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People in Tamil Nadu have once again become the victim of a finance scam. It is alleged that up to 30,000 people from different parts of the state have lost Rs 420 crore to a Mumbai-based company, City Limouzines India Ltd. Over the past two-three days, the Chennai City Police Commissioner’s office has been flooded with complaints from the angry people who got cheated. “Over 1,000 complaints have been received and our initial investigation reveals that up to 30,000 people got cheated. A case against the company has been booked under Section 420 (cheating) of the Indian Penal Code and we are searching for Abdul Massod, who was running the business,” a senior police official said.
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India’s financial technology firm Polaris Software Lab is planning to expand its footprint in the European markets beyond continental Europe and Sweden could be the base to cater to the large untapped region. “We are interested in expanding our European market base and we see Sweden as a potential hub to cater to the northern, central and eastern Europe,” Polaris EMEA Chief Operating Officer Chander Singh said. Polaris is considering joint venture alliances with local service providers, system integrators and others to be able to serve large customers in Sweden and other Baltic and Nordic countries. “In the next three years, revenue from Sweden and nearby Baltic countries and other Nordic nations should increase four-fold to be in the range of $10 million to $15 million,” Singh said.
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US stocks ended mixed on Monday as a rising dollar took its toll on the Dow, while the Nasdaq edged up on biotech. The Dow slipped 41 points to 9,779. The Nasdaq advanced five points to 2,138. Indian ADRs were mixed. Mahindra Satyam shed 3.2% at $6.27. Sterlite slipped 2% to $15.45.
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Moody’s today said there is always a risk of another major event sending shock waves in financial markets, even as Asian stocks may have rebounded from the lows post the collapse of Lehman Brothers last year. Moody’s Economy.Com, a research arm of Moody’s, also said any tightening of money supply by central banks to arrest inflation may dampen value of equities in the coming months.
