Karnataka High Court upholds Modi govt’s ban on PFI

Mangaluru: A man fell victim to an online scam, losing Rs 1.7 crore after fraudsters posed as officials from TRAI. According to a complaint filed at the CEN police station, the incident began on November 11, when the complainant received a call from an unknown number at 9:49 am.

The caller, claiming to represent TRAI, alleged that another mobile number registered under the complainant's name was involved in illegal activities in Andheri (East), Mumbai. The caller further stated that an FIR was lodged against the complainant for harassment under the guise of marketing. He was instructed to contact Andheri (East) police station immediately or risk his mobile service being deactivated within two hours.

The complainant was subsequently connected to an individual named Pradeep Sawant, who claimed the complainant was implicated in a money laundering scheme linked to the Naresh Goyal fraud case. Sawant alleged that a fraudulent bank account under the complainant's name was opened at Canara Bank, Andheri, and used to purchase a SIM card for illegal activities. He warned that the complainant could face arrest.

Later, the complainant was contacted via WhatsApp video call by individuals posing as Rahul Kumar (a police officer) and Akanksha (a CBI officer). They allegedly sent fabricated CBI documents to his WhatsApp number. The fraudsters demanded money to "resolve" the case. Fearing threats, the complainant allegedly transferred Rs 1.7 crore through RTGS in batches of Rs 53 lakh, Rs 74 lakh, and Rs 44 lakh between November 13 and 19. A case has been registered at the CEN police station and an investigation is ongoing.

Mangaluru: Nearly half of Dakshina Kannada's coastline is facing significant erosion, according to a recent response in the Lok Sabha to a question raised by MP Captain Brijesh Chowta. The data, provided by the Ministry of Environment, Forest and Climate Change (MoEFCC), reveals that between 1990 and 2018, 48.4% of Dakshina Kannada's total coastline of 36.6 km has been eroded.

The written reply, issued by Kirti Vardhan Singh, Minister of State in the MoEFCC, addressed Captain Chowta's query on the impact of sea-level rise and coastal erosion, particularly in Karnataka. The MP had inquired about studies assessing the rise in sea levels and their effect on the coastal regions, as well as the government's plans to mitigate the threats posed by erosion.

While the erosion rate in Dakshina Kannada is notably high, the response highlighted that Karnataka's overall coastal situation is less alarming. Approximately 50% of the state’s coastline remains stable, with 26% undergoing accretion (growth) and 24% experiencing erosion. This data, compiled by the National Centre for Coastal Research (NCCR), is based on a study conducted from 1990 to 2018, using satellite images and field surveys.

The NCCR's findings indicate that 33.6% of the Indian coastline is affected by erosion, with 26.9% in a state of accretion, and 39.6% remaining stable. In Dakshina Kannada, erosion has impacted 17.7 km of its 36.6 km coastline. Uttara Kannada and Udupi districts are similarly affected, with erosion covering 21.6 km and 34.9 km of their respective coastlines.

In response to these concerns, the central government is actively implementing measures to combat coastal erosion and protect vulnerable communities. The Karnataka government has developed a Shoreline Management Plan in compliance with the CRZ notification of 2019. Additionally, under the Karnataka Strengthening Coastal Resilience and Economy (K-SHORE) project, supported by the World Bank, the state is working to enhance coastal protection, improve coastal infrastructure resilience, boost the livelihoods of coastal communities, and address marine plastic pollution.

Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Gautam Adani's flagship company Adani Enterprises tumbled 23 per cent, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC , Ambuja Cements and NDTV fell between 20 per cent and 90 per cent.

Adani group's 10 listed stocks had a total market capitalisation of about $141 billion at 0534 GMT, compared to $169.08 billion on Tuesday.

US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Adani Green in a statement on Thursday said the US Justice Department had issued a criminal indictment against board members Gautam Adani and Sagar Adani and the Securities and Exchange Commission had issued a civil complaint against them.

The US Justice Department also included Adani Green board member Vneet Jaain in the criminal indictment, it said.

Adani Green's units had decided not to proceed with the proposed US dollar denominated bond offerings due to developments, it added.

"Investors will shy away from Adani Group stocks ... and that's what this sharp selling is signifying," said Saurabh Jain, assistant vice president of retail equities research at SMC Global Securities.

"This could hurt the credibility of the group and maybe borrowing costs will rise," he said.

The indictment comes nearly two years after US shortseller Hindenburg Research alleged that Adani had improperly used tax havens and was involved in stock manipulation, allegations the conglomerate denied.

Also in early Asian trading on Thursday, Adani dollar bonds slumped, with prices down 3c-5c on bonds for Adani Ports and Special Economic Zone. The falls were the largest since the Adani Group came under a short-seller attack in February 2023.