🕵️‍♂️ India’s Cyber Scam Empire Just Got Raided

🌞 Good Morning, Masala Readers!

🫖 Chai Shots

• 🕵️‍♂️ India’s biggest cyber fraud bust: The CBI uncovered 8.5 lakh mule accounts tied to cybercrimes like phishing, fake jobs, and sextortion. Operated across 700+ bank branches, this massive network has led to nine arrests. More in the Big Brew 👇

• 📦 Nexus exits Delhivery: Nexus Venture Partners sold 1.2 crore shares of logistics firm Delhivery for ₹461 crore via block deals. Top buyers included Morgan Stanley Asia, Axis MF, Citigroup, and HDFC.

• 🇮🇳 India brings the hammer down on dumping: To shield local industry, India has imposed five-year anti-dumping duties on six Chinese imports—including key chemicals like Acetonitrile, Vitamin-A Palmitate, and PEDA—used in pharma, agriculture, and manufacturing. The move, based on recommendations from the DGTR, aims to curb unfair pricing and reduce India's growing $99B trade deficit with China.

• 🇺🇸 Tariff hike on hold?: Trump may delay the July 9 deadline for higher import tariffs. Positive trade negotiations are underway, and a deal might trump the deadline.

📈 Market Masala

• 📈 Markets fly high for Day 3: Indian equities soared for a third straight session as West Asia tensions cooled. The Sensex jumped 1,000 points, driven by heavyweights like HDFC Bank, Reliance, ICICI Bank, and Tata Steel. Investor optimism surged on the back of global calm, lighter oil prices, and strong institutional buying.

• 🏦 Sector surge + bank boost: Gains were broad-based—10 of 13 sectoral indices rose, with Nifty Metal up 2.3% and Nifty Bank hitting a record high of 57,206. Even mid and small caps joined the party. FIIs stayed cautious, but domestic institutions turned bullish, betting big on banks, realty, and auto as liquidity improves and the rupee strengthens.

• 📜 Insurer slapped with ₹2,298 Cr GST demand: New India Assurance received a show cause notice for underpaid GST spanning five years. The firm claims no material impact, but stock dipped ahead of the announcement

• 💣 India’s defence exports in demand: Reliance bagged a ₹600 Cr deal from Germany, adding to India’s target of ₹50,000 Cr in defence exports by 2029.

• 📑 SEBI cracks down on passive breaches: All passive portfolio breaches in active mutual funds—beyond just asset allocation—must now be rebalanced within 30 business days.

🌍 Global Masala

• 🇺🇸 Wall Street inches toward history: The S&P 500 and Nasdaq closed just shy of new records as easing tariff jitters, strong job data, and AI-fueled tech gains lifted U.S. stocks. A White House hint that Trump’s July tariff hikes might be delayed added fuel, helping the S&P 500 jump 0.8% and Nasdaq climb 0.97%, with Nvidia and Meta leading the charge.

• 🇪🇺 Europe defends its rally: NATO’s decision to boost defence spending to 5% of GDP sent stocks of Rheinmetall, Avio, and Saab soaring. The Stoxx 600 rose modestly, led by miners and defence firms, while Germany’s DAX gained 0.6%. A £833M UK gas-power deal and a $1.1B Japanese auto-tech sale also spiced up trading across the continent.

• 🇬🇧 Starling flaps toward America: UK’s Starling Bank is looking to buy a US lender with $2B in assets. It’s already registered in Delaware and is building a local team. Rivals like Revolut and Monzo still lag.

☕ The Big Brew — Bullet Edition🕵️‍♀️ CBI Busts Massive Cyber Fraud Network Using 8.5 Lakh Mule Accounts

The CBI uncovered a web of 8.5 lakh fake bank accounts linked to online scams like phishing, sextortion, and job frauds.

• 🏦 Accounts everywhere: These mule accounts were spread across 700+ branches, often opened using stolen documents or shady internal collusion.

• 👮‍♂️ Nine arrests made: So far, nine individuals are behind bars, but the scale of the fraud suggests many more may be involved across institutions.

• 🧾 What’s a mule account?: These are bank accounts used to transfer or launder money obtained illegally, often without the real account holder’s knowledge—or with their passive consent.

• 🔎 Regulatory reaction: This case will likely push for inter-bank fraud monitoring and tougher penalties for internal collusion in banks.

🇮🇳 Big picture: As India races to become a digital-first economy, cybersecurity and user awareness need to keep pace—or fraud will fill the gap.

🚀 Startup Scoop

• 🏠 StayVista’s luxury leap: The premium villa rental startup bagged over ₹40 crore in a Series B round led by JSW Ventures. Plans? Enter new markets and dial up the luxe.

• 👨‍⚖️ Anupam Mittal gets legal relief: The Supreme Court stayed a cheating case against Shaadi.com’s founder. The issue? A scammer used the platform to impersonate a politician and defraud a user.

• 🛒 ShopOS goes global: AI-powered tools for e-commerce just got a ₹167 crore boost from Binny Bansal’s 3STATE Ventures. Plans include scaling across continents.

• ✈️ Raphe mPhibr’s historic raise: The defence-tech startup’s $100M haul is the largest in Indian aerospace history. Its UAVs are already being used by Indian forces, with more under testing.

🔍 What’s Brewing Next?

• 🔄 FPI flows to shift soon?: With Q1 ending, foreign investors may rebalance portfolios—keep an eye on banks, autos, and infra.

🧠 Chai Break Trivia

Pufferfish inflate by gulping water (not air!) and can expand up to three times their size. Nature’s original balloon animal 🎈🐡

🌶️ That’s a Wrap!

If this newsletter were a spice rack, today’s would’ve been a heady mix of economic masala, startup zing, and just the right dash of global flavor. Whether you’re team equities or team e-commerce, we hope your Friday finishes strong and your chai stays hot.

Until tomorrow—sip back, relax, and enjoy the weekend vibes. ✌️