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Use technology to prevent diversion of funds, CVC tells banks

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Use technology to prevent diversion of funds, CVC tells banks

The Central Vigilance Committee (CVC) has asked banks to use technology, especially artificial intelligence (AI), to create profiles and understand the lifestyle of borrowers in order to identify any transfers of funds at a later stage in the future, people familiar with the matter said. The highest security agency believes that a large number of high-value frauds occur not only because of the disregard of the lending system and procedures, but also because the banks have failed to monitor the use of loans.

“Banks are required to use artificial intelligence to track usage in order to send red flags and transfer funds in the event of any abnormalities in loan account operations. Thorough analysis is required, especially when overseas branches report large transfers,” one Said an official who asked not to be named. An investigation into high-value fraud cases reported in the past five or six years found that the defendant used public funds to buy bungalows, jets, helicopters, yachts, jewelry, high-end cars and real estate abroad, otherwise the money should have been used for loans.

The business activity mentioned. Vijay Mallya owns a luxury private jet and yachts, including one of the largest yachts in the world, a villa in Goa. According to reports, he organizes parties there, except in Britain, France and the United States, and the bank has been waiting for him to return the money.

He owed the Bank of India 900 billion rupees. Similarly, Nirav Modi (Nirav Modi) used bank funds for properties, such as Worli’s sea-facing apartment, a Rolls Royce worth 5 crore, an art collection worth billions of rupees, an apartment in New York And other countries (except for high-profile press conferences) for his brand. Mehul Choksi also transferred his money to the United States and Antigua and Barbuda, where he currently lives as a citizen. Nirav Modi and Choksi were accused of defrauding Punjab National Bank for 13,578 crore.

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A second-class official stated that the bank’s failure to monitor and analyze these activities may help to alert on fraud at an early stage. One of the issues that CVC noticed when processing/approving loans was that the same official was appointed to different financial/sanction committees. “Another outstanding issue that CVC has noticed is that in the case of joint/multiple financing, the delays in fraud declarations by banks are considerable.

This not only allows the borrower to deceive the banking system to a large extent, but also gives him a considerable amount of time. Time erases the trace of money,” said the first official mentioned above. CVC has advised banks to “prioritize fraud prevention at all levels through the use of technology and careful inquiry. Even after lodged a complaint with the Central Bureau of Investigation and other agencies, it also asked them to continue to pursue loans.

News Source : Hindustan Times

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Startups that use excerpts from their own pitch are sent legal notifications by Shark Tank India; the creator responds, “Kaise banega naya India?”

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Startups that use excerpts from their own pitch are sent legal notifications by Shark Tank India; the creator responds, “Kaise banega naya India?”

After getting a legal letter from Sony Pictures for copyright infringement, the subscription-based tea business Dorje Teas found itself in deep water for utilising footage from their own pitch on YouTube and Meta advertisements.

The founders of the subscription-based tea company Dorje Teas, Ishaan Kanoria and Sparsh Agarwal.

While many entrepreneurs, especially those with startups, have found transformation through the business reality TV series Shark Tank India, the narrative is slightly different for Dorje Teas, a subscription-based tea firm that ships organic and fresh-from-the-farm Darjeeling Tea to consumers throughout India. Sony Pictures Networks India slapped the firm with a legal notice, which has placed it in hot water.

Co-founder Sparsh Agarwal of the company, who brought Dorje Teas to Shark Tank India last year and raised funds of Rs 30 lakh for 15% equity from Anupam Mittal, Peyush Bansal, and Vineeta Singh, valued the business at Rs 2 crore, recently revealed on LinkedIn that they received a legal notice from Shark Tank India for utilising snippets of their own pitch.

Agarwal claims that they received a notification about copyright infringement for utilising these clips in YouTube and Meta advertisements. It appears that Sony Pictures has sent notice to other companies besides Dorje Teas. He said, “They’ve clamped down on every single startup that showed up on Shark Tank, so we’re not the only ones.”

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“I don’t understand why they would do this, even though I am aware of the copyright rules that justify it. After all, Dorje Teas and several other businesses, like Skippi, Assembly, Perfora, Hoovu Fresh, Beyond Snack, Wakao Foods, Nasher Miles, and many more, invest thousands of dollars each month to enhance Shark Tank content, which helps the Shark Tank India brand get free exposure and increase brand memory,” he continued.

Agarwal went on to call it a poor business choice that some executive or lawyer at Sony had made, adding that it “goes against the entire ethos of promoting small startups.”

Additionally, the focus of Shark Tank Season 3 has been on creating a new India and assisting the startup environment in India. “How will we construct a ‘new India’ in this manner?’” he questioned in a self-recorded video.

On social media, Agarwal was met with praise, while some contended that Sony’s actions were legitimate in theory. “Dear Sparsh, you must realise that ‘You are the content’ in this situation. You play a big part in content production. You posted the material that features you on your social media accounts (Facebook, Instagram, YouTube, and so on), but not on Sony’s. You might say that the traffic they were supposed to get was somehow redirected to them. A content strategist made the observation, “You are monetizing your social channels with the content they produce.”

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“The first person to provide a sneak peek in the content industry attracts greater attention. Furthermore, it’s possible that you agreed to sign a waiver giving them perpetual rights to the footage they shot. They said, “Verify your contract or try to recall signing any electronic documents on the filming locations that make this clear.

“You are investing lakhs of dollars to promote Shark Tank, while Shark Tank is investing billions of dollars to plan and publicise the programme that features your brand.” Simply alter your viewpoint, as another poster pointed out.

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