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Dubai, June 27: HDFC Bank, India’s largest private lender, is under scrutiny in the UAE over allegations it sold high-risk Credit Suisse AT1 bonds to retail investors in violation of regulatory norms.

The bonds — complex instruments meant only for experienced or high-net-worth clients — were wiped out in March 2023 during Credit Suisse’s emergency merger with UBS. Several investors claim HDFC Bank relationship managers misrepresented these as safe, forged financial documents to meet eligibility criteria, and failed to disclose crucial risks.

Dubai resident Varun Mahajan says he lost $300,000 in savings and alleges the bank inflated his net worth to bypass DFSA rules. Another investor, NS from the Philippines, claimed he was sold AT1 bonds using a leverage loan he never applied for. Others, including Indian national Pankaj Sinha and South Africa-based AT, described similar misrepresentation, unauthorized document changes, and manipulation of KYC data.

Legal complaints have been filed in India, the UAE, Bahrain, and DIFC. Investors accuse the bank of misleading them and exposing them to losses running into millions of dollars.

In response, HDFC Bank denied any wrongdoing, stating it follows strict processes and takes action against malpractice. The DFSA has declined to comment due to legal confidentiality.

Internal sources say several HDFC executives have recently resigned, and the Dubai offshore head has been replaced, raising questions about accountability.

Experts say the case exposes regulatory gaps across jurisdictions and may prompt closer scrutiny of how banks operate across borders.

Indian National Congress’ national media panelist Aishwarya Mahadev has been appointed as the new Chairperson of the Karnataka Pradesh Congress Committee (KPCC) Social Media Department.

In an official press release, AICC General Secretary (Organisation) K.C. Venugopal stated, “The AICC has approved the proposal for the appointment of Ms. Aishwarya Mahadev as the Chairperson of the Social Media Department of the Karnataka Pradesh Congress Committee, with immediate effect.”

Aishwarya is the daughter of late Congress leader and former MLA Manchanahalli Mahadev, who passed away 14 years ago. 

Despite losing her father at a young age, Aishwarya has remained deeply involved in the party’s activities from early on. She rose through the ranks to become Secretary of the Congress Mahila Morcha (Women’s Wing) at a young age and has held several important responsibilities since then.

Over the years, she has gained prominence as a bold and articulate spokesperson for the Congress, often representing the party in televised debates and digital platforms. 

Known for her sharp communication skills and strong digital presence, her appointment is seen as a strategic move to further strengthen the Congress party’s outreach in Karnataka ahead of future elections.

Mangaluru, July 8: In a significant employment push for the region, the Employment Linked Incentive (ELI) Scheme, introduced by the central government through the Employees' Provident Fund Organisation (EPFO), is expected to generate 20,000 to 25,000 new jobs in Dakshina Kannada district.

Announcing this at a press meet on Monday, Rajib Mukherjee, Regional Commissioner of EPFO Mangaluru, said the initiative targets 2,500 to 3,000 establishments in the district, with a major focus on boosting employment and social security, particularly in the manufacturing sector.

"The ELI scheme is designed not only to support first-time job seekers but also to incentivize employers for generating sustainable employment," Mukherjee said.

Key Highlights of the Scheme:

•    For first-time employees, the government will provide EPF wage support of up to ₹15,000, disbursed in two installments.

•    Employers who create new jobs will receive incentives of up to ₹3,000 per new hire per month for a duration of two years.

•    In the manufacturing sector, these incentives will continue for an additional two years (years three and four), encouraging long-term hiring.

Wider Goals and Eligibility:

The ELI scheme is part of the Prime Minister’s five-scheme package announced in the 2024–25 Union Budget, which aims to generate 3.5 crore jobs across India over two years.

•    The benefits will apply to jobs created between August 1, 2025, and July 31, 2027.

•    Employees with a monthly salary of up to ₹1 lakh are eligible.

•    Employers hiring within this salary range are eligible for government subsidies, provided the job is retained for at least six months.

Awareness and Outreach:

EPFO is conducting awareness camps across Dakshina Kannada to inform businesses and job seekers about the scheme’s benefits and application process.

Officials U Panduranga Kini, Nagendra Babu Gutti, Benny Lobo, and Anita R were also present at the briefing.