Comment by Riaz Haq on June 22, 2025 at 10:15am

Riaz Haq
@haqsmusings
#US State Dept Travel Advisory for #India.

"Rape is one of the fastest growing crimes in India. Violent crimes, including sexual assault, happen at tourist sites and other locations” #rape #violence #women #tourism

https://x.com/haqsmusings/status/1936620039035359503

https://timesofindia.indiatimes.com/world/us/rape-violence-terroris...

The US State Department has issued a sudden level-2 travel warning to India, which urges travelers to "exercise increased caution". The advisory was issued on June 16 "due to crime and terrorism," it said, adding that some areas have increased risk. "Rape is one of the fastest growing crimes in India. Violent crimes, including sexual assault, happen at tourist sites and other locations. Terrorists may attack with little or no warning. They target tourist locations, transportation hubs, markets/shopping malls, government facilities," the advisory said.

"The US government has limited ability to provide emergency services to US citizens in rural areas. These areas stretch from eastern Maharashtra and northern Telangana through western West Bengal. Due to risks, US government employees working in India must obtain special authorization to travel to these states," the advisory said.

Specifying the dos and the don'ts, the advisory mentioned that possessing a satellite phone or a GPS device is illegal in India and may result in a penalty of $200,00 or jail time of up to three years, "Do not travel alone, especially if you are a woman," it said.


Jammu and Kashmir, India-Pakistan border, parts of central and east India were mentioned for extra caution as the advisory listed out some states where US government employees should not travel without prior permission if they want to travel beyond the capital cities of these states.

Due to the changing nature of the threat, US government employees working in India are required to obtain permission prior to traveling to most areas in the states of:

Bihar
Jharkhand
Chhattisgarh
West Bengal
Meghalaya
Odisha

Permission is not required if employees are traveling only to the capital cities of these states, the advisory stated.

"US government employees working in India also need approval to travel to the eastern region of Maharashtra and the eastern region of Madhya Pradesh. US citizens are advised not to cross the India-Nepal border by land due to the risk of immigration related detention and fines," it said. Manipur, the Northeastern states also found special mention in the updated travel advisory

Comment by Riaz Haq on June 25, 2025 at 8:27am

Former chief executive of collapsed Microsoft-backed start-up also borrowed against holdings

https://www.ft.com/content/3af93a7f-af21-46cd-9990-62bf93cbd0ab

Sachin Dev Duggal, the founder and former chief executive of the collapsed Microsoft-backed tech start-up Builder.ai, made at least $20mn through selling shares in the business. The self-described “chief wizard” of the software company, which raked in more than $500mn from investors on its promise to use artificial intelligence to revolutionise app development, also borrowed against his stake in Builder.ai, according to multiple people familiar with the matter.

Comment by Riaz Haq on May 21, 2026 at 9:16am

FBI Boston

@FBIBoston
🚨#BREAKING: #YourFBI has shut down a call center operation in India that defrauded hundreds of elderly victims here in the U.S. & abroad out of millions of dollars through tech support scams, & two senior executives who operated a business that enabled it, have just admitted to turning a blind eye to this widespread fraud.

This comes after an #FBI Boston investigation that has resulted in the arrests & convictions of a former employee of their call routing company, and five India-based telemarketing fraudsters.

Our senior citizens deserve honor, respect, and protection, and if you target them, we will do everything we can to bring you to justice. Read more
@USAO_RI
: https://ow.ly/a8Uo50Z29WO

https://x.com/FBIBoston/status/2057081556913574085?s=20

Comment by Riaz Haq on June 7, 2026 at 4:31pm

Explainer: An Indian gold firm allegedly inflated revenue by $159 billion using its Swiss unit


https://www.reuters.com/world/india/an-indian-gold-firm-allegedly-i...


MUMBAI, June 5 - An official Indian investigation into gold company Rajesh Exports (REXP.NS) has alleged that the firm overstated revenue of its Swiss refining unit Valcambi to the tune of $159 billion - a figure unheard ​of in the country's accounting probes.
The scale of the alleged misreporting, released publicly by the markets regulator on Wednesday, ‌has raised questions about how investors and analysts missed this, especially because India's state-run insurance giant LIC owns 11% of the company.

Rajesh Exports has denied wrongdoing. On Friday, in an exchange statement, the company said, "the major point mis-interpreted with regard to the revenues of the company is totally misplaced." ​LIC did not responded to Reuters queries.
Valcambi declined to comment, adding that it has no information about the issue, ​which concerns its controlling shareholder.
Here are some of the Securities and Exchange Board of India's (SEBI) preliminary ⁠findings.

REVENUE INFLATION AND VALCAMBI

Valcambi, one of the world’s largest refiners of precious metals, was owned by European Gold Refineries until ​a 2015 all-cash sale to Rajesh Exports.
SEBI said Rajesh Exports allegedly inflated its reported India revenue by 15.15 trillion rupees ($158.93 billion) ​between April 2020 and March 2025. Almost all of the company's revenue was attributed to Valcambi, the group’s main operating entity, though its standalone accounts showed revenue of $70 million to $100 million, SEBI sai

Rajesh Exports Chairman Rajesh Mehta did not comment on the difference between Valcambi's revenues and the Indian ​unit's financials on Thursday, but he told Reuters all disclosures were correct.
"There seems to be some miscommunication with SEBI and ​a gap of information. The financials are perfect," Mehta said, adding that the company "will continue to cooperate."
Rajesh Exports is listed in Mumbai and its ‌shares ⁠have fallen 10% in the wake of SEBI's order.

WHAT DOES RAJESH EXPORTS DO?

Rajesh Mehta and his brother started Rajesh Exports in 1989 in Bengaluru.
It has since expanded to 12 countries and calls itself a "global leader in the gold business," spanning refining to retailing.
The company gained global prominence after its 2015 acquisition of Valcambi for $400 million.
MISSING MINES IN AFRICA

SEBI has alleged that Rajesh Exports disclosed ​to Indian exchanges that it ​invested 10.35 billion Indian rupees ⁠in gold mines in Africa.

But an examination of the financial statements of its subsidiaries did not find "supporting documentation demonstrating the existence of the alleged investment in gold mines in Africa," according to ​SEBI's order.
When asked, Rajesh Exports told SEBI that investments in gold mines existed through foreign ​subsidiaries and the ⁠investment figures were “tallying and correct,” the order showed.
FICTITIOUS TRADES

SEBI said Rajesh Exports recorded "fictitious revenue" in its dealings with a local broker. More than 114 billion rupees were booked as sales and purchases despite a lack of evidence of genuine transactions or banking links.
SEBI started ⁠its probe ​into the company in 2024 after a complaint cited large, outstanding trade ​receivables.
SEBI appointed a forensic auditor who could verify only a fraction of the company's reported numbers due to a lack of documentation, the regulator said.

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