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- ๐จ FIITJEEโs โน206Cr Scam Shakes India (April 28)
๐จ FIITJEEโs โน206Cr Scam Shakes India (April 28)
๐ Good morning, hustlers of the hustle!
Todayโs brew is extra strong โ a little scandal, a little sparkle, and a whole lot of market masala. FIITJEEโs scam is making headlines bigger than any IIT rank list, Big Tech is getting ready to spill the beans, and India's startup scene is buzzing louder than a Mumbai local. ๐โ

Sip slow, scroll steady โ this oneโs loaded! Letโs dive in. ๐
โ Chai Shots
๐จ FIITJEE's โน206 Crore Coaching Scam Shocks India: India's coaching crown jewel, FIITJEE, is under massive scrutiny after ED raids exposed a โน206 crore fraud! Over 14,000 students were charged hefty fees but never got the promised coaching. Cash and gold worth โน5 crore were seized, 32 centres were shut without notice, and lookout circulars were issued against top officials. More scandalous sips in The Big Brew below! ๐ฒ
๐ฅ IndusInd Bank Books โน1,920 Cr Hit Over Derivatives Blunder: After weeks of speculation India's fifth-largest private lender confirmed it will take a โน1,920 crore punch to its FY25 accounts after missteps in its currency derivatives book dating back six years. ๐ฌ After internal and external probes, the bank is fixing accountability and has already pulled the plug on all internal derivative trades since April. Earnings are expected before May 15 โ and you can bet investors will be watching! ๐
๐ฆ Trump's Softer Trade Talk Revs Up Wall Street: After weeks of tariff fireworks, Trump hinted at dialing back duties and backed off firing Fed Chair Powell. Markets cheered, but analysts warn volatility could snap back depending on the week's data drops. Stay tuned! ๐ฏ
๐ Mahindra & Mahindra Shifts Gears with SML Isuzu Deal: Mahindra & Mahindra is putting the pedal to the metal by acquiring a majority 58.96% stake in commercial vehicle maker SML Isuzu for a hefty โน555 crore! ๐ They'll buy 63.62 lakh shares from Sumitomo Corporation and 21.7 lakh shares from Isuzu Motors, both at โน650 apiece.
๐ Market Masala

๐ฎ Markets Enter Cautious Territory: After Fridayโs dip, markets face a nervy week with Nifty needing to hold 23,800 to avoid deeper profit-taking. Mid- and small-caps remain under pressure amid Indo-Pak tensions, while IT stocks shine ๐. Bank Nifty hit a fresh high above 56,000 ๐, but consolidation ahead is likely. Analysts advise a buy-on-dips strategy with tight stop-losses as global cues stay mixed.
๐๏ธ Smooth Rides Ahead: TVS Holdings Kicks Off Succession Plan: Succession planning at TVS Holdings is firing on all cylinders! ๐ Sudarshan Venu, MD of TVS Holdings and TVS Motor, has now officially become a "significant beneficial owner" after a strategic inter-se transfer of shares with his father, Venu Srinivasan.
๐งโโ๏ธ GST Appeals Get a Tech Makeover: Taxpayers, rejoice! The government finally notified the GST Appellate Tribunal (GSTAT) rules, promising faster, digital-first resolution of over 8,100 pending GST disputes. Appeals will now be filed online with transparent timelines, standardized formats, and a 10% deposit rule (capped at โน20 crore).
๐ฅ๏ธ Electronics Boom Incoming: New โน23,000 Cr Scheme: Indiaโs gearing up for a hardware revolution! Applications for the โน23,000-crore Electronics Components Manufacturing Scheme (ECMS) open May 1, aiming to push India's share in global electronics from 3% to 8%. Think bigger local production of PCBs, lithium cells, and camera modules. Firms with strong design chops will get preference โ and the government expects this to generate over 91,000 new jobs and attract โน59,350 crore in investments.
๐ Global Masala
๐ Markets Rally but Trade Jitters Linger: After Trump eased fears about the Fed and China tariffs, stocks jumped with the S&P 500 up 4.5% and Nasdaq soaring 6.6% last week. But with inflation updates and jobs data pending, this rally could still get tested. ๐ข
๐ป Apple, Microsoft, Amazon Gear Up for Earnings Blitz: Buckle up! 180 S&P 500 heavyweights โ including Apple, Meta, Amazon, and Microsoft โ are reporting quarterly earnings this week. With markets still sensitive to tariff tantrums and inflation fears, this earnings wave could set the tone for summer trading. ๐
๐ Toyota Considers $42B Shakeup: Toyota Motor is weighing a partial investment in a possible $42 billion buyout of Toyota Industries, its key parts supplier. ๐๏ธ No final decision yet, but the move could unwind old-school cross-shareholdings and boost governance. Toyota Industries, which makes everything from engines to forklifts, denied receiving a formal offer โ so the plot thickens! ๐ฌ
๐ง Looking at the Week Ahead Globally:
๐ April jobs report: Critical for rate cut hopes.
๐งฎ Fresh inflation data could change market mood instantly.
๐ฅ Any renewed escalation in US-China trade tensions could pull stocks back.
โ The Big Brew: FIITJEEโs Coaching Empire Crumbles in โน206 Crore Scandal
One of Indiaโs most prestigious coaching institutes is now at the centre of a jaw-dropping financial scandal. Here's what brewed up:
๐ฆ Massive Money Grab: FIITJEE collected โน250.2 crore from 14,411 students between 2025-2029, promising coaching services that were never delivered.
๐โโ๏ธ Abrupt Closures: 32 coaching centres across Delhi, NCR, Mumbai, and Tier-2 cities were shut overnight, leaving thousands of IIT aspirants midstream with no classes and unpaid faculty.
๐ต Funds Diverted: ED investigations reveal โน206 crore was siphoned off for personal and unauthorized uses instead of running the coaching programs.
๐ต๏ธ Raids and Seizures: Searches at seven locations led to the recovery of โน10 lakh cash and โน4.89 crore worth of gold jewelry, plus "incriminating" digital evidence.
โ๏ธ Lookout Circulars (LOCs) Issued: Police issued LOCs against four FIITJEE top executives, preventing them from leaving the country while investigations continue.
๐ 48 Suspicious Bank Accounts Under Probe: Investigators are combing through dozens of bank accounts linked to FIITJEE's management for evidence of fund diversion.
๐จโโ๏ธ Legal Avalanche: Multiple FIRs filed across Delhi, Lucknow, Noida, Bhopal, and other cities accuse the management of financial fraud, breach of trust, and educational malpractice.
What Does This Mean?
๐ The scandal exposes how vulnerable India's booming coaching industry remains to regulatory gaps. Stricter oversight and mandatory financial disclosures may be on the horizon to protect students and rebuild trust. ๐
๐ Startup Scoop
โก Ola Electric in Hot Water Over Missing Trade Certificates: Ola Electric has been slapped with a show-cause notice demanding full disclosure on store counts, vehicle stocks, and past trade certificates. Maharashtra authorities are also reportedly prepping to shut over 100 Ola showrooms due to compliance issues. Shares of Ola Electric slid over 5% after the news. ๐
๐ฐ Peak XV Eyes $1.4 Billion for New Early-Stage Fund: Post-rebrand, Peak XV Partners is raising a fresh fund focused on India and Southeast Asia. The move comes as several portfolio startups โ including Meesho, Groww, and Zetwerk โ prepare to go public. ๐
๐ซ Phab Snacks Secures $2M to Expand Healthy Indulgences: Nutritionist-led brand phab raised $2 million to scale its protein bars, shakes, and guilt-free snacks. Founded by the duo behind Hocco, phab is on a mission to make healthy snacking fun and flavor-packed. ๐ฅณ
๐ง Boult Audioโs Profits Dip Despite Sales Boom: Boult Audio saw revenue jump 41% to โน702 crore, but net profit fell 37% due to soaring material and marketing costs. The brand remains proudly bootstrapped but is feeling the heat of India's electronics war. ๐ฅ
๐๏ธ Amazon Pumps โน350 Cr into Amazon Pay India: With a payment aggregator license secured, Amazon is investing big to chase UPI dominance and take on PhonePe and Google Pay. Expect Amazon Pay to go full throttle on new features and merchant expansions. ๐ฒ
๐ง Chai Break Trivia
โ Did you know:
India's rural shoppers now contribute more to FMCG sales than urban consumers!
Brands are doubling down on rural markets where demand for premium goods like health foods and beauty products is growing fast. ๐
๐ฎ What's Brewing Next?
๐ฅ๏ธ Apple, Meta, Amazon, Microsoft earnings galore โ brace for tech turbulence!
๐ต Thatโs it for todayโs masala-packed brew!
From coaching scams to Big Tech earnings, this week is serving up drama faster than a Mumbai chaiwala at rush hour. Stay sharp, stay hustling โ and remember, the spiciest stories are always one cup away. โ๐ฌ

Catch you tomorrow! ๐
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