5 time MP Srinivas Prasad attempting to make a re-entry to LS

News Network
April 15, 2019

Chamarajanagara, Apr 15: Five time MP and former Union and Karnataka Minister Srinivas Prasad is attempting to make a re-entry to Lok Sabha in Chamarajanagara (Reserved) seat by defeating sitting Congress MP Dhruvanarayana in the first phase of Polling slated for April 18.

While Srinivas Prasad, who had won the seat on Congress and JDU ticket in the earlier election, has joined BJP quitting Congress after being dropped from the State Cabinet, Druvanarayana is a joint candidate of coalition partners Congress and JDS.

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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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News Network
February 6,2025

Mangaluru: A man has reportedly lost ₹13 lakh after falling victim to an online trading scam. The incident began on December 14, 2023, when he received a WhatsApp message adding him to a group named "VIP3 Global Securities Official Stock Community."

The message introduced Ajay Garg as the director and CEO of SMC Group, claiming he was participating in an international stock returns competition and urging members to vote for him. The group also provided stock market investment guidance and encouraged users to open an SMC Global Securities Trading Account to access IPO stocks.

Upon inquiring in the group, the complainant was contacted by an individual claiming to be an international customer service representative at SMC Global Securities. This person, later identified as Vandana Bharti from the Institutional Brokerage, claimed she could secure high-value IPO stock allotments. The complainant was instructed to download the SMC Global Securities Trading App using a specific link, which promised 30 days of free VIP trading advice and stock market insights. He registered on the app using his PAN and mobile number and began applying for IPO stocks.

Initially, the complainant was allotted ₹15,000 worth of IPO stocks from Dam Capital Advisers Limited. The scammers claimed that ₹5,000 was covered by the company, requiring him to pay only ₹10,000, which he transferred on December 25. Soon after, he was allotted ₹1.4 lakh worth of IPO stocks from Anya Polytech & Fertilisers and was pressured to pay immediately. On December 31, he transferred the amount.

The scammers continued assigning higher-value IPO stocks, eventually allotting ₹9.9 lakh worth of stocks from Standard Glass Lining Technology Limited. When the complainant expressed an inability to pay, he was pressured into taking a ₹9 lakh loan via a mobile lending service.

On January 20, he attempted to withdraw ₹1 lakh from the SMC Global Securities Trading App to check if funds could be recovered. The withdrawal was processed successfully the same day, reinforcing his trust in the platform. However, subsequent attempts to withdraw funds were unsuccessful, and the complainant realized he had been defrauded.

Authorities are investigating the incident and cautioning the public to be vigilant against such fraudulent schemes.

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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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