Connect with us
Friday,11-April-2025
Breaking News

Business

Cryptocurrency Hyper Fund under govt scanner

Published

on

Bitcoin

The government is keeping a close eye on cryptocurrency floating in the market based out of the country folowing alert that agencies responsible to check financial fraud are watching a company called Hyper Fund.

Sources said Hyper Fund, a DEFI by Hyper Tech Group has come under the radar recently. The Group claims to have launched the Hyper Fund to provide a decentralized financial infrastructure. Hyper Fund was announced in mid-2020.

As per the company website it is led by Ryan Xu, however, with the Multi-Level Marketing (MLM) model Hyper Fund has been luring investors with higher returns and such offerings, a common practice under Ponzi Schemes, that got the authorities alerted in the first place.

According to sources, complaints against such Funds have started pouring in several states. In India, the RBI, Union Finance Ministry and SEBI had warned people against cryptocurrency trading. The RBI is planning to launch India’s official digital currency- E Rupee soon.

The Finance Ministry has clarified that Virtual currencies are also not legal tender. Hence, VCs are not currencies. The RBI has also clarified that it has not given any licence/ authorization to any entity/ company to operate or deal with Bitcoin or any virtual currency.

In June 2018, Amit Bhardwaj was arrested at the Delhi Airport by Pune police along with his brother Vivek Bhardwaj in connection with an alleged Ponzi scheme. Bhardwaj, started his own bitcoin mining operations and allegedly cheated more than 8,000 people to the tune of Rs 2,000 crore from across the country.

He has lodged a complaint with the Delhi Police special cell, alleging that he received an extortion call and was asked to pay protection money on September 6, 2021. He had setup multi-level marketing (MLM) scam by luring investors to give him Bitcoins in return for promised higher returns, police had alleged.

Regulators in UK have issued warning against such fund and the Financial Conduct Authority (FCA) have warnings issued for both Hyper Fund and Fund Advisor.

On its website, which was first published on in March 23 ,2021 and later updated on August 31, the FCA said, “We believe this firm may be providing financial services or products in the UK without our authorisation. Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised or registered by us. This firm is not authorised by us and is targeting people in the UK.”

Warning investors about such fund, it further said: “You will not have access to the Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme (FSCS), so you are unlikely to get your money back if things go wrong.”

The Website used by these companies as per FCA ar http://thehyperfund.online, https://thehyperfund.com/

Decentralised Finance (DEFI) offering through blockchain technology by HyperTech Group, which is said to be based out from Hong Kong, as sources said Indian Regulators and Authorities have started monitoring the situation.

Following the measures taken by financial regulators such as the US Security and Exchange Commission and the UK’s Financial Conduct Authority, Indian regulators and enforcement authorities have started monitoring investment in Hyper Fund — a Decentralised Finance offering through blockchain technology by HyperTech Group.

Globally, Financial regulators acknowledge the fact that Ponzi scheme organizers often use the latest innovation, technology, product or growth industry to entice investors and give their scheme the promise of high returns. Potential investors are often less skeptical of an investment opportunity when assessing something novel, new or “cutting-edge.” On its website, Hyper Fund claims to be �The Strongest Rocket in Blockchain Finance’

Business

PM Modi to hand over GI certificates for 21 products in Varanasi today

Published

on

New Delhi, April 11: Prime Minister Narendra Modi will visit his parliamentary constituency Varanasi on Friday, during which he will distribute Geographical Indication (GI) certificates for 21 newly registered products of Uttar Pradesh.

Of the 21 recipients, nine are artisans and producers from Varanasi, underscoring the city’s role as a vibrant hub of traditional craftsmanship and cultural heritage.

Padma Shri awardee and GI expert Rajni Kant, who has been instrumental in advancing GI registrations across India, shared his views ahead of the event.

“I am playing a small role in the progress of GI in Banaras and the whole of India,” he said.

“Since the GI Act came into force in 2003, this is the first time in the country that GI certificates will be distributed for 21 products in one event, and that too by the Prime Minister,” Kant said.

He highlighted that with these new inclusions, the total number of GI-tagged products from Uttar Pradesh will reach 77, placing it among the top states in India in terms of GI recognition.

“It’s a proud moment, Kashi alone has 32 GI-tagged products, supporting around 20 lakh people and generating an annual business of about Rs 25,500 crore,” he said.

Emphasising the national impact of the GI movement, he said: “The journey that started in Kashi has now reached Arunachal Pradesh and Andaman and Nicobar Islands.”

Apart from the GI event, PM Modi’s Varanasi visit includes inaugurating a transit hostel at Police Lines, new police barracks in Ramnagar, four rural roads, and beautification works along Shastri Ghat and Samne Ghat.

Additional urban development projects under the Railways and Varanasi Development Authority will also be launched.

A major portion of the Rs 3,880 crore development push will focus on upgrading the city’s power infrastructure, including the construction of 15 new substations, the installation of transformers, and laying 1,500 km of new power lines.

Continue Reading

National

PM Modi calls PM-JAY rollout in Delhi a ‘revolutionary step’ for health sector

Published

on

New Delhi, April 11: Prime Minister Narendra Modi on Friday hailed the rollout of the Ayushman Bharat Pradhan Mantri Jan Aarogya Yojana (PM-JAY) in Delhi as a “revolutionary step” for the national capital’s healthcare sector, enabled by the “double-engine” BJP government.

As the Pradhan Mantri Ayushman Bharat Health Infrastructure Mission (PM-ABHIM), of which PM-JAY is a component, was officially launched in the national capital on Thursday, 19 residents, including 11 women and 8 men, became the first beneficiaries to receive Ayushman Bharat cards under the scheme.

PM Modi praised the implementation and expressed happiness that the people of Delhi will now benefit from the health scheme.

Taking to X, PM Modi wrote, “A revolutionary step related to Delhi’s health sector! This mission of the double-engine government is going to be extremely beneficial for lakhs of my brothers and sisters here. I am very happy that Delhiites will now also be able to get their treatment under the Ayushman Yojana.”

The PM-JAY rollout in Delhi comes just days after a memorandum of understanding (MoU) was signed on April 5, enabling the implementation of the Modi government’s flagship health scheme in the national capital.

With this, Delhi has become the 35th state or Union territory to adopt the Ayushman Bharat scheme.

The AB-PMJAY is a key component of the broader PM-ABHIM framework, which aims to boost public health infrastructure and improve access to quality healthcare across the country.

Launched in 2018, PM-JAY provides an annual health coverage of Rs 5 lakh per family for secondary and tertiary hospital care, targeting economically vulnerable populations. The scheme is the world’s largest government-funded healthcare programme.

The inclusion of Delhi in PM-JAY marks a significant milestone in expanding healthcare access to low-income families in the capital and reducing their financial burden for critical medical treatments.

Continue Reading

National

Vishy Anand puts his weight behind Gukesh ahead of high-stake Norway Chess 2025

Published

on

Mumbai, April 10: The youngest-ever world champion Gukesh Dommaraju will take on Magnus Carlsen – the world’s No. 1 player in a high-stakes contest — in the most highly-anticipated contest in the world of chess at this year’s Norway Chess 2025. The tournament will take place in Stavanger from May 26 to June 6.

Addressing an event hosted by the Norway Chess and Sports Journalists Association of Mumbai (SJAM) in Mumbai, five-time world champion Viswanathan Anand put his weight behind the prodigy from Chennai.

“I expect a very exciting battle. Gukesh will not lack motivation or the determination to go after Magnus Carlsen. But Magnus is also highly motivated by the challenge of playing against our young players. I’ve seen him in multiple tournaments whether it’s Kolkata or the World Rapid Blitz, he eagerly looks forward to these match-ups and so we have the perfect storm. I think we have the right to expect some great battles,” Anand said appearing at the event virtually.

Gukesh, 18, has achieved remarkable success in 2024, winning the Tata Steel Masters, leading India to gold at the Chess Olympiad, dominating the Candidates Tournament, and finally claiming the ultimate prize in classical chess: the World Championship title in Singapore last December.

This year’s Norway Chess will see a star-studded line-up featuring world No.1 and defending champion Magnus Carlsen (Norway), Hikaru Nakamura (USA), Gukesh D. (India), Fabiano Caruana (USA), Arjun Erigaisi (India), and Wei Yi (China) among the men.

The Norway Chess Women will feature reigning four-time Women’s World Champion Ju Wenjun (China), Lei Tingjie (China), Koneru Humpy (India), Anna Muzychuk (Ukraine), Vaishali Rameshbabu (India), and Sarasadat Khademalsharieh (Spain).

Norway Chess and Norway Chess Women, feature the same format, same prize money, and take place in the same playing hall. Both tournaments follow a 6-player double round-robin format.

From his own experience of playing at the Norway Chess, Anand highlighted the reasons behind Norway Chess being different from any other world event under FIDE’s calendar. This year, with the top 5 in the world participating in Norway Chess, the contest promises to be nail-biting for any chess aficionado following the tournament.

“It is one of the premier events in the sport of chess, and since Norway Chess began in 2013, it has kept on evolving very well. They continue to make the tournament very attractive a demonstration of what chess is all about. They always have some extra tweaks to make it very interesting, whether it’s the confessional booth or now the Armageddon. It’s a very innovative tournament, and the levels of competition are simply outstanding,” Anand said.

He further added, “And for Indian chess, the fact that we have four players, says a lot. On the men’s side, Indian chess is as strong as it’s ever been. Even more so obviously due to the depth we have. But it’s great that Koneru Humpy is still competing so successfully and that she’ll be joined by Vaishali as well, which bodes well for us.”

Visiting India to explore partnerships, Kjell Madland, the Managing Director and visionary behind Norway Chess expressed a keenness to expand further.

“Norway Chess is absolutely honoured to be hosting the Gukesh and Magnus clash, especially on the back of Gukesh’s incredible run of form. Both the champions will have a couple of chances to go after each other which bodes very well for Norway Chess,” he said.

“And hopefully, next year, Norway Chess can host this exact fixture in India as well, where there are so many champions. The quality of chess in India over the last ten years has been, and for sure, the sport would be poorer without the Indian champions,” he added.

Continue Reading

Trending