Author: Staff Writer

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Corporate

₹3,700-cr Anil Ambani home seized in money-laundering case

Reliance Group chairman Anil Ambani appeared before the Enforcement Directorate in New Delhi on Thursday for fresh questioning in an ongoing money-laundering investigation linked to Reliance Communications.

The development comes a day after the agency provisionally attached his 17-storey luxury home, Abode, in Mumbai’s Pali Hill locality, valued at around ₹3,716 crore. The property has been frozen under the Prevention of Money Laundering Act, which allows authorities to bar the sale or transfer of assets suspected to be connected to illegal funds.

This is Ambani’s second round of questioning in the case. His statement had previously been recorded in August last year, and officials said the latest summons is part of efforts to gather more details about financial transactions and the structure of group companies.

The ED is examining loans taken by Reliance Communications and its associated firms from Indian and overseas banks. The total outstanding dues are estimated to be more than ₹40,000 crore. Investigators are trying to determine whether a portion of these funds was diverted or routed through different entities in violation of financial regulations.

The attachment of the Pali Hill residence is part of a wider crackdown. A smaller portion of the same property had been attached earlier, and the latest order significantly raises the value of assets brought under the probe.

The high-rise residence is considered one of the costliest private homes in the country and is reported to be linked to a private family trust — a structure that is also under the scanner.

Once among the world’s richest business leaders, Ambani has seen several of his flagship companies face insolvency proceedings over the past decade, particularly in the telecom sector.

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Corporate

Users report fraud after Yes Bank’s BookMyForex breach

A major data breach at BookMyForex has left many customers dealing with unauthorised transactions on their prepaid forex cards, raising fresh concerns over the safety of digital payment systems.

Several users reported that money was deducted in foreign currencies from their cards for purchases made in countries they had never visited. In most cases, the cards were still with the customers, indicating that their details had been compromised rather than physically stolen.

The forex cards were issued in partnership with Yes Bank, which has now blocked the affected cards to prevent further misuse. The bank has asked customers to immediately report any suspicious transactions and has started processing chargeback requests for the disputed amounts.

BookMyForex said the breach appears to be linked to a third-party system and not its main platform. The company has begun informing impacted users and is working with the bank and payment network providers to investigate the issue and strengthen security.

Many customers, however, said they received alerts only after the fraudulent transactions had taken place. Some also claimed the cards were used internationally even though overseas usage had been disabled, pointing to possible gaps in safeguards.

Such fraud usually happens when card details , such as the number, expiry date or CVV, are leaked or accessed through vulnerable systems. They advise users to switch off international usage when not required, set spending limits and check statements regularly.

The incident has highlighted the growing risks in the fast-expanding fintech and travel card segment, which is widely used by students and international travellers.

Both BookMyForex and Yes Bank have assured customers that eligible losses will be compensated after verification and said steps are being taken to prevent a repeat of the breach.

Also Read: NSE IX opens global investing route for Indians

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Beyond

NSE IX opens global investing route for Indians

In a significant step towards globalising investment opportunities for Indians, NSE International Exchange (NSE IX) has launched a new platform at GIFT City that allows individuals to directly invest in overseas markets.

The Global Access platform has started with US stocks and will gradually expand to more than 30 markets across regions such as Europe, the UK and Japan over the coming months. The facility is available to both resident investors and non-resident Indians, giving them a regulated and streamlined route to diversify beyond domestic equities.

Investments will be made under the Reserve Bank of India’s Liberalised Remittance Scheme (LRS), which permits individuals to remit up to $2.5 lakh abroad in a financial year. The funds will be transferred in rupees and converted into foreign currency for trading in international securities.

A major highlight of the platform is the option of fractional ownership, enabling investors to buy a portion of high-value global stocks instead of purchasing an entire share. The onboarding process has been designed to be fully digital, using PAN, Aadhaar and DigiLocker, and does not require a separate demat account.

The platform operates within the regulatory framework of the International Financial Services Centres Authority (IFSCA) and currently offers access to equities, exchange-traded funds and selected debt instruments. Derivatives and cryptocurrency products are not part of the offering.

Officials say the initiative is aimed at meeting the rising interest among Indian investors in global assets while strengthening GIFT City’s role as an international financial hub. It is also expected to make participation easier for NRIs who often face procedural hurdles in accessing Indian market infrastructure.

Also Read: Amazon AGI Chief David Luan resigns

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Leaders

Amazon AGI Chief David Luan resigns

David Luan, who heads Amazon’s Artificial General Intelligence (AGI) lab, has announced that he will leave the company. Luan shared the update publicly, saying he plans to step away by the end of the week to focus on new opportunities in artificial intelligence research.

Luan joined Amazon in June 2024 after the company acquired his startup, Adept AI Labs. The deal brought him and several members of his team into Amazon, where they became part of a newly created AGI division based in San Francisco. The lab was set up to work on advanced AI systems, including agent-based technologies that can perform tasks with minimal human input.

During his time at Amazon, Luan played a key role in building and launching Nova Act, an AI agent designed to complete tasks autonomously in a web browser. The technology was integrated into services such as Alexa’s upgraded experiences and positioned as a competitor to similar tools developed by other major AI players.

In his farewell note, Luan thanked Amazon’s leadership, including CEO Andy Jassy, and highlighted the progress made in scaling AI models and developing new research capabilities. He suggested that rapid advancements in artificial intelligence influenced his decision to pursue fresh challenges in the field.

Following his departure, oversight of the AGI team will move under Peter DeSantis, a senior executive within Amazon Web Services (AWS). The leadership change comes as Amazon continues to streamline and strengthen its AI operations amid intense global competition.

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1 Minute-Read

WTO panel to hear China’s challenge on India’s auto, EV incentives

The World Trade Organization (WTO) will set up a panel to examine China’s complaint against India’s production-linked incentives for automobiles, electric vehicles, and renewable energy.

Beijing claims the schemes discriminate against its exporters, while India insists the measures are fully WTO-compliant and aimed at boosting domestic manufacturing. After bilateral talks failed, the panel process was triggered.

Officials said India will vigorously defend its programmes, which follow WTO rules. Several countries, including the US and EU, may join as third parties.

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Corporate

Sensex rises 200 points , Nifty at 25,550

On  Thursday, the BSE Sensex touched 82,440 at the start of trade, while the NSE Nifty 50 opened around 25,552, slightly higher than Wednesday’s close of 25,482. Early trading was supported by GIFT Nifty futures, which signaled firm demand, and by gains in Asian markets following strong performances from US tech stocks.

Among the early movers, Bajaj Auto, HCL Technologies, Tata Steel, Shriram Finance, and TCS saw buying interest, helping lift the market. At the same time, heavyweight counters such as Reliance Industries, State Bank of India (SBI), and Adani Ports faced mild selling pressure, which kept the overall gains in check.

Sector-wise, metals, autos, and IT led the upside, while financials and energy stocks lagged. Traders noted that volatility remained, especially among large-cap stocks, as participants weighed domestic economic cues against global developments.

Analysts said the market remained range-bound, with selective buying supporting the rally but broader participation cautious. They emphasized that the direction in the coming sessions will depend on global trends, domestic macroeconomic data, and sector-specific movements.

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1 Minute-Read

Jeep India’s Wrangler Willys ’41 returns at ₹70.31 lakh

Jeep India has relaunched the Wrangler Willys ’41 at ₹70.31 lakh (ex-showroom) in limited numbers. The SUV is based on the Rubicon variant and features a distinctive ‘41 Green’ paint shade, special decals and cosmetic elements inspired by the original 1941 Willys.

It continues to be powered by a 2.0-litre turbo-petrol engine paired with an automatic transmission and retains its full off-road capability.

Due to its high on-road price, the model will attract a hefty monthly EMI for buyers choosing finance, depending on the loan amount, tenure and interest rate, positioning it as a niche lifestyle vehicle in India.

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Corporate

Meta–AMD seal AI chip deal

Meta has signed a major long-term agreement with semiconductor firm AMD to supply advanced artificial intelligence (AI) chips for its growing data-centre operations, marking a significant shift in the social media giant’s hardware strategy. The deal is expected to reduce Meta’s heavy dependence on Nvidia, currently the dominant supplier of AI processors.

Under the partnership, AMD will provide its latest AI accelerators and supporting infrastructure, which will be used to train and run large-scale AI models across Meta’s platforms, including Facebook, Instagram and WhatsApp. The move comes as the company rapidly expands its AI capabilities for content recommendations, advertising, generative AI tools and its metaverse projects.

Meta has been investing billions of dollars in AI infrastructure, and chip costs have become one of its biggest expenses. By diversifying its suppliers, the company aims to improve efficiency and gain stronger bargaining power in a market where demand for high-performance AI hardware has surged.

For AMD, the agreement represents a major opportunity to challenge Nvidia’s dominance in the fast-growing AI chip sector. The company has been positioning its latest processors as a competitive alternative, focusing on performance, energy efficiency and open software ecosystems that allow customers greater flexibility.

The announcement comes at a time when investors are closely watching whether the massive spending on AI infrastructure will translate into long-term revenue growth.

The deal is expected to roll out over several years, with AMD’s chips gradually integrated into Meta’s global data-centre network. Both companies said the partnership would help accelerate innovation and support the next generation of AI-driven services.

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Technology

Apple shifts Mac Mini production to the US

Apple will start making its Mac Mini desktop computers in the United States later this year, in a major change to its global production strategy. The devices will be assembled at the company’s expanded manufacturing facility in Houston, which is already being used to produce advanced artificial intelligence servers.

The move is part of Apple’s broader plan to invest about $600 billion in the US. The investment is aimed at strengthening local manufacturing, building a stronger supply chain and creating jobs. The Houston expansion is expected to generate thousands of new roles and will also house a training centre to help workers learn advanced manufacturing skills.

Chief executive Tim Cook said the company remains strongly committed to the future of American manufacturing. He noted that production of AI servers at the same facility has already started earlier than planned. Apple has also been increasing the number of components it sources from US suppliers, including chips made at multiple plants across the country.

The decision comes as Washington continues to push for more domestic production. Tariff threats during the tenure of Donald Trump had encouraged several global technology firms to consider shifting some manufacturing to the US to reduce dependence on imports.

However, most of Apple’s products will still be made in Asia. The US plant will initially focus mainly on meeting domestic demand. The Mac Mini is a smaller and less complex product compared with devices like the iPhone, making it easier to assemble locally.

The new project will double Apple’s manufacturing space in Houston and support its long-term goal of building a stronger ecosystem for high-end technology production in the US. The company has already made progress under its American manufacturing programme by sourcing billions of dollars’ worth of US-made chips and launching training initiatives for smaller manufacturers.

Also Read: Canva buys two startups to boost AI, animation

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1 Minute-Read

Haryana recovers ₹578 cr in IDFC First Bank fraud in 24 hrs

Haryana CM Nayab Singh Saini announced that the entire ₹578 crore lost in a fraud involving IDFC First Bank has been recovered within 24 hours. The fraud, reported in Haryana, triggered an immediate response from state police and cybercrime teams, who tracked the money trail and froze multiple accounts.

He praised the quick coordination between banking officials and law-enforcement agencies, calling it a major success in tackling financial crime.

He assured that strict action would be taken against those involved and said the case shows Haryana’s strong cyber-security and rapid response system to protect public and institutional funds.