The Joint Entrance Examination is a gateway to some of the most prestigious colleges in the country, including the Indian Institute of Technology in Mumbai, pictured in December 2021. AFP
The Joint Entrance Examination is a gateway to some of the most prestigious colleges in the country, including the Indian Institute of Technology in Mumbai, pictured in December 2021. AFP
The Joint Entrance Examination is a gateway to some of the most prestigious colleges in the country, including the Indian Institute of Technology in Mumbai, pictured in December 2021. AFP
The Joint Entrance Examination is a gateway to some of the most prestigious colleges in the country, including the Indian Institute of Technology in Mumbai, pictured in December 2021. AFP

India arrests Russian over hacking of engineering exam


Taniya Dutta
  • English
  • Arabic

India’s federal investigating agency has arrested a Russian national on suspicion of hacking software used in a competitive national engineering test.

The Central Bureau of Investigation arrested Mikhail Shargin on Monday as he arrived at Delhi airport from Kazakhstan. His arrest is connected to last year's Joint Entrance Examination paper leak.

The Joint Entrance Examination is one of India's most prestigious and involves candidates seeking admission to bachelor’s degrees at colleges of engineering, technology, architecture and planning.

More than 700,000 students appeared for the Joint Entrance Examination. Fewer than 4 per cent succeeded.

In September 2021, police filed a case against a private company, its directors and three employees and private individuals for manipulating the online exams to help candidates gain admissions in exchange for money.

The bureau earlier arrested seven people, including two directors of a Noida-based private institution, in connection with the case and found the involvement of foreign nationals.

It said that Mr Shargin was suspected to be the person who tampered with the iLeon software, a system used in the exam.

Every year, more than 450,000 students take the Indian Institutes of Technology exam, hoping for entry to the hallowed public engineering institutes. Slightly more than 13,000 passed in 2010, a 3 percent success rate. AP Photo
Every year, more than 450,000 students take the Indian Institutes of Technology exam, hoping for entry to the hallowed public engineering institutes. Slightly more than 13,000 passed in 2010, a 3 percent success rate. AP Photo

“They solved question papers of suspected candidates through remote access from a selected exam centre in Haryana’s Sonepat,” the bureau said.

“It was found that the accused collected the 10th and 12th mark sheets of candidates along with their login details and postdated cheques. They charged approximately one to two million rupees each upon confirmation of admission.”

India, home to more than 6,000 government-approved engineering institutes, produces the world's largest numbers of engineers.

The stream of engineering and technology draws almost 2.4 million students into government and private institutes every year, according to the Human Resource Development Ministry.

The large number of applicants, expensive private colleges and limited seats in government institutes, lead to cut-throat competition.

Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

JERSEY INFO

Red Jersey
General Classification: worn daily, starting from Stage 2, by the leader of the General Classification by time.
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Points Classification: worn daily, starting from Stage 2, by the fastest sprinter, who has obtained the best positions in each stage and intermediate sprints.
White Jersey
Young Rider Classification: worn daily, starting from Stage 2, by the best young rider born after January 1, 1995 in the overall classification by time (U25).
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

COMPANY PROFILE

Name: Lamsa

Founder: Badr Ward

Launched: 2014

Employees: 60

Based: Abu Dhabi

Sector: EdTech

Funding to date: $15 million

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

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Updated: October 04, 2022, 6:55 AM