NRI Top Stories ( Page 2 of 32 )

All about Jay Chaudhry whose net worth is 11 Billion USD July 20, 2024 10:58

Jay Chaudhry, the 65-year-old founder and CEO of the cloud security giant Zscaler, is estimated to have a net worth of more than $11 billion. Surprisingly, he claims to have never truly cared about accumulating wealth. This mindset, ironically, is what helped him become a billionaire. Chaudhry, who grew up in a small village in rural India, explains that he never had money during his early years, so the idea of amassing wealth was never a priority. This perspective, he believes, was instrumental in his decision to become an entrepreneur. In 1997, Chaudhry and his wife Jyoti quit their jobs and invested their life savings, approximately $500,000, into a cybersecurity startup called SecureIT. They recognized an opportunity to establish a foothold in the burgeoning internet industry. Undeterred by the possibility of losing their savings, the couple's "pretty simple" lifestyle, which involved minimal spending, gave them the confidence to take the risk. They were also convinced that they could find new jobs if their startup venture failed, a mindset Chaudhry attributes to his family upbringing, which "never changed." Some individuals who acquire substantial wealth often feel compelled to indulge in extravagant purchases, such as multiple homes, boats, and planes. However, the 65-year-old entrepreneur finds this type of behavior to be a burdensome distraction. The couple worked collaboratively to establish their companies, with Mr. Chaudhry serving as the chief executive officer while his wife oversaw the financial, operational, and human resources aspects in the initial stages. Less than two years after launching SecureIT, they sold the company for approximately $70 million in stock. Using a portion of those proceeds, the couple founded several additional businesses, eventually investing around $50 million to establish Zscaler in 2007. The company went public in 2018 and is currently valued at approximately $29 billion. The billionaire attributes his prudent approach to wealth management as a key factor in his ability to make strategic, long-term business decisions. He has observed that individuals who raise significant capital often invest in lavish office spaces and unnecessary luxuries, whereas using one's own funds instills a more responsible and thoughtful approach to business operations. "Mr. Chaudhry proposed that we take a chance and commit to this project together," he said conclusively.

Indian-American Man's Rs 8,300 Crore Fraud shakes USA July 02, 2024 07:59

An Indian-American entrepreneur, Rishi Shah, the former multimillionaire co-founder of Outcome Health, has been sentenced to seven and a half years in prison by a US court. The case involves a massive ₹ 8,300 crore ($1 billion) fraud scheme that shook prominent investors like Goldman Sachs Group Inc., Google's parent Alphabet Inc., and Illinois Governor JB Pritzker's venture capital firm. The verdict, delivered by US District Judge Thomas Durkin, closed the chapter on one of the largest corporate deception cases in recent times. According to a Bloomberg report, Outcome Health was Mr. Shah's brainchild during his university days. Originally named Context Media Health, the company was established in 2006 with the goal of revolutionizing medical advertising by installing televisions at doctors' offices to stream health-related ads aimed at patients. Mr. Shah teamed up with his co-founder Shradha Agrawal, and the company's valuation grew exponentially as it sought to bridge the communication gap between patients and healthcare providers through innovative ad placements. By the mid-2010s, Outcome Health had become a major player in the tech and healthcare investment communities. The promise of integrating cutting-edge technology into traditional healthcare marketing attracted high-profile investors. Outcome Health, the company co-founded by Mr. Shah, was experiencing a meteoric rise, amassing substantial funds and clientele, making him a prominent figure in Chicago's corporate circles. However, the shiny exterior concealed a crumbling foundation. Prosecutors alleged that Mr. Shah, along with Ms. Agarwal and another defendant, the chief financial officer Brad Purdy, orchestrated a massive fraud scheme against investors, clients, and lenders. They misrepresented the operational and financial health of the company, selling more advertising inventory than they could actually deliver and fabricating data to cover up the shortfall. This deception extended to pharmaceutical giant Novo Nordisk A/S and other clients, as they misled them about the company's network size and ad reach. The misleading information, combined with fraudulent data, painted a picture of exponential revenue growth, luring further investment and financial backing. Meanwhile, Mr. Shah lived an extravagant lifestyle, indulging in exotic trips with private jets and yachts, even purchasing a $10 million home, all funded by the inflated ad sales and investments. The company had been engaging in deceptive financial reporting methods, concealing the true state of its finances from the public. The illusion crumbled in 2017 when a media investigation by the Wall Street Journal exposed the fraudulent activities. Later, a group of investors, including Goldman Sachs, Alphabet, and Governor Pritzker's firm, filed lawsuits against Outcome Health, accusing the company of fraud in its $487.5 million fundraising earlier that year. The fundraiser had provided a $225 million dividend for Mr. Shah and Ms. Agarwal, but left investors with a significantly overvalued stake in a company on the verge of collapse. Mr. Shah was charged with over a dozen counts of fraud and money laundering, and was convicted on these charges in April 2023. He was joined by Ms. Agarwal and Mr. Purdy. While the prosecutors sought 15 years for Mr. Shah and 10 years for his co-conspirators, the final rulings by District Judge Durkin were inconsistent, including a three-year sentence for Ms. Agarwal in a halfway house and a two-year and three-month sentence in prison for Mr. Purdy. Alongside the criminal case, the US Securities and Exchange Commission has also filed a civil action against Mr. Shah, Ms. Agarwal, Mr. Purdy, and the former chief growth officer, Ashik Desai. Employees had acknowledged their guilt even before the trial commenced. Mr. Shah, facing health issues, expressed remorse and took accountability during the sentencing. In a pre-written statement, he admitted to failing in properly overseeing the rapid expansion of Outcome Health and fostering a corporate environment that enabled deceptive methods. He conveyed feelings of "shame and embarrassment" over the misconduct that ultimately led to the company's demise. "The culture I cultivated allowed my team to believe falsifying data in response to client inquiries was acceptable," he acknowledged.

US proposes plan to scrap additional security checks for Indians June 28, 2024 07:17

As part of an effort to streamline international air travel, the US Transportation Security Administration (TSA) has proposed a "one-stop agreement" with India that would eliminate the need to re-screen passengers and luggage at transit points. At the India-US Aviation Summit in Washington, TSA Director David Pekoske highlighted the feasibility and benefits of the concept. The one-stop security concept simplifies the travel process as connecting flights in different countries do not require additional security checks for passengers and their checked baggage. “This concept facilitates the flow of passengers and luggage to their destination by eliminating double security checks at transit points,” explained Pekoske. Mr. Pekosuke highlighted the security benefits, noting that such an agreement would increase the safety of incoming flights to both countries. He said: “The continuation of this agreement requires regular exchange of information and improvement of security processes”. A memorandum of understanding is required for the exchange of sensitive security information between the two countries. “We have categories of information that are not truly classified, but are so sensitive that they require additional protection,” Pekoske said. Pekoske examined the origins of the TSA and India's road safety measures and found that both measures resulted from tragic events. For India, it was the bombing of Air India Flight 182 in 1985 and for TSA, the terrorist attacks of September 11, 2001. “These tragic events marked a paradigm shift in the way we both think about road safety, and that continues until today,” he said. At the summit, US Aviation Secretary Michael Whittaker said: “Safety is a team sport. That is.” Mr. Whittaker emphasized the interconnectedness of the US and Indian aviation systems, which are part of a single global network. “We need to work together on security issues and share ideas and innovations, particularly on how we can safely bring some of these new technologies into our airspace,” he said. The cooperation between the two countries aims to improve the overall safety of the global aviation system by sharing best practices and learning from each other. Whittaker emphasized the importance of proactive data analysis in accident prevention. "Our goal is to raise safety to a new level. This means we need to proactively analyze data to identify risks of disruption and mitigate those risks before they happen,” he added.

Shocking: 40 Indians killed in Kuwait Fire Accident June 13, 2024 06:52

Tragedy struck in Mangaf city, Kuwait, as a fire broke out in a building housing 195 Indian workers, claiming the lives of 40 individuals and injuring 50 more. The blaze, which started in the kitchen of the six-story structure, occurred at 6 AM local time (9 AM IST). Sadly, the majority of the casualties were caused by smoke inhalation while the residents slept. Prime Minister Narendra Modi has responded swiftly, holding a high-level review and announcing a compensation of ₹ 2 lakh for each of the families who lost a loved one. Additionally, the Minister of State, Shri Kirti Vardhan Singh, is immediately traveling to Kuwait to facilitate the repatriation of the deceased and provide medical assistance to the injured. The victims are currently receiving treatment in five government hospitals across Kuwait, as the nation grapples with this devastating incident. The Kuwaiti authorities have assured the Indian government that they will thoroughly investigate the incident and hold those responsible accountable. The Indian embassy in Kuwait has established a helpline for family members to get in touch, and the Indian ambassador has visited the affected areas. The Emir of Kuwait has ordered an investigation, and the First Deputy Prime Minister has directed the arrest of the building's owner, janitor, and the owner of the company responsible for the workers, pending the completion of the investigation. The majority of the admitted patients are stable, and the Indian government is closely monitoring the situation and pushing for the early repatriation of the bodies of those who lost their lives. The migrant workers who perished in the recent tragedy in Kuwait made up a significant portion of the country's population and workforce. Tragically, the victims included individuals from Pakistan, the Philippines, Egypt, and Nepal, in addition to Kuwaiti nationals. This devastating incident has highlighted the precarious situation faced by many migrant laborers in the region.

Jaya Badiga becomes first Judge in the USA from Telugu States May 22, 2024 13:55

Gov. Gavin Christopher Newsom appointed Jaya Badiga, an Indian American, to the Sacramento County Superior Court, making her the first Telugu-speaking judge in California. Jaya Badiga was born in Vijayawada, Andhra Pradesh and completed his primary education in Hyderabad. She received a J.D. from Santa Clara University School of Law and an M.A. in International Relations and International Communications from Boston University. Jaya Badiga passed the California Bar Exam in 2009. She then served as human resources consultant, general counsel, managing attorney, attorney for the California Department of Public Health, and presiding judge of the Sacramento County Superior Court prior to his appointment as a judge. In addition to Badiga, Governor Newsom announced the appointment of 18 additional Supreme Court justices, including Raj Singh Badshah of India. Indeed a proud moment for Telugu people. Jaya Badiga is the daughter of Machilipatnam Ex MP Mr.Badiga Ramakrishna garu.

Indian Students In Kyrgyzstan Asked To Stay Indoors May 18, 2024 10:59

As a result of attacks on foreign students in Kyrgyzstan, India has issued a warning to its citizens to remain indoors. The advisory was given after several Pakistani students were injured in mob violence in their hostel. The Indian Consulate has stated that they are keeping in contact with their students and that the situation is currently stable. However, students are still advised to stay indoors and contact the Embassy if necessary. Foreign Minister S Jaishankar has also advised students to stay in touch with the embassy. The government has denied reports of three Pakistani students being killed in the attack. The Pakistan embassy has said that the situation escalated after videos of a fight between Kyrgyz and Egyptian students went viral online, resulting in hostels of medical universities in Bishkek being targeted by the mob. These hostels are inhabited by students from India, Pakistan, and Bangladesh. A recent post on X by Pakistan's Kyrgyzstan consulate has reported attacks on hostels of medical universities in Bishkek, along with private residences of international students. The students come from various countries, including India, Pakistan, and Bangladesh, and a few Pakistani students have sustained minor injuries. Despite rumors circulating on social media about the death and rape of Pakistani students, no such reports have been confirmed. Pakistan's Prime Minister, Shehbaz Sharif, has expressed concern and directed the Ambassador to provide necessary assistance. The situation may reflect tensions surrounding the presence of South Asian migrants in Kyrgyzstan, with an estimated 15,000 Indian students in the country, though it is unclear how many are currently in Bishkek.

Telugu boy Sai Varshith pleads guilty in an attempt to kill President Biden May 15, 2024 07:04

Sai Varshith Kandula, a Telugu boy from Chesterfield, Missouri, has been charged with attempting to murder US President Joe Biden. Reports from Washington indicate that Kandula, influenced by Nazi ideology, had the intention to harm the President. On Monday night, Kandula rented a U Haul truck and twice rammed it into the security barricades at Lafayette Square near the White House. Alert security personnel arrested him immediately. During questioning, Kandula revealed that he was targeting both the President and Vice President Kamala Harris. He has been charged with use of deadly weapons, negligent driving, trying to endanger the life of the President, and destruction of government property, among others. Thankfully, no one was injured in the incident. According to sources in Chesterfield, Kandula graduated from Marquette Senior High School in 2022 and has an ideology similar to German Nazism. The police have informed the President's office of the incident. The Washington Post reports that a man named Kandula was found with materials in the truck he was driving. He initially pleaded guilty to damaging federal property, but a terrorism charge was added to his plea agreement. This charge could have resulted in a sentence of 12 to 15 years in prison, but the maximum sentence for federal property damage is 10 years. Prosecutors agreed to seek a sentence of eight years for Kandula when he is sentenced on Aug. 23. He has been in a Washington D.C. jail since May of last year, when the incident occurred. During his arrest, Kandula reportedly threatened to kill the president if necessary to seize power and hurt anyone who stood in his way.

Why is US trying to cap visas for Indians? May 10, 2024 15:06

Harbir K. Bhatia, CEO of the Silicon Valley Central Chamber of Commerce, said in a statement that Indians are one of the biggest innovation leaders in Silicon Valley and that the US high-tech industry cannot survive without them. Indian Immigrants: “There is a reason why they keep trying to restrict visas. They know we're very healthy, so they just have to limit it. Otherwise, "they could lose all their jobs." He said Indians could succeed. In every profession, including technology, agriculture and medicine, Indians are one of the biggest drivers of innovation in Silicon Valley, Bhatia said in an interview: "It wouldn't be possible without them the same thing." Bhatia pointed to historical data showing that 40 percent of Silicon Valley CEOs and founders come from South Asia or India. He emphasized the influence that Indians have in large companies. “They are at the CEO and CIO level of large companies like Google, YouTube and Microsoft,” Bhatia said. Bhatia attributes this success to a culture of hard work and results. “We always strive for excellence,” he explained. “This drive sets us apart.” Bhatia praised India's ingenuity by pointing to the concept of 'Jugad', a frugal and flexible approach to problem-solving solution. “Indians are good at finding solutions,” he said. “The industry thrives on cost-effective models,” he explained. But Indian talent here continues to be of great importance to many tech companies.

59,000 Indians get US Citizenship in 2023 February 12, 2024 07:47

India was the second highest contributor of new citizens to the United States in 2023, with over 59,000 Indians officially becoming citizens, according to a report by the US Citizenship and Immigration Services (USCIS). The report also states that a total of 870,000 foreign nationals gained US citizenship in the fiscal year ending September 30, 2023, with Mexico being the top provider at 110,000, followed by India at 59,100. To be eligible for citizenship, individuals typically need to have been lawful permanent residents for at least five years, although there are exceptions for certain groups, such as spouses of US citizens or those with military service. The majority of new citizens in FY 2023 met the requirement of being lawful permanent residents for at least five years, followed by those who were married to US citizens for three years or had served in the military during specific periods. In general, individuals must have a minimum of five years of lawful permanent residency, while spouses of US citizens need at least three years of residency to be eligible for citizenship. The average duration of lawful permanent residency for citizens naturalized in FY 2023 was seven years.

Two Indian Employees Sentenced To Prison in USA February 03, 2024 08:51

Three individuals who previously worked for the Department of Homeland Security (DHS) have been given sentences for participating in a plot to unlawfully acquire exclusive software and confidential law enforcement databases from the US government for personal gain. Notably, two of these individuals are of Indian nationality. Sonal Patel, a 49-year-old resident of Sterling, Virginia, received a two-year probationary period as part of her sentence. In April 2019, Patel admitted guilt in the conspiracy to steal government property. Murali Y Venkata, a 58-year-old resident of Aldie, Virginia, was sentenced to four months of imprisonment. In April 2022, Venkata was found guilty by a jury for conspiring to steal government property, defraud the United States, commit wire fraud, and destroy records. Charles K Edwards, a 63-year-old resident of Sandy Springs, Maryland, was sentenced to one year and six months of imprisonment. Edwards pleaded guilty in January 2022 for his involvement in the conspiracy.

Stabbed Indian student at a US Gym, dies November 09, 2023 10:21

An Indian student was stabbed at a fitness centre in the state of Indiana of USA and the incident took place on October 29th. The 24-year-old student passed away on Wednesday in a private hospital. The deceased was identified as Varun Raj Pucha who is a computer science student at Valparaiso University. He was stabbed in the head by 24-year-old Jordan Andrade told the cops. The official statement told "It is with heavy hearts that we share the passing of Varun Raj Pucha. Our campus community has lost one of its own, and our thoughts and prayers go out to Varun's family and friends as we mourn this devastating loss,". The accused was arrested and he was charged with attempt of murder and aggravated battery. Jordan Andrade told the cops that Varun had plans to assassinate him. He also said that they never met before the attack but he said that someone told him that Varun was threatening. The cops said "Officers also spoke with Planet Fitness staff who indicated that (the stabbed man) was a regular gym member and generally kept to himself, was quiet and reserved, nothing indicating that he was 'creepy". Andrade found Varun weird and walked close to him. When Varun tried to push him, Andrade started attacking. He agreed that he attacked Varun in the head with a knife. The University campus said that a memorial service will be held on November 16th. Varun Raj comes from Khammam district of Telangana and he is doing his MS in Computer Science from August 2022.

Four-Indian Origin Family Members Died In New Jersey October 06, 2023 14:41

An Indian-origin family of four was found dead in New Jersey. Police in Plainsboro suspect a murder-suicide. County Prosecutor Yolando Ciccone said that they found them dead in their residence, where on Wednesday evening, police went to check their welfare after a request was raised. Tej Pratap Singh, 43, Sonal Parihar 42 and their 10-year-old son and six-year-old daughter were found dead. Police have trashed the shooting rumours. For now, police are investigating the case. All four bodies were sent to autopsies, which will be performed on Thursday and will take more time for reports. Plainsboro Mayor Peter Cantu has informed the public about the news on his X platform. He wrote, “ What happened in our community is beyond comprehension”. According to the primary investigation, police have found that the man had killed his family and then killed himself. The parents of the couple claim in front of the media that they are a happy couple and they were unable to believe what happened to their children. One among them used to work in the information technology sector and another partner in human resources.