Black to white: How money becomes legitimate

Black to white: How money becomes legitimate

Moneycontrol News

Renukamata Credit Society, located in one of the oldest areas of Kalbadevi in Mumbai, has seen more than Rs 2,000-crore worth inflow and outflow of cash.

The small group accepts cash deposits of any amount and transfers it to anyone in any city on the depositor’s instructions. They follow a strict ‘no-question policy’ – which means no questions are raised on the funds, depositor or where the funds go.

According to a report in the Economic Times, there are no clues about the identity of the depositors. The IT wing has passed on the details to the Enforcement Directorate (ED) for further investigation. However, tailing it might prove to be a tough task.

The task of keeping these transactions ‘layered’ lies with intermediaries or handlers on the lookout for people, mostly small labourers or workers, who willingly share their personal details for a meagre Rs 2500-3000.

Some deposit slips have initials and first name of people who deposited the cash. But while there is an upper limit of Rs 9 lakh for deposits, there is no limit on number of transactions by an account holder. So multiple transactions worth Rs 9 lakh are common.

There are also no defaults here – the depositors fill e-KYC (know your customer) and admit to depositing the money.

This is not the only branch of Ahmednagar-headquartered Renukamata Society. The Society has various branches across Maharashtra and also in Chennai and Hyderabad.

Chairman, Prashant Bhalero told ET the credit society is registered under the Multi-State Societies Act, 2002.

He said people who want to avail their services have to first become the Society’s member by submitting photo ID, residential proof, thumb imprint and photograph. They also have to pay entry fee and share subscription amount.

Considering these multi-state co-operatives societies are safe haven for money launderers, there have been suggestions to bring them under the newly-introduced statement of financial transactions that record high-value transactions.




Sega Europe has announced today it has acquired Crytek Black Sea and added the studio to the ranks of Halo Wars 2, Total War, and Alien: Isolation developer Creative Assembly, reports

The studio, based in Bulgaria’s capital, will now be called Creative Assembly Sofia.

Crytek Black Sea was established in 2008 after Crytek’s purchase of Black Sea Studios (Knights of Honor, Worldshift). Crytek Black Sea was developing Crytek’s free-to-play MOBA Arena of Fate up until their closure in December 2016. The studio was one of five shuttered by Crytek following a lengthy period of financial strife for the German software company.

“The acquisition of Crytek Black Sea further enhances Sega Europe’s development capabilities and strengthens our ability to output diverse and engaging content for our IP,” said Sega Europe president and COO Jurgen Post, confirming Creative Assembly Sofia will be working exclusively on content for Creative Assembly.

According to Post the studio “will prove an invaluable asset given the multitude of unannounced titles currently in the works.”

With the addition of Creative Assembly Sofia, the global Creative Assembly team has reportedly now grown to over 500 people.

Founded in 1987 Creative Assembly is based in West Sussex, UK. The developer previously operated an overseas branch in Brisbane, Australia but that was re-branded Sega Studios Australia and subsequently closed in 2013.

The recently-released Halo Wars 2 is Creative Assembly’s latest game; you can check out the review here.

[“Source- ign”]

BlackBerry Passport: Wide is the New Black in Smartphones

blackberry passport 6

A square display on a smartphone? That’s what BlackBerry is hoping will help attract old and new users alike to its latest entry in the smartphone arena. And for those dedicated BlackBerry users, this smartphone also features a return to an old-school design, a full QWERTY keyboard separate from that square screen.

For starters, the new BlackBerry Passport features a 4.5-inch square display. That’s right, a perfect square for a display. For those of you who’ve felt limited by the width of a traditional smartphone’s display, this feature should make editing documents or images considerably easier. Below the display is that QWERTY keypad, a hallmark of BlackBerry devices.

This video from the company gives a closer look at the device:

BlackBerry’s Donny Halliwell, Social Media Marketing lead, writes about the keyboard on the Passport in the INSIDE BlackBerry blog:

“The touch-enabled physical keyboard on the BlackBerry Passport blends everything I love about a traditional BlackBerry keyboard (read: the physical keys) and the best aspects of the BlackBerry 10 virtual keyboard, including commands such as ‘Swipe left to delete’ and ‘Flick to type’. On top of that, the keyboard provides fine cursor control and scrolling, which for someone like me who composes blog posts, novel-length emails and a ton of BBMs, comes in very handy.”

BlackBerry is pricing the new Passport smartphone slightly lower than comparable higher-end smartphones on the market today. The Passport is available unlocked from either the BlackBerry website or at for $599. BlackBerry has also confirmed that AT&T is signed on to be the mobile carrier.

The new iPhone 6, which was just released last week, starts at $649.

The Blackberry Passport is standard with 32GB of internal storage, which is about 4-times as much as the standard issue iPhone or Samsung Galaxy smartphones.

The BlackBerry device also has a 13-megapixel OIS camera and its battery will last up to 30 hours, according to the company. The camera has a 5x digital zoom, too. The rear-mounted camera also records 1080p HD video at 60 frames-per-second.

The Blackberry Passport has a 2-megapixel fixed-focus front-facing camera, too. It records video in 720p HD, according to BlackBerry.

The display on the Passport is not HD, however. BlackBerry says the device’s screen resolution is 1440 x 1440 pixels.

Blackberry Passport will run the latest BlackBerry mobile operating system, BlackBerry 10, on a Qualcomm Snapdragon 800 processor with 2.2 GHz quad-core CPUs. The device will be loaded with 3GB of RAM memory and 32GB of Flash memory.

The new smartphone from BlackBerry has a USB 2.0 port that is used for charging the phone or syncing data from it to other devices, like a laptop or tablet.

BlackBerry is also introducing BlackBerry Blend, which allows users of the Blackberry Passport device to transfer the work they’re doing on the phone to a tablet or laptop, and vice versa.

Image: BlackBerry


Black Friday’s Record Sales Driven by Mobile Devices, Finds Report

Black Friday's Record Sales Driven by Mobile Devices, Finds Report

Black Friday’s Record Sales Driven by Mobile Devices, Finds Report
Adobe’s survey estimated sales of $3.05 billion on Black Friday 2016
Mobiles drove the majority of retail sites visits at 56 percent
iOS continued to drive larger sales than Android
In a first, online shopping on Black Friday is estimated to have hit the $3 billion mark in the US with a major chunk of the total sales coming from mobile devices, a report said on Saturday.

Adobe Digital Insights, which has been tracking e-commerce transactions, estimated sales of $3.05 billion (roughly Rs. 20,918 crores) on Black Friday 2016 – up 11.4 percent from the same day last year.

A TechCrunch report, citing the Adobe survey, noted mobiles had a significant impact on the record e-commerce sales on Thanksgiving Day and Black Friday.

“Major retailers, like Amazon, Walmart, Target and eBay, noted that mobile traffic and sales were on the rise,” the report said.

Walmart and Target said the website traffic on Thanksgiving for mobile stood at over 70 percent and 60 percent respectively.

“This trend continued into Black Friday, as the sales event is currently tracking to bring in $1.13 billion (roughly Rs. 7,751 crores) in revenue, which is up 25 percent year-over-year,” the report noted.
In retail stores also, mobiles drove the majority of retail sites visits at 56 percent – most of that (47 percent) was from smartphones, as opposed to tablets (9 percent).
“The negative impact on online shopping we saw following the election has not been fully made up, but consumers are back online and shopping,” Tamara Gaffney, Principal Analyst and Director, Adobe Digital Insights, was quoted as saying.

“As spending ramps up on Black Friday, we are back on track. We still expect Cyber Monday to surpass Black Friday and become the largest online sales day in history with $3.36 billion,” she added.

In addition, iOS continued to drive larger sales than Android. The average order value on iOS devices was $144 compared with $136 on Android.

Adobe also noted this year’s top-selling electronics were Apple iPad tablets, Samsung 4K TVs, the Apple MacBook Air laptops, LG TVs, and Microsoft Xbox consoles.

Tags: Black Friday, Black Friday 2016, Electronics, Mobiles, Smatphones, Tablets, E Commerce, Black Friday Sales