ATM Skimmers Loot Rs10 lakh in East Delhi

A dozen people holding accounts in different banks in east Delhi lost almost Rs10 lakh in a suspected skimming attack after having swiped their cards in ATMs near Laxmi Nagar in the past week. According to The Economic Times, Most of the victims reported using a Punjab National Bank ATM and suspected the skimmer was fitted there. 
Upender Kumar, who owns a business in east Delhi, realised that money was being deducted from his account after he started getting a series of messages from his bank advising him about the withdrawals. The cash was withdrawn through different ATMs across the city.
When Kumar approached his bank with a complaint, he was asked to register a police complaint at the Shakarpur police station. There he discovered that there were at least seven others in the same situation as him. Chirag, for instance, lost Rs 25,000 from his account with a private bank.
Pankaj Kumar, an employee of an IT firm, lost almost all his month’s salary in several such transactions. Arun Kumar, a businessman who lost Rs1.45 lakh from his account in a similar way, said that the bank authorities has sought two months for an inquiry to be conducted, after which they will initiate action.
Police said that a case of cheating and theft would be registered after an inquiry into the stolen cash is completed. The cops have received seven complaints so far and are scanning the footage from CCTV cameras fitted in some of the unguarded ATM kiosks for clues to the identities of the culprits.



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Changes in Our Business Model
25th Sept 2020
Greetings from Moneylife Advisory Services
Between financial years 2019-21, SEBI has come up with extensive changes to investor advisor regulations. On Sep 23, 2020, SEBI had issued new additional guidelines. This comes just two months after extensive changes announced in July 2020. Earlier, in December 2019 there was an ad hoc circular
As a result of these changes, IAs, cannot accept fees through credit cards, will have to sign a 26-clause investor agreement, have to maintain physical record written & signed by client, telephone recording, emails, SMS messages and any other legally verifiable record for five years. IAs were already asked to record the suitability and rationale for every piece of advice given, sign them and store them for five years.
While these extensive and frequent changes, designed to strengthen the conduct of IAs are well-meaning, these have sharply increased compliance efforts and cost. We, being online advisors, find many of changes harder to implement, compared to advisors working in the physical space. We will have to have an army of advisors, administrative and tech staff to be compliant. If we do this, we will have to divert money to these areas and the cost of our service will double. We want to remain the least-cost service in the market to benefit more and more people. In the circumstances, we are forced to change our business model from “advisory” to “research”. This will mean the following:
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Debashis Basu