24-yr-old crypto fund manager sentenced to 7.5 yrs in prison in US
Cryptocurrency hedge fund manager Stefan Qin, who lied about returns on his $90 million fund and took money from its accounts to fund personal expenses, has been sentenced to 7.5 years in prison, the US Department of Justice said. The 24-year-old pleaded guilty to one count of securities fraud after prosecutors said he ran the fund like a Ponzi scheme.
CBI court rejects bail pleas of Yes Bank founder’s wife, daughters
A special CBI court rejected the bail applications of the wife and daughters of Yes Bank founder Rana Kapoor and remanded them in judicial custody in the DHFL case. Rana Kapoor, among others, is booked in the case on the charges of criminal conspiracy, cheating and corruption.
Honda’s Japan output falls 60% below plan amid chip shortages
Honda Motor has said that its production lines in Japan are operating at about 40% of its initial plan for the August-September period. The Japanese automaker cited chip shortages and delays in parts shipments due to coronavirus outbreaks overseas as reasons for low output. Earlier, the world’s biggest carmaker Toyota said that it’s cutting annual production target by 300,000 vehicles.
Indian defence supplier Data Patterns nears $100 million IPO filing
Data Patterns (India) Pvt, which supplies electronic systems to the defence and aerospace sector, is preparing to file its draft prospectus for an initial public offering that could raise at least $100 million. The Chennai-based company, backed by former Blackstone Inc. senior fund manager Mathew Cyriac, plans to lodge the listing documents with the Indian securities regulator as soon as next week. They are working with IIFL Securities Ltd. and JM Financial Ltd. to arrange the potential listing.