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Bengaluru: A Pune-based real estate firm was recently duped out of ₹4 crore when cybercriminals, masquerading as its chairman, tricked an accounts officer into transferring company funds into fraudulent bank accounts. At the local unit of a multinational company, the finance controller fell prey to a similar scam running into crores of rupees when the chief financial officer was on a holiday.Phishing attacks have become more sophisticated and cybercrooks are increasingly setting their sights on big targets for bigger payoffs.In the past one year, experts said, they have seen a minimum two to three times increase in incidents of the so-called whaling attacks, or CEO fraud, with scammers using social engineering to impersonate top corporate executives and tricking employees into sending money, providing sensitive data, purchasing gift cards or allowing network access. These incidents often lead to financial losses, data breaches and, in some cases, damage to organisational reputation for companies."It's a big nexus; there are organised criminal gangs at play," said Ranjeeth Bellary, partner at EY India's Forensic & Integrity Services. "We've been investigating social engineering frauds for the last seven-eight years, but those targeting CEO/CXO-level officials have exploded of late."Fraudsters are using artificial intelligence, launching bot-based attacks; studying the social media profiles of the executives and other available content to craft very convincing mails that come across as legitimate.These attacks are effective partly due to low awareness and also because fraudsters have realised that it is easier to get employees to act on emails received from senior executives, said Bellary. "You should not trust a person blindly - that's the first line of defence. Companies are now also making employees go through awareness sessions. But in most cases, it's reactive rather than proactive." Most Attacks may go Unreported In many cases, companies and individuals try to hide the fact that they've been scammed, which means the actual number of cases is likely to be many times those reported.Not just corporate employees, even faculty of educational institutes like IIMs have received emails or WhatsApp messages from hackers impersonating as directors or top officials.An IIM director told ET that mails, purportedly from him, had gone out to several faculty members, asking to buy gift cards and send the details. "It's happened not once but multiple times. We've now put more stringent systems in place," said the director who did not want to be named, apprehensive about being targeted again.Several of his peers at other institutes have also faced the same issue, he said.According to Akshay Garkel, partner and leader-Cyber at Grant Thornton Bharat, sometimes for a large corporate (with annual revenue of Rs 50,000-100,000 crore), the thinking is that it is better to write off small amounts, for instance up to Rs 3-4 crore, that have been siphoned off than take a hit to the employer brand. Having said so, law enforcement agencies must be informed about all the cases, he added.There is a pureplay financial motive behind these incidents, Garkel said. "In the cases we come across, security awareness levels need improvement. There needs to be a lot more sophistication in monitoring and blocking such incidents."High VulnerabilityAlmost everyone is vulnerable to cyberattacks as personal details collected by apps and web sites may get leaked, giving the scamsters access to confidential information.Ashok Hariharan, chief executive of fraud detection company IDfy, said even his company had been targeted.Just a month ago, 50-60 of the company’s 650 employees received an email pretending to be from Hariharan. Being in the business of fraud detection, no one rose to the bait, but such incidents have happened in the past as well, he said.“Personal details are easily available. It could be from apps or data brokers who are selling it; malicious mobile apps downloaded; it’s even available on the dark web for just Rs 100-200,” sad Hariharan. “Also, the fact that the transfer of money has become extremely easy through UPI, has made it the base of most frauds. It’s much easier to run at a mass scale.”Controls need to be put in at multiple stages, including at the KYC level (to stop fraudsters from entering the system). Also, there should be better transaction monitoring — for instance, huge activity to a particular number/account should trigger the system), Hariharan said. “Big organisations are seeing more of these frauds. At a basic minimum, awareness sessions should be conducted for finance teams, those dealing with vendors, etc, as they are among the more vulnerable targets,” he added.

Mumbai: Fortis Healthcare, Apollo Hospitals, Medanta and Max Healthcare are among half-a-dozen companies that have shown preliminary interest in acquiring Jaypee Healthcare, the last of the Jaiprakash Group's priced assets to be admitted into bankruptcy.On Friday, the Allahabad bench of the National Company Law Tribunal (NCLT) gave an oral order to admit Jaypee Healthcare for corporate insolvency and resolution process on a petition filed by JC Flowers Asset Reconstruction Company.A written order is yet to be uploaded by the tribunal on its website.Manoj Gaur-promoted Jaiprakash Associates was admitted for corporate insolvency process this month, while a Suraksha Realty-led consortium has already taken control of Gaur's other company, Jaypee Infratech, under the Insolvency and Bankruptcy Code.111043094Jaypee Healthcare, a multi-speciality tertiary care hospital located at Jaypee Wish Town in Noida, is a subsidiary of Jaypee Infratech.JC Flowers ARC, Bank of Baroda, Exim Bank, Punjab National Bank and Asset Reconstruction Company of India (Arcil) are among its lenders, according to a disclosure made by Care Ratings. Its total debt (including the interest component) is about ₹1,000 crore.Fortis Healthcare, Apollo Hospitals, Medanta and Max Healthcare did not respond to ET's request for comment.The tribunal has appointed Bhuvan Madan, backed by PwC, as the interim resolution professional for the company, while lenders have appointed Shardul Amarchand Mangaldas as their advisor.Yes Bank had extended a loan to Jaypee Infratech with Jaypee Healthcare shares as security. In March 2023, JC Flowers ARC (which acquired loans from Yes Bank) invoked the share pledge and became a 63.6% stakeholder in the hospital operator. The balance stake was held by Jaypee Infratech.The hospital chains interested in acquiring Jaypee Healthcare had earlier approached both the ARC and Suraksha Realty that had acquired Jaypee Infratech, said people familiar with the development.Last month, Suraksha, with a 36% equity stake, pleaded before the NCLT that it was in talks with Jaypee Healthcare's lenders for an out-of-court debt settlement. However, the settlement did not materialise, said a person familiar with the development.Earlier, Yes Bank had filed a petition to admit Jaypee Healthcare. In June 2022, the tribunal kept the matter in abeyance until it passed a resolution plan for Jaypee Infratech.The tribunal passed an order based on NBCC's plea that there is a possibility of an amicable solution of debts between the winning bidder of Jaypee Infratech and the hospital's lenders. NBCC was also in the fray for Jaypee Infratech, the parent company of Jaypee Healthcare.The hospital has 504 beds (300 operational beds) with 18 operation theatres and 35 specialities.

Noida and Greater Noida, once known for affordable and mid-segment properties, have emerged as hotspots for premium real estate over the past five years. Previously limited to properties in the Rs 40-80 lakh range, new launches now frequently exceed Rs 1 crore, often in the same sectors and on leftover land from earlier projects. According to a report by property consultant JLL, 14,822 flats worth Rs 24,944 crore were sold in Noida last year. This surge is underscored by a significant increase in the average apartment price, which rose from Rs 1.24 crore in 2022 to Rs 1.68 crore in 2023. Apartments priced at Rs 3.5 crore and above made up 23 per cent of total sales in 2023. Stakeholders believe the transformation is driven by several factors, chief among them being infrastructure development, completion of stalled projects, and favourable policy changes. Key infrastructure projects include the development of an international airport, dedicated industrial sectors, data centre land banks, and an extensive network of roads, railways, and metro lines, all of which have significantly improved connectivity and logistics in Noida and Greater Noida. Developers such as Experion, M3M, Godrej, Ace, County Group, Max are offering ultra-luxurious apartments and high-end studio apartments in Central Noida. Groups like Express, DASNAC, RG, and others have introduced units starting at Rs 10,000 per sq ft, featuring limited towers with three- and four-bedroom configurations. Price appreciation has been most notable in the 7x (73, 74, 75, 76, 77, 78) and expressway sectors (sectors 108, 142, 143, 150, and 152). For example, the cost of a three-bedroom apartment in these sectors has increased from around Rs 5,800 per sq ft in 2019 to over Rs 10,000 per sq ft today. Country Group's Ivy County, initially priced at Rs 6,000 per sq ft in 2019, now commands Rs 15,000 per sq ft with ready to move in units while rates in its recently-launched Ivory County are between Rs 15,000 sq ft and Rs 16,500 per sq ft. Ivy County is located in Sector 75 Noida, while Ivory County is in Sector 115 Noida. Greater Noida West, also known as Noida Extension, has seen a significant rise in prices as well. A property that was priced between Rs 3,500 and Rs 4,500 per sq ft in 2019-20 now sells for more than Rs 7,000 per sq ft. Whether a property is completed or ready for occupancy, prices in this region have increased steadily. RG Group Director Himanshu Garg highlighted the changing preferences of buyers. "Customers are looking for a lifestyle, not just a nice apartment. They now ask about luxurious entrances, opulent clubhouses, landscaping, and even facilities for visiting guests. This shift in demand has encouraged us to enter the premium segment in Noida and Greater Noida West," Garg said. A critical factor influencing buyer sentiment is the completion of previously stalled projects. Various legacy issues had delayed these projects, but the availability of SWAMIH funds and efforts by UP RERA have facilitated their completion. Promoters have also turned to joint development agreements (JDA), private funding, and asset monetisation to secure the necessary funds. The resurgence of these projects has not only rejuvenated the respective sectors but also driven demand and prices upward. Dinesh Gupta, Secretary of CREDAI Western UP, said, "Large-scale infrastructure developments, such as the construction of Jewar Airport, Film City, have significantly improved public perception of the region. The government's efforts to address stalled projects and maintain law and order have driven promoters to offer beyond established trends." This fiscal year has seen a significant increase in property prices and according to a 99acres report, prices in over 10 Noida areas have risen 23 per cent year-on-year, with the most substantial increases observed in sectors 108 (60 per cent) and 144 (51 per cent). Jaypee Greens in Greater Noida have seen prices jump 30 per cent year-on-year and 92 per cent since 2020, the report stated. Another major factor contributing to this growth is the state government's acceptance of the Amitabh Kant Committee's recommendations. Development authorities recalculated pending dues, allowing developers to deposit dues in installments and proceed with unit registrations. The perception of Noida has been further enhanced by the government's push for business and infrastructure development. Gautam Buddh Nagar is now home to Fortune 500 companies in IT/ITeS, research, and consulting, creating numerous job opportunities and attracting people seeking proximity to their workplaces. Alakshendra Singh, Head of Corporate Communications at Eros Group, said, "In the past two years, we have seen a notable improvement in demand and prices, particularly for projects on 130-meter roads and near future access points like Jewar Airport and the Yamuna Expressway." Civitech Group CEO Sarthi Goel said post-pandemic, there is a drastic change in the image of properties and projects belong to the Noida and Greater Noida region. "Promoters are more aware of the changing taste of home buyers and are learning from past experiences. Now they are bringing limited units and towers, utilising latest construction technologies in construction to avoid any compromise with the quality and timeline. "Of course this will add a premium tag on the upcoming projects and this market is still pocket friendly in comparison of any other regions having similar," Goel added.

Karnataka Chief Minister Siddaramaiah on Sunday defended the hike in petrol and diesel prices saying that it will ensure funding essential public services and development projects. With the opposition BJP and its ally JD(S) coming down heavily on the Congress government for increasing the petrol and diesel prices by Rs 3 and Rs 3.5 per litre respectively, Siddaramaiah said even after the hike, taxes on fuel remains low compared to most southern states. "The Government of Karnataka has increased VAT on petrol to 29.84 per cent and on diesel to 18.44 per cent. Even after this hike, our state's taxes on fuel remain lower than most South Indian states and similar economy-sized states like Maharashtra," the Chief Minister said in a statement. According to him, the VAT on petrol is 25 per cent plus Rs 5.12 additional tax, and on diesel in Maharashtra it is 21 per cent. Karnataka's revised rates are still more affordable, he pointed out. "Karnataka's VAT adjustment ensures we can fund essential public services and development projects. The state remains committed to balanced and responsible governance," Siddaramaiah emphasised. Stating that despite the VAT hike, diesel prices in Karnataka are still lower than in Gujarat and Madhya Pradesh, the Chief Minister said, "We remain committed to keeping fuel prices reasonable for our citizens." He also took a dig at the opposition BJP, which has decided to stage statewide protests on Monday. "The then double engine BJP government collaborated to divert Karnataka's resources to other states. The state BJP govt kept reducing VAT on petrol and diesel while the Central govt increased its own taxes," the Chief Minister charged. He alleged that this manipulation by the previous BJP government in the state led to reduced revenue for Karnataka, "while the Central government collected more for its coffers, cheating Kannadigas." Siddaramaiah said that the Central Excise duty on petrol was Rs 9.48 per litre and Rs 3.56 on diesel before the BJP came to power in 2014. However, during the tenure of the BJP government, the Central Excise Duty on petrol and diesel was steeply increased, reaching a record high of Rs 32.98 and Rs 31.83, respectively, in May 2020. Subsequently, the Excise duty on petrol and diesel was cut by Rs 13 a litre and Rs 16 litre, respectively, between November 2021 and May 2022, he added. "Despite the reductions, the current Central excise duty on petrol is Rs 19.9 and on diesel is Rs 15.8. We urge the Union Government to reduce these taxes for the benefit of the people," the Chief Minister said.