioned, "Though Trump has been threatening BRICS countries also, it remains as to when he would press the button. This could be a knee-jerk reaction on the Rupee, but it's better to wait and watch for a couple of days." 

On a broader scale, this pressure on the rupee is mirrored by a strengthening US dollar against global currencies. Monday saw the Canadian dollar and Mexican peso dip to multi-year lows and the Chinese yuan weaken to a historic low. The US government announced an imminent 25% tariff on imports from Canada and Mexico and a 10% tariff on Chinese goods.

Market analysts suggest this may be a short-term reaction, with investors advised to observe how circumstances develop. The unfolding situation is anticipated to shape market movements significantly.

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