Sri Lanka says it has lost more than $3 million across two separate cybersecurity incidents, compounding its financial strain as it still works to recover from the 2022 debt crisis. The latest revelation comes days after hackers reportedly stole $2.5 million from the finance ministry, raising fresh concerns about weaknesses in government payment systems.
The Enforcement Directorate carried out raids at multiple locations in Kolkata, targeting the residences of two businessmen. The searches form part of an ongoing probe into alleged land grabbing and financial fraud connected to fugitive criminal “Sona Pappu.” Officials are scrutinizing whether the businessmen acted as conduits for illicit transactions in the case.
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A young entrepreneur says bank officials persuaded him to buy three non-market linked insurance policies claiming the proceeds were 100% tax-free. He paid around ₹22 lakh in premiums, but later learned that under new tax rules, plans with aggregate premiums above ₹5 lakh can make maturity proceeds taxable. The result: a feared loss of up to ₹15 lakh on surrender.
SEBI has moved against Avadhut Sathe Trading Academy and its founder, alleging that “stock market education” was used to run illegal investment advisory operations. The academy reportedly raked in about INR 546 crore since 2015 from courses sold to roughly 410,000 students, prompting regulatory action over misleading promises to young investors.
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