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Bureau Introduces ‘Money Mule Score’ to Tackle Rising Identity Theft in the BFSI Segment

29th July 2024  Mumbai, Maharashtra, India  Bureau, a pioneering fraud and identity decisioning platform, has introduced ‘Money Mule Score,’ a cutting-edge solution that empowers financial institutions, NBFCs, and fintech companies to proactively detect potential money mules during user onboarding. The solution provides a holistic risk assessment, which goes beyond traditional KYC processes to detect and prevent mule accounts, thereby protecting businesses and their customers.

Money mule fraud has become a critical threat to global financial security. As per NASDAQ’s Global Financial Crime Report 2024, among anti-financial crime professionals surveyed, 47% listed money mule activity as a major concern, placing it second only to real-time payment fraud. The traditional KYC-AML processes prove ineffective, as they are static, creating gaps that sophisticated criminals can exploit.

Money Mule Score is built on the Bureau’s proprietary Link Analysis that utilizes advanced machine learning and analytics to assess users’ risk indicators, beyond the traditional KYC process. It incorporates the Bureau’s extensive domain expertise across email, phone, social media, and device intelligence which analyses users’ legitimacy through device fingerprints, behavioral patterns, and historical data, and flagging potential high-risk users right at the onboarding stage. The solution integrates seamlessly into companies’ existing onboarding processes, ensuring a smooth experience for legitimate users.

Ranjan R Reddy, Founder & CEO, Bureau – “Fraud, and online financial crime is a growing menace in India, which puts trust between digital platforms, their customers, and regulators in jeopardy. Money mule accounts and activity is the fastest growing fraud trend, and Bureau is uniquely placed to help with our proprietary technology, data, and insights. Our money mule score identifies potential mule accounts in real-time at onboarding, as well as detect existing accounts and activity that are suspicious. We have seen great success in deploying industry specific machine learning models, and link analysis that have led to detecting over 500k mule accounts, protecting over $100m of financial activity.”

“Bureau’s Money mule score is a significant step towards eliminating cyber fraud, and enabling safe and secure financial access.”

Bureau’s partnership with a leading Indian bank for the deployment of Money Mule Score led to a 60% uplift in money mule detection as compared to the bank’s existing KYC process. These early mule detections enabled the bank to prevent potential fraud losses of over $43 million within the first six months of using the solution.

With this success, Bureau has officially launched a solution for companies across the spectrum of digital banking, to detect and block potential money mules before they can cause damage. Financial services providers are encouraged to contact Bureau for a demo to learn how Money Mule Score can bolster their fraud prevention strategies.

Elan Malls: Your Go-To Destination with Endless Possibilities of Retail & Leisure

29th July 2024  Gurugram, Haryana, India  In the ever-evolving landscape of commercial real estate, Elan Malls have emerged as the epitome of luxury, convenience, and comprehensive urban living. The flagship projects, Elan Mercado and Elan Town Centre have redefined the concept of a shopping destination by seamlessly blending retail, top-notch food experiences, luxury service apartments, and world-class entertainment facilities. These developments go beyond the conventional retail experience, transforming into vibrant hubs that cater to various needs and desires, making them the perfect one-stop destinations for families, professionals, and leisure seekers alike.

Elan Mercado – Where Luxury Meets Convenience

Nestled in the heart of New Gurugram in Sector 80, Elan Mercado stands tall as a modern fusion of retail, high-street retail, luxury service apartments, and a state-of-the-art PVR Multiplex. Elan Mercado is the go-to food destination on NH8. The strategic location and open accessibility to Delhi, Jaipur, and main Gurugram make it a prime spot for top global brands seeking a hospitality and retail haven. The key features and amenities of Elan Mercado make it a standout in the commercial real estate sector. Premium retail shops showcase a curated selection of top-tier brands, while the salubrious food court invites patrons to savour a diverse range of culinary delights.

Meticulously planned service apartments provide a luxurious stay option for those looking for a blend of comfort and sophistication. The 5 silver screens multiplex adds an entertainment quotient, offering the latest in cinematic experiences. Fine dining restaurants, multi-cuisine outlets, and cafes create a gastronomic haven within the premises. What sets Elan Mercado apart is its commitment to offering a holistic experience. It’s not just a place to shop; it’s a destination where visitors can immerse themselves in a world of luxury, entertainment, and indulgence. The fusion of retail, dining, and entertainment under one roof makes it a convenient and comprehensive choice for those seeking an all-encompassing urban lifestyle.

Elan Town Centre – The Elegant Retail Gateway

As the most sought-after commercial property in Gurgaon, Elan Town Centre at Sector 67, main Sohna Road, exemplifies the concept of high-street retail with double-height shops, a plush food court, and a PVR Multiplex. Surrounded by luxury residential townships, IT parks, SEZs, international schools, and universities along the main Sohna Road, it caters to families and business professionals alike. The easy access from the Golf Course Extension Road, NPR, and SPR positions it as a preferred investment option.

Elan Town Centre’s features and amenities further enhance its appeal. Double-height retail shops provide a unique shopping experience, while the salubrious food court offers a variety of culinary options. The 4 silver screen multiplex showcases the latest movies, while the premium flea market adds a touch of uniqueness to the overall shopping experience. Fine dining restaurants and a vibrant mix of retail outlets create an environment that resonates with a diverse audience. In all, Elan Town Centre seamlessly integrates into the daily lives of the community it serves.

A One-Stop Destination – All Customer Needs Fulfilled Under One Roof

What makes Elan Malls truly stand out is its ability to serve as a one-stop destination for a plethora of needs and desires. Whether you’re looking for high-end fashion, a gourmet dining experience, or the latest blockbuster, Elan Mercado and Elan Town Centre have it all. The comprehensive nature of these luxury malls eliminates the need for patrons to hop between various locations, providing a convenient and time-efficient solution for their diverse requirements.

For families, Elan Malls offers the perfect weekend getaway. With luxury service apartments, fine dining options, and a variety of entertainment choices, families can create memorable experiences without leaving the premises. Also, professionals working in the vicinity find a haven where they can seamlessly transition from work to leisure.

Looking towards bright future horizons, Elan Malls have reshaped the shopping, food, and entertainment experiences in the Delhi NCR region. Elan Mercado and Elan Town Centre showcase the future of commercial real estate, a future where luxury, convenience, and comprehensiveness come together to create a one-stop destination and a weekend getaway for all. As these developments continue to evolve, they set a benchmark for the industry, offering a glimpse into the transformative power of luxury malls in shaping the urban landscape.

Bajaj Finserv Direct Limited Appraised at CMMI Level 3

29th July 2024  Pune, Maharashtra, India  Bajaj Finserv Direct Limited, a subsidiary of Bajaj Finserv, has been appraised at Level 3 of ISACA’s Capability Maturity Model Integration (CMMI). The company has achieved appraisal at a Maturity Level 3 for both CMMI-DEV (for development) and CMMI-SVC (service delivery).

An appraisal at maturity level 3 indicates that Bajaj Finserv Direct Limited is performing at a “defined” level. At this level, processes are well characterized and understood and are described in standards, procedures, tools, and methods.

The organization’s set of standard processes, which is the basis for Maturity Level 3, is established and improved over time. This translates to a systematic approach to creating outstanding products and services.

Bajaj Finserv Direct Limited appraised at Maturity Level 3 of CMMI translates to organization-wide standards that guide projects, programs, and portfolios. With this certification, Bajaj Finserv Direct Limited can continue to provide quality services, reduce overall costs, increase efficiency, and provide greater customer satisfaction.

NRIs Drive Punjab’s Real Estate Boom: Developers Eye Record Growth

29th July 2024  Delhi, India  The picturesque state of Punjab is witnessing a remarkable surge in its real estate sector, fueled largely by a significant influx of investments from Non-Resident Indians (NRIs). Financial inflows into the state’s property market have reached unprecedented levels, marking a new era of growth and development for the region.

Simplified Taxes and indexation Benefits are Prompting NRIs to invest more in real estate back home. Prominent real estate developers in Punjab are upbeat about this flourishing trend, highlighting the immense potential and opportunities it brings. Here’s what they had to say:

Mr. Prateek Mittal, Executive Director, Sushma Group:

“Our company has seen a substantial increase in interest from NRIs, particularly in our luxury residential projects. The demand for premium homes with modern amenities is at an all-time high, We’re seeing more inquiries than ever for Holiday homes, Today’s buyer is seeking expansive living areas bathed in natural light, they are not after land but a certain lifestyle and we are committed to delivering exceptional living spaces that meet the discerning tastes of our NRI clientele.”

Mr. Mukul Bansal, Managing Director, Motiaz:

“Punjab’s real estate market is experiencing rejuvenation, thanks to the enthusiastic participation of NRIs. We have witnessed a surge in investments in both residential and commercial properties. According to recent reports, NRI residential sales have increased from 11 per cent to 15 per cent in a short span, a sign of growing confidence in India’s real estate market. The state’s strategic location and growing infrastructure make it an attractive destination for property buyers.”

Mr. Piyush Kansal, Executive Director, Royale Estate Group:

“The NRI community’s trust in Punjab’s real estate market is evident through their substantial investments. There’s a surge in NRI investment across our projects. We are focused on creating value-driven projects that resonate with their aspirations. Our upcoming mixed-use development has garnered significant interest from NRIs looking for lucrative investment opportunities. “

Mr. Tejpreet Singh, Managing Director, Gillco:

“The landscape of Punjab’s real estate is evolving, driven by the aspirations of NRIs seeking a slice of their homeland. NRI investments in Indian real estate have surged to a record high of $8.47 billion in the financial year 2023-24. Our integrated townships and commercial projects have been met with great enthusiasm from NRIs, who see Punjab as a thriving hub for growth. Our investors have witnessed returns as high as 30% on their investments with Gillco Group. We are committed to shaping the future of Punjab’s real estate sector.”

With Punjab’s real estate market poised for exponential growth, developers are gearing up to meet the demand for premium properties, innovative designs, and world-class amenities. The infusion of NRI investments promises to redefine the skyline of Punjab, creating vibrant urban spaces and luxurious living experiences for residents and investors alike.

As the state embarks on this exciting journey of development, one thing remains clear—the partnership between NRIs and Punjab’s real estate developers is set to script a success story that resonates far and wide.

Nima Sulaiman Joins HiLITE Group Board, Gifted Porsche by Father

29th July 2024  Calicut, Kerala, India  In a move signaling a generational shift in leadership and a commitment to empowering women in the business world, Nima Sulaiman, daughter of HiLITE Group Chairman P. Sulaiman, has been welcomed onto the board of directors with a stunning gesture—a Porsche car worth INR 3 crore.

At just 18, Nima began her journey with HiLITE Group as a customer service trainee at Hug a Mug Cafe. From there, she transitioned to management roles, showcasing her talent and dedication. With a B.Sc in Economics from the University of London in Singapore, Nima brings a unique blend of academic prowess and practical experience to her new position.

As the Director of HiLITE Urban, a subsidiary of HiLITE Group, Nima is poised to continue the company’s legacy of excellence in construction and development. With a focus on providing quality living spaces and international standards in India, HiLITE Group has been instrumental in transforming Kozhikode city with its innovative projects that include premium residential buildings, ultra-modern business parks, state-of-the-art malls and world-class entertainment theaters.

Group Chairman P. Sulaiman expressed his sentiments regarding his daughter’s recent appointment within the Group, stating, “I am immensely proud of Nima’s accomplishments and firmly believe that she is capable to take on greater responsiblities. HiLITE Group has always shed light on the significance of acknowledging and empowering women in leadership positions.” He further emphasized that, “the emotional intelligence that women bring to the table is pivotal for fostering effective leadership and establishing trust.”

Nima, in turn, expressed her gratitude for the opportunity and her eagerness to contribute to the group’s success. “Inspired by my experiences visiting renowned malls worldwide, I strive to enrich the atmosphere of HiLITE malls and other projects, infusing them with vibrancy and youthfulness,” Nima said.

The appointment of Nima Sulaiman to the board of directors represents a significant milestone for HiLITE Group and a testament to the company’s commitment to innovation and inclusivity in the business world. As Nima takes on her new role, she stands as a beacon of inspiration for young women entrepreneurs in South India and beyond.

Markus Pinter Joins RevoQuant AI as General Manager for Middle East and Africa

29th July 2024  Jodhpur, Rajasthan, India  RevoQuant AI, a leader in harnessing Big Data Analytics and Machine Learning Models to empower collaborative thinking within businesses, today announced a significant milestone with the appointment of Markus Pinter as General Manager – Middle East and Africa. Mr. Pinter joins RevoQuant AI not only in a leadership role but also as a strategic investor, demonstrating his strong belief in the company’s vision and future.

“We are thrilled to welcome Markus Pinter to the RevoQuant AI team,” said Kapil Soni, CEO of RevoQuant AI. “His extensive experience leading and growing businesses in international markets, coupled with his proven track record of fostering collaboration and achieving sustainable success, makes him an invaluable asset. Markus’s strategic investment further validates our approach and fuels our excitement for the immense potential we have together.”

Mr. Pinter brings over 32 years of professional experience, including more than 20 years spent working internationally across diverse geographies and cultures. Throughout his career, he has consistently delivered impressive results, driving steady business growth, increasing profitability, and establishing strong compliance cultures within the organisations he has led.

His expertise encompasses implementing major restructuring programs, centralising finance functions, optimising business models, and creating legal structures.

“I am incredibly excited to join RevoQuant AI at this pivotal moment in the company’s journey,” said Markus Pinter. “The opportunity to leverage my experience in a technology-driven company that fosters collaborative thinking and empowers businesses to achieve more is truly inspiring. I am confident that my strategic vision and collaborative approach will perfectly complement the RevoQuant AI team, and I look forward to contributing to the company’s continued growth and success in the Middle East and Africa region.”

With Mr. Pinter’s leadership and strategic investment, RevoQuant AI is poised for significant expansion and impact in the Middle East and Africa. His expertise and collaborative spirit will be instrumental in shaping the future of the company and achieving its ambitious goals.

Wheebox India Skills Report 2025 Rolls Out to 500+ Vice Chancellors at AIU’s 98th Annual General Meeting in Hyderabad

29th July 2024  Hyderabad, Telangana, India  Wheebox ETS, a leading provider of talent assessment and remote proctoring services, presented ‘India Skills Report’ with the theme “Global Skills Mobility-India’s Decade” at the Association of Indian Universities (AIU) 98th Annual General Meeting (AGM) and National Seminar of Vice Chancellors. The event, themed “Higher Education @ 2047,” started on April 15th and ends on 17th, 2024, in Leonia Holistic Destination, Shamirpet, Hyderabad.

The AIU AGM serves as a significant milestone in the Indian higher education landscape. It acts as a platform for highlighting progress in the education and skills development sectors throughout the previous year, as well as informing participants about crucial inputs from other social opportunities. Representatives from the Ministry of Education (MoE), the Ministry of Youth Affairs and Sports, as well as the heads of apex bodies, councils, and other higher education stakeholders attend the inaugural ceremony.

Speaking on the event, Dr (Mrs.) Mittal, Secretary General, Association of Indian Universities, said, “We are extremely happy to kick off the 98th Annual General Meeting of the Association of Indian Universities, which promises to be a watershed moment in our country’s higher education history. The different workshops planned will surely help students throughout the Indian subcontinent. The Wheebox ETS Global Employability Test is particularly remarkable, as it fully coincides with our goals of improving educational courses and boosting skill development. Through efforts like this, we can discover and nurture the future workforce, paving the path for a brighter and more prosperous future for our country.”

“We are thrilled to present the Wheebox ETS Global Employability Test at the AIU’s Annual General Meeting. Wheebox ETS, a proud subsidiary of the Educational Testing Service (ETS), offers dependable and secure solutions to help institutions test and improve their students’ skill sets. This event demonstrates our constant commitment to enabling educational institutions to develop potential and build future leaders. We think that by providing students with the required skills, we are establishing the framework for their long-term success in the ever-changing global landscape,” Nirmal Singh, CEO, Wheebox ETS.

Wheebox ETS’s Senior Vice President of Public Sector & Public Policy Affairs, Mr. Praveen Dwivedi, captivated audiences with a compelling session focused on skilling and hiring, emphasizing the importance of employability tests.

The event aims to draw attention to the Wheebox Global Employability Test. Wheebox ETS, a subsidiary of the Educational Testing Service (ETS), the world’s largest nonprofit organization for educational assessment, remains committed to providing dependable and secure solutions that enable institutions to assess and improve their students’ skill sets, paving the way for their future success.

Drivio, Secures Pre-seed Investment from GSF, DHFO and Prominent Fintech Founders

29th July 2024  Gurgaon, Haryana, India  Drivio, a tech-enabled platform revolutionizing lending in the Indian two-wheeler market, has closed a pre-seed investment round of an undisclosed amount led by key industry players Rajesh Sawhney and Niyaz Laiq of GSF, Dinesh Hinduja Family Office and Avinash Kumar of Credenc.

Joining the investment round are a distinguished group of angel investors and fintech founders, including Dinesh Agarwal and Dinesh Gulati of Indiamart, Murugavel Janakiraman of Bharat Matrimony, Ankit Agarwal of InsuranceDekho, Gaurav Kapur of Oaktree Sports, Ashish Sehgal of ZEEL, Rameshwar Gupta of Ambak, Himanshu Tyagi of Witness Chain, Vivek Pillai of Alteria Capital, Sahil Chalana of Collegedunia, and Vibhor Sahare of ANS Commerce.

Founded by Saurabh Tripathi, Ankur Bhardwaj, and Arvind Yadav, Drivio aims to streamline the two-wheeler lending market in India through innovative technology solutions. This latest round of funding follows an initial investment of USD 1 million from Karini Ventures and Vansun Capital.

CEO and Co-founder Saurabh Tripathi expressed excitement about Drivio’s future prospects, stating, “The Indian two-wheeler lending market is poised for significant growth, from its current levels of USD 10 billion to at least 3x over the next 5 years. Around USD 25 billion of financing will be required to support this growth. Drivio is dedicated to leveraging technology to revolutionize automotive lending, addressing critical pain points for dealers, lenders, and customers.”

Niyaz Laiq, Partner at GSF, stated, “We are thrilled to invest in Drivio, as Saurabh, Ankur and Arvind build out India’s pre-eminent two-wheeler financing platform. From our first meeting, we were struck by the founders’ decades of experience across the motor vehicle space. Drivio’s platform is a win-win for the entire two-wheeler ecosystem: democratizing access to finance for consumers across small towns who may not traditionally get a loan, consistently driving up revenue growth for its dealer network, and providing lenders on-ground presence across India’s small and medium dealers.”

The fresh infusion of capital will enable Drivio to expand its footprint across tier 2 and 3 cities, as well as drive further innovation in product development and technology. The company plans to forge deeper integrations with a broader network of lenders to enhance its offerings and better serve its growing customer base.

Explore Investment Opportunities for the New Financial Year on Bajaj Markets

29th July 2024  Pune, Maharashtra, India  The start of the new financial year is a good time for investors to re-evaluate their investment strategies. This is where a digital financial marketplace, like Bajaj Markets, comes in handy. It offers a range of financial products, including investments.

As individuals revisit their investment portfolios and identify rebalancing opportunities, they could browse tax-saving tools, and retirement schemes, or invest in stocks from foreign markets. On Bajaj Markets, investors can choose from the below-listed investment products:

1. Fixed Deposits

• Flexible Interest Payout: Choose from monthly, quarterly, half-yearly, or at maturity interest payout intervals
• Tax Benefits: Consider tax-saver FDs to claim deductions up to Rs. 1.50 Lakhs per financial year u/s 80C of the Income Tax Act, 1961

2. Mutual Funds

• Regular Investments: Make affordable and consistent investments through Systematic Investment Plans (SIPs)
• Expert Management: Benefit from the expertise of professional fund managers who manage the fund’s investment strategy

3. Demat Account

• Secure Storage: Safely store shares and securities electronically
• Seamless Trading: Buy and sell shares conveniently

4. Bonds

• Reliable Income: Receive interest payments at regular intervals
• Tax-saving Advantage: Interest income earned from these bonds are tax-free under Section 10(15)

5. National Pension Scheme (NPS)

• Retirement Planning: Individuals can start saving for their golden years with NPS
• Tax Deductions: Enjoy tax benefits of up to 10% of salary (Section 80CCD) or Rs. 50,000 (Section 80 CCD(1B))

6. Sovereign Gold Bond

• Gold Investment Simplified: Invest in gold without the hassle of physical storage
• Assured Returns: Earn guaranteed additional interest of 2.5% p.a. on investments

7. US Stocks

• Global Diversification: Expand investment portfolio beyond domestic markets with exposure to US stocks
• Fractional Shares: Option to invest small amounts in expensive shares and ETFs, making it accessible for all investors

Besides investments, individuals can also browse other financial products such as insurance, loans, and credit cards. Simply download the Bajaj Markets app or visit the website.

KONE India Strengthens Presence in Bangalore; Opens New Centre for Stronger Customer Connect

29th July 2024  Bengaluru, Karnataka, India  KONE Elevator India, a fully owned subsidiary of KONE Corporation, is further strengthening its position as a leader in innovation and safety in the industry, by expanding its presence and setting up a new office in Bengaluru – ‘the Silicon Valley of India’.

Located at Abhaya Heights, Bannerghatta Road, J.P. Nagar, Bengaluru, this new office will further enable the brand to get even closer to the customers in the locality, in addition to the existing customer-centric office at HRBR Layout, Keshava Nagar, Bengaluru.

India plays an important role for KONE in its global strategy, given the large investments it has made in the Indian market over the years.

The new office in J.P. Nagar, Bengaluru, covers all aspects such as, sales, installation, service, and Modernisation, to support increasing customer demand and expectations in the city and deliver exceptional value for the customers. With the customer experience center at the new office, customers can now walk in and get a firsthand experience of KONE products and services. The company also has an extremely strong connection in the southern part of Karnataka, with a sales and service office in Bejai, Mangaluru.

Mr. Amit Gossain, Managing Director, KONE Elevators India said, “Karnataka is an important market for us, and we are excited to expand our presence here. With our new office and the increased workforce, we aim to get even closer to our customers and strengthen our relationships with them. We are committed to providing innovative and sustainable solutions that meet the evolving needs of our customers. In the coming years, the country will have even bigger focus on urban development and our workforce is well equipped to lead this technological advancement and infrastructure development.”

KONE, a global leader in the elevator and escalator industry, has been among the most innovative companies in the world eight times by Forbes. Innovation methods that allow co-creation with their customers and partners are at the core of KONE’s research, conception, as well as new products and services creation. They use new integrated technologies and connectivity to set new standards for customer service.

Over 110 years of innovation and collaboration for the best people flow experience has led to game-changing innovations as KONE 24/7 Connected Services, which brings artificial intelligence to maintenance, as well as KONE DX Class elevators, the world’s first digitally connected elevators. Supporting the mission of sustainable smart cities through enhanced eco-efficiency, performance, specialized people flow planning, and innovative technologies, KONE is helping the buildings turn smarter. At the heart of smart cities are intelligent buildings.

The firm takes pride in being the front-runner in sustainability, innovation, and technology in the elevator and escalator industry. Innovation is at the heart of KONE’s business, and the company has also been constantly investing in research and development to bring cutting-edge solutions to the market. By harnessing indigenous innovation, technology, and talent, the company has also started producing escalators from its state-of-the-art manufacturing facility in Sriperumbudur, Chennai.