Drug menace spreading to rural areas in DK thanks to Cong leaders: Kateel

Dubai, May 30: Taking advantage of Vande Bharat Mission, a notorious NRI conman has fled to India through a repatriation flight after duping several businessmen in United Arab Emirates and stealing goods worth nearly six million dirhams.

Yogesh Ashok Yariava, 36, owner of the fraudulent Royal Luck Foodstuff Trading and prime suspect in the audacious scam took a flight to Hyderabad from Abu Dhabi on May 11 with around 170 repatriates.

His mandatory two-week quarantine period would have ended on May 25, but for his 40 odd victims a protracted battle for justice has just begun.

Last Wednesday many of them trooped down to the Indian Consulate office in Dubai in the hope of getting an audience with Consul General Vipul. The following day they went to Bur Dubai police station clutching dud bank cheques.

In a replay of the familiar trading scam, conmen representing Royal Luck Foodstuff approached unsuspecting traders and made bulk purchases against post-dated cheques.

They bought anything they could get their hands on: Facemasks, hand sanisters and medical gloves worth nearly half a million dirhams from Skydent Medical Equipment, Raheeq Laboratories and GSA Star; rice and nuts (Dh393,000) from Al Baraka Foods; tuna, pistachios and saffron (Dh300,725) from Yes Buy General Trading; French fries and mozzarella cheese (Dh229,000) from Mehdu General Trading; frozen Indian beef (Dh207,000) from Al Ahbab General Trading and halwa and tahina (Dh52812) from Emirates Sesame Factory. It’s a long list and it keeps getting longer as more victims come forward.

When their post-dated cheques started bouncing, the traders rushed to Royal Luck’s Opal Tower office in Business Bay. But it was too late. They had shut down and all their 18 staffers had disappeared. Visits to their warehouses also drew a blank.

“Calls made to the company’s sweet-talking purchase managers who visited us days earlier carrying fancy business cards remained unanswered,” said Chandrasekaran Ganesan of Ajman-based Skydent Medical Equipment which supplied protective face masks worth Dh175,875.

Another business owner, Anand Asar said he visited Royal Luck’s office after his cheque of Dh79,552 returned marked insufficient funds. “The security guard at the building told us their staff was last seen on May 17,” said Asar who has since lodged a police complaint.

“I am devastated. I don’t know how I will recover my losses,” said another trader.

Victims reckon the ill-gotten goods have been sold to third parties at dirt cheap prices.

“They have got millions of dirhams worth of goods against worthless pieces of paper. The scammers would rack up huge profits even if they sell our stuff for one tenth their price,” said another trader who pegged his losses at Dh200,000.

The scam comes close on the heels a Dh4 million fruit loot in which 810 tonnes of fruits shipped by Indian exporters to OPC Foodstuff Trading in Deira, Dubai were similarly stolen last month.

Legal adviser Salam Pappinisseri from Sharjah based United Advocates that represents five firms which have collectively lost over Dh550,000 said they are weighing legal action against the prime suspect Yogesh Ashok Variava in both India and the UAE.

“Yogesh, originally from Mumbai, absconded from the UAE with large amounts of money on an emergency evacuation flight. It’s strange that the fraudster got a seat in the flight which was meant to bring stranded Indian citizens who had registered with the Indian embassy and consulate requesting repatriation on urgent grounds,” said Pappinisseri.

While it makes perfect sense for IT employees to work from remote locations via video conferencing and collaboration tools seamlessly - especially in the case of tech giants like Google or Microsoft -- workers from the non-IT companies and small and medium enterprises (SMBs) are the worst-hit in India as most of them have little or no clue about how these messaging and collaboration tools work amid the coronavirus pandemic.

Small companies -- from corporate to education verticals -- are scrambling to get their act together as new coronavirus threat has reached their premises, prompting them to send employees home who have age-old laptops, poor network and connectivity with no UPS backups and little knowledge about how to handle group chat and collaboration software like Zoom, Google Hangouts Meet, Microsoft Teams and Flock etc.

Instead of halting operations, however, businesses can choose to shift towards remote working methods with teaching non-IT staff on how to use the latest digital software to connect and work, say industry experts.

The training will take some time and may hamper productivity in the short run but is a win-win situation for the non-tech companies in the long run, in case any such global emergency arises in the future.

According to a latest report by Gartner, 54 per cent of HR leaders have cited that poor technology and/or infrastructure for remote working is the biggest barrier to effective remote working.

Sandy Shen, Senior Director Analyst, Gartner, says that with COVID-19 disrupting the business landscape, CIOs should relook at the digital fulfillment of market demand.

"The value of digital channels, products and operations is immediately obvious to companies everywhere right now. This is a wake-up call for organisations that have placed too much focus on daily operational needs at the expense of investing in digital business and long-term resilience," warned Shen.

Businesses that can shift technology capacity and investments to digital platforms will mitigate the impact of the outbreak and keep their companies running smoothly now, and over the long term.

"Videoconferencing, messaging, collaboration tools and document sharing are just a few examples of technologies that facilitate remote work. Additional bandwidth and network capacity may also be needed, given the increasing number of users and volume of communications," informed Shen.

The IT industry's apex body Nasscom has asked the government to relax norms for a month to allow work-from-home for technology and back-office employees as a measure to deal with the spread of Covid-19 in India.

Networking giant Cisco said that it has seen "significant growth" in the usage of its web conferencing and video-conferencing service Webex in India.

According to Muneer Ahmad, Business Head, ViewSonic India, due to COVID-19 pandemic, the corporate and educational sector is severely getting affected in the country.

"ViewSonic IFP has a cloud-based software which help teachers and corporates to connect through video conferencing to multiple people at the same time and can split the screen into six screens. It can also connect with various tools like Skype, Cisco WebEx, Zoom, Google Hangouts and GoToMeeting," Ahmad told IANS.

Co-working sector has also taken a hit and the industry is looking at several measures to tackle it -- from ensuring supply of juices rich in Vitamin C to supply of disinfectants and giving work from home facilities.

"The scheduled visits of the clients at our co-working offices have been postponed. Few of our clients have cancelled their outstation meetings and have now started audio/video conferencing for virtual meetings," said Nakul Mathur, MD, Avanta India.

According to reports, India has approximately 1,000 co-working locations (as of September 2019) and is the second-largest market for the co-working industry after China.

As India's first licensed B2B Virtual Network Operator, CloudConnect Communications offers a collaborative platform that allows companies to overcome the COVID-19 threat while maintaining seamless business continuity and optimum employee productivity.

"We offer a secure, robust, reliable, scalable and trackable mobile-first unified communication infrastructure that aids remote teleworking so that businesses can continue operating even under any unforeseen circumstances," said Gokul Tandon, Executive Chairman, CloudConnect Communications.

Feb 19: Bavaguthu Raghuram Shetty was once a typical billionaire with a taste for the high-life.

He splurged on a private jet, vintage cars and two entire floors of the Burj Khalifa, the world’s tallest skyscraper. His website shows him hobnobbing with politicians, Bill Gates and Bollywood royalty.

“The thrill of speed and freedom makes me love cars,” Shetty, 77, told local reporters last year.

Shetty had more than enough money -- at least on paper -- to afford such a lifestyle from companies he helped found, including hospital operator NMC Health Plc and financial services firm Finablr Plc. On Dec. 10, his stakes in the public companies were valued at $2.4 billion, making up the bulk of a fortune spanning education, hospitality and one of the world’s oldest tea companies.

Then, a week later, Carson Block came along.

Block’s investment firm, Muddy Waters, issued a report criticizing NMC’s accounts and disclosing a short position. Since then, Muddy Waters’s scrutiny has snowballed into a troubling scenario for Shetty that sheds light on his complex share arrangements and casts doubts about his net worth. His holdings in Finablr and NMC are worth $885 million, but Shetty’s fortune may now be just a fraction of that, depending on the size of his borrowings.

Filings this month show that Shetty pledged a quarter of his NMC stake against loans with First Abu Dhabi Bank and Zurich-based Falcon Private Bank. Two other shareholders may own half of his reported stake. Another lender -- Al Salam Bank Bahrain -- has already sold some of those shares to enforce security over a loan for Shetty, and NMC said Tuesday that First Abu Dhabi Bank sold another chunk earlier this month.

The situation “seems to have gone beyond some of the issues that Muddy Waters focused on initially,“ said Gavin Launder, a fund manager at Legal & General Investment Management, who owned shares in NMC until October. “The increased scrutiny has unearthed other issues.”

Law firm Herbert Smith Freehills has launched a review of Shetty’s holdings at his request, a spokesperson for the Indian-born businessman said, declining to comment further until the analysis is completed. Shetty resigned Sunday as NMC’s chairman.

In its Dec. 17 report on NMC, Muddy Waters hinted at potential overpayment for assets, inflated cash balances and understated debt. Shares of the United Arab Emirates’ biggest private health-care provider have since plunged 67%, and the firm is now the focus of takeover speculation. The sell-off also spread to Finablr, whose stock has tumbled 64% in that span.

NMC has disputed Muddy Waters’s claims, and the company hired former FBI Director Louis Freeh to conduct an independent review of the short seller’s allegations. Meanwhile, local regulators “are making inquiries with the relevant parties,” a spokesperson for the U.K.’s Financial Conduct Authority said.

Shetty is hardly the only ultra-wealthy person to leverage his assets. Elon Musk has used his shares in Tesla Inc. to obtain personal loans, while Oracle Corp. Chairman Larry Ellison has put up millions of the company’s shares to fund a lavish lifestyle that includes trophy properties, America’s Cup teams and the Indian Wells tennis facility in California.

But such deals can also sour, as demonstrated by Shetty’s lenders selling shares his investment firm pledged. He and his advisers are investigating details of the sales as part of their legal review, according to filings.

To complicate matters, Shetty pledged another batch of NMC stock in 2018 as part of a so-called equity collar arrangement with Goldman Sachs Group Inc. that uses options to limit the impact from share moves. Last month, he also pledged most of his stake in Finablr to refinance a loan from the company’s takeover of foreign-exchange firm Travelex for about $1.2 billion.

BRS Ventures Investment, the UAE-based holding company for most of Shetty’s assets, doesn’t report consolidated financials, preventing a complete analysis of his net worth. His other assets include a catering company, a waste-management firm and pharmaceutical business Neopharma, which four months ago was in the early stages of planning for an initial public offering.

Block, 43, earned his reputation as a short seller a decade ago through targeting U.S.-listed Chinese companies that he claimed were frauds. More recently, his San Francisco-based firm focused on British litigation-finance firm Burford Capital Ltd. and Japanese biotech stock PeptiDream Inc. Short sellers seek to benefit from a decline in a company’s share price.

Shetty founded NMC in 1975 after moving to Abu Dhabi from his native India. He created Finablr two years ago to consolidate his financial brands before listing it on the London Stock Exchange in 2019.

Block said he didn’t anticipate NMC’s shareholding drama.

“I wouldn’t have been able to predict that we’d get these bizarre disclosures about unclear share ownership coming out of the company,” he said in a Feb. 13 phone interview. “This has been obviously a more dramatic unraveling than we usually see.”