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Tax authorities conduct searches at IIFL group companies; shares fall

VCCircle

VCCircle · 6m ago

Tax authorities conduct searches at IIFL group companies; shares fall

India's income tax authorities are conducting searches at IIFL group companies, including IIFL Finance, 360 One Wam, and IIFL Securities. The exact details of the search remain unclear as employees were restricted from using phones during the operation. This development led to a slump in the companies' shares, with 360 One Wam dropping 7.6%, IIFL Finance 3.5%, and IIFL Capital Services around 2.1%. No comments have been given by the involved parties.

Related News

IIFL Fintech Fund collects $23 mn in second outing

VCCircle

VCCircle · 6m ago

IIFL Fintech Fund collects $23 mn in second outing

IIFL Fintech Fund, part of India's IIFL Group, has closed its second fintech fund at Rs 200 crore ($23 million), matching its first fund. Unlike the first fund, which had backing from IIFL companies, the new fund attracted wealthy individual investors and family offices. The fund targets investments in burgeoning fintech sectors, including AI. Over three years, IIFL Fintech has invested in 14 fintech firms, achieving notable revenue growth and a profitable exit from TrustCheckr.

Adani Group stocks plunge after US indictments

VCCircle

VCCircle · 8m ago

Adani Group stocks plunge after US indictments

Shares of Adani Group companies saw a sharp decline in market value after the chairman, Gautam Adani, was indicted by U.S. authorities for his alleged involvement in a bribery and fraud scheme. The group lost approximately $22 billion in market capitalization in early trading. The charges claim that Adani and seven others paid bribes to Indian officials to secure profitable contracts and develop a major solar power plant project. The indictment follows previous allegations made by U.S. shortseller Hindenburg Research regarding Adani's use of tax havens and stock manipulation.

Taxmen catch Bengaluru restaurants using multiple QR codes to evade GST

Economic Times

Economic Times · 1y ago

Taxmen catch Bengaluru restaurants using multiple QR codes to evade GST

Tax officials in Bengaluru conducted searches and found that several restaurants were evading GST by using multiple QR codes to hide their actual turnover. The restaurants were using different UPI accounts and constantly changing them to avoid detection. They were also not issuing tax invoices or maintaining proper books of accounts. One restaurant was found to have 30 QR codes. During the searches, cash amounting to INR 1.47 crore was discovered at the residence of a hotelier, prompting the income tax department to initiate separate proceedings.

'Reverse' searches: The sneaky ways that police tap tech companies for your private data

TechCrunch · 1y ago

'Reverse' searches: The sneaky ways that police tap tech companies for your private data

U.S. police departments are using "reverse" searches to obtain large amounts of user data from tech companies like Google, in order to identify criminal suspects. These searches allow authorities to compel companies to turn over information from their databases. The practice has raised concerns about civil liberties, as it can result in the collection of data on innocent individuals. The legality of these court-approved orders is also being debated, with a likely legal challenge before the U.S. Supreme Court. Other tech companies, such as Microsoft and Snap, have also received reverse search warrants for user data.

DOJ confirms FBI operation that mass-deleted Chinese malware from thousands of US computers

TechCrunch · 6m ago

DOJ confirms FBI operation that mass-deleted Chinese malware from thousands of US computers

U.S. authorities dismantled a Chinese state-backed hacking group, Twill Typhoon, that had infiltrated millions of computers to conduct espionage. The FBI, along with French authorities and cybersecurity firm Sekoia, successfully deleted the PlugX malware from thousands of U.S. systems. This malware, used for data theft since 2012, targeted governments and private sectors worldwide. The operation is part of ongoing efforts to combat foreign cyber threats, particularly from Chinese-backed hackers.

IIFL Fintech Fund exits analytics platform, doubles its investment

VCCircle

VCCircle · 2m ago

IIFL Fintech Fund exits analytics platform, doubles its investment

IIFL Fintech Fund, part of IIFL Group, has exited its investment in Finarkein Analytics, doubling its initial investment. While the specific returns from Finarkein weren't disclosed, previous exits like TrustCheckr provided substantial returns. The fund typically targets fintech investments, raising Rs 200 crore in its first vehicle and aims for Rs 500 crore in its second. Its strategy involves reinvesting in top-performing portfolio companies and expanding its investment horizons within the fintech sector.

Manappuram, Fusion, IIFL Finance, Repco Home shares fall up to 6% today; stock price targets

Business Today

Business Today · 5m ago

Manappuram Finance Ltd's shares fell by 6.4% to Rs 181.80 on the BSE. IIFL Finance saw a decline of 2.73%, dropping to a low of Rs 322.30. Similarly, Fusion Finance's shares decreased by 3.86%, reaching Rs 163 on the BSE. The stock market witnessed a downturn in these financial companies, reflecting fluctuations and investor responses to prevailing market conditions.

Karnataka GST authorities write to 161 online gaming firms, ask them to apply revised rate

Economic Times

Economic Times · 1y ago

Karnataka GST authorities write to 161 online gaming firms, ask them to apply revised rate

Karnataka GST authorities have written to 161 online gaming firms asking them to collect GST at a revised rate of 28% on the full face value of bets in online real money games, effective from October 1. The authorities want to ensure that the companies are aware of the recent amendments to the GST laws and have them diligently collect taxes as per the new rate. This move is expected to increase tax revenues in Karnataka by about Rs 1,500 crore annually.

Adani Enterprises, Adani Power: Adani group stocks fall up to 4%; here's why

Business Today

Business Today · 5m ago

Adani Enterprises, Adani Power: Adani group stocks fall up to 4%; here's why

Shares of Adani Group fell up to 4% during Wednesday's trading session following a request from the U.S. Securities and Exchange Commission (SEC) for assistance from Indian authorities in an ongoing investigation.

GQG invests ₹479 cr more in IDFC First

Livemint

Livemint · 1y ago

GQG invests ₹479 cr more in IDFC First

GQG Partners has increased its stake in IDFC First Bank to 3.36% by purchasing an additional 5.1 crore shares. The investment firm has invested over ₹41,478.7 crore in Indian companies in the past six months. The net proceeds of the stake sale, amounting to ₹478.7 crore, will be used for subscribing to new shares of the bank through the exercise of options, income tax payment, and contributions to pre-committed social causes. GQG Partners has also invested in other Indian companies, including ICICI Bank, HDFC, SBI, ITC, Sun Pharma, and Adani group companies.

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