Pakistani Websites have been hacked

Today, 4 websites of Pakistan hacked by Indian hacker:

1. Higher Education Regulatory Authority:

http://herakp.gov.pk

2. Energy & Power dept:

http://kpkep.gov.pk

3. Electric Inspectorate:

http://ioekp.gov.pk

4. Accreditation Council:

http://pnac.gov.pk

5. Command and Staff College Quetta:

http://cscquetta.gov.pk

6. Supreme Appellate Court Gilgit Baltistan

http://sacgb.gov.pk

7. Sir Syed CASE Institute

http://case.edu.pk

8. National University

http://nu.edu.pk

9. University of Chakwal

http://uoc.edu.pk

10. GVNC

http://gvnc.edu.pk

11. CUI university

http://cuiwah.edu.pk

12. Roots international

http://rootsinternational.edu.pk

12 websites of Pakistan are hacked by Indian hacker. Total 19 websites hacked in last 12 hours

FACT CHECK: Major cause of death in Covid-19 is Thrombosis, Not Pneumonia!

 FACT CHECK: Major cause of death in Covid-19 is Thrombosis, Not Pneumonia!

 For a long time a news has been circulating in Facebook and Whatsapp

Here is what the message says:

*Major cause of death in Covid-19 is Thrombosis, Not Pneumonia!*

It seems that the disease is being attacked wrongly worldwide?

Thanks to autopsies performed by the Italians ... it has been shown that it is not pneumonia ... but it is: disseminated intravascular coagulation (thrombosis).

Therefore, the way to fight it is with antibiotics, antivirals, anti-inflammatories and anticoagulants.

The protocols are being changed here since noon!

According to valuable information from Italian pathologists, ventilators and intensive care units were never needed.

If this is true for all cases, we are about to resolve it earlier than expected.

Important and new about Coranovirus:

Around the world, COVID-19 is being attacked wrongly due to a serious pathophysiological diagnosis error.

The impressive case of a Mexican family in the United States who claimed they were cured with a home remedy was documented:
three 500 mg aspirins dissolved in lemon juice boiled with honey, taken hot.

The next day they woke up as if nothing had happened to them!

Well, the scientific information that follows proves they are right!

This information was released by a medical researcher from Italy:
Thanks to 50 autopsies performed on patients who died of COVID-19, Italian pathologists have discovered that IT IS NOT PNEUMONIA, strictly speaking, because the virus does not only kill pneumocytes of this type, but uses an inflammatory storm to create an endothelial vascular thrombosis.

As in disseminated intravascular coagulation, the lung is the most affected because it is the most inflamed, but there is also a heart attack, stroke and many other thromboembolic diseases.

In fact, the protocols left antiviral therapies useless and focused on anti-inflammatory and anti-clotting therapies.

These therapies should be done immediately, even at home, in which the treatment of patients responds very well.

The later performed less effective.
In resuscitation, they are almost useless.

If the Chinese had denounced it, they would have invested in home therapy, not intensive care!

DISSEMINATED INTRAVASCULAR COAGULATION (THROMBOSIS):

So, the way to fight it is with antibiotics, anti-inflammatories and anticoagulants.

An Italian pathologist reports that the hospital in Bergamo did a total of 50 autopsies and one in Milan, 20, that is, the Italian series is the highest in the world, the Chinese did only 3, which seems to fully confirm the information.

Previously, in a nutshell, the disease is determined by a disseminated intravascular coagulation triggered by the virus; therefore, it is not pneumonia but pulmonary thrombosis, a major diagnostic error.

We doubled the number of resuscitation places in the ICU, with unnecessary exorbitant costs.

In retrospect, we have to rethink those chest X-rays that were discussed a month ago and were given as interstitial pneumonia; in fact, it may be entirely consistent with disseminated intravascular coagulation.

Treatment in ICUs is useless if thromboembolism is not resolved first. If we ventilate a lung where blood does not circulate, it is useless, in fact, nine (9) patients out of ten (10) die.

Because the problem is cardiovascular, not respiratory.

It is venous microthrombosis, not pneumonia, that determines mortality.

Why thrombi are formed❓

Because inflammation, according to the literature, induces thrombosis through a complex but well-known pathophysiological mechanism.

Unfortunately what the scientific literature said, especially Chinese, until mid-March was that anti-inflammatory drugs should not be used.

Now, the therapy being used in Italy is with anti-inflammatories and antibiotics, as in influenza, and the number of hospitalized patients has been reduced.

Many deaths, even in their 40s, had a history of fever for 10 to 15 days, which were not treated properly.

The inflammation did a great deal of tissue damage and created ground for thrombus formation, because the main problem is not the virus, but the immune hyperreaction that destroys the cell where the virus is installed. In fact, patients with rheumatoid arthritis have never needed to be admitted to the ICU because they are on corticosteroid therapy, which is a great anti-inflammatory.

This is the main reason why hospitalizations in Italy are decreasing and becoming a treatable disease at home. By treating her well at home, not only is hospitalization avoided, but also the risk of thrombosis.

It was not easy to understand, because the signs of microembolism disappeared!

With this important discovery, it is possible to return to normal life and open closed deals due to the quarantine, not immediately, but it is time to publish this data, so that the health authorities of each country make their respective analysis of this information and prevent further deaths. useless!

The vaccine may come later.

Now we can wait.
In Italy, as of today, protocols are changing.

According to valuable information from Italian pathologists, ventilators and intensive care units are not necessary.

Therefore, we need to rethink investments to properly deal with this disease.

Não há (Translation by automatic device).

Let's Investigate:

The first thing to do before forwarding a message is to cross check the truth behind it. A simple search of the message online tells us that the message is misleading.

We can also check in facebook if they have classified this news are true or fake. CLICK HERE
 
But before we conclude that this forwarded message as fake, let us investigate whether the content of the message has any basis.

Let us look if Thrombosis is related to COVID-19 or not.

Resent News posted on public domain confirm that Thrombosis is indeed one of the major side effect of Coronavirus infection.

As per the research conducted recently by University Medical Center Hamburg-Eppendorf it is revealed in the Annals Website where it says:

The high incidence of thromboembolic events suggests an important role of COVID-19–induced coagulopathy. Further studies are needed to investigate the molecular mechanism and overall clinical incidence of COVID-19–related death, as well as possible therapeutic interventions to reduce it.

This news was posted on  6 May 2020 which is much later than the time the forwarded message originated (possibly 4th of May?)

Given below is the link to the news:
https://annals.org/aim/fullarticle/2765934/autopsy-findings-venous-thromboembolism-patients-covid-19-prospective-cohort-study

 Now that we know that Thrombosis indeed is one of the leading effect of the COVID-19, Let us check whether Aspirin 500 can actually reduce the symptoms of infection.

Our search ended soon with the a study performed by Xijing Hospital and published on April 28, 2020. The study says the following results:

In summary, the early use of aspirin in covid-19 patients, which has the effects of inhibiting virus replication, anti-platelet aggregation, anti-inflammatory and anti-lung injury, is expected to reduce the incidence of severe and critical patients, shorten the length of hospital duration and reduce the incidence of cardiovascular complications.

Given below if the link to the Study:
https://clinicaltrials.gov/ct2/show/NCT04365309


From this study we can conclude that there is indeed positive effect of using Aspirin. However, in the study Aspirin 100 mg daily has been used instead of Aspiring 500 mg.

Results

So, Aspirin may be used to inhibit the effect of SARS-nCOV-2. Since Aspirin is available as a non prescription drug it may be considered quite safe to use for self medication. However it is advisable to consult a doctor before self medicating in case you have other complications. Excessive use of Aspirin can have other side effects, so self medication should be done within the safety limit of usage.

As per our investigation the information in the message is scientifically based. Hence, we can conclude that the information shared in the message is correct.

Google Pay - An advertizing company opens payment app

Whenever your hard earned money is involved, make sure you read the terms and conditions very carefully. Remember you are handing over your hard earned money to these companies.

“Google Pay, which is an unregulated platform, has the scope of using their customers’ data for their monetary gains with complete disregard for the users’ need for privacy,” Paytm wrote in a letter addressed to NPCI chief executive Dilip Asbe. ET has seen a copy of the letter.

Paytm also said that Google sharing and storing user data outside India presented “severe security implications in case of a data breach.” It added that even as India is framing its data protection laws, Google is being allowed to share data with group companies and other third-party entities outside India.

“Recently, WhatsApp was directed to stop sharing users’ data with its parent company, Facebook. In light of this, it is disconcerting that Google Pay is sharing its users’ critical personal data with Google, group companies, payment participants…”

Responding to the Paytm letter, Google said that it does not do share UPI data in a written reply to ET queries.

“Google Pay users have a direct relationship with Google - as per Google Pay terms of service a Google Account is opened with Google LLC. A common Google Account allows for checks and controls required for managing risk, fraud, spam and for enhancing security measures, that are applied across Google products. It runs as a common thread across Google products allowing for seamlessness of service that a user can avail of and benefit from. Google does not use any individual UPI transactions data for any monetization purpose e.g. for advertisements,” said a Google spokesperson.

Unified Payments Interface, the payments railroad developed by NPCI, has allowed global technology companies to offer payment services to Indian consumers in partnership with banks. This has led to a severe battle for market share between Indian-born payment entities such as Paytm on one side and global companies like Google and WhatsApp on the other.

When WhatsApp, the most widely used messaging app in the country, introduced its payments feature in February for limited users, Paytm founder Vijay Shekhar Sharma said he would approach NPCI over what he termed an unfair playing field accorded to the global company.

Another tech company, Truecaller, which was recently rocked by privacy concerns globally, also offers payment services in India. However, since its offering has hardly showed traction among Indian consumers, it has not attracted the attention of competing Indian companies.

Data sharing however is a common theme across payment platforms, but the extent to which the user data is shared varies, as per the privacy policy put up by these players on their websites. ET recently looked into the details around their policies and showed that every payment company needs to share some amount of user data for transaction purposes. Also sometimes companies share data for promotional purposes and fraud detection as well.


PhonePe claims to be sharing data with its corporate affiliates, which could be Flipkart. Paytm itself said that it shares data only on a ‘need to know’ basis. Industry experts said that with India not having a robust data protection policy in place yet, companies are allowed to share user data with user consent.


Citing the need to ensure the privacy of Indians who are adopting digital payments, Paytm said all payments companies should be on a level playing field.


While Google as a third-party service provider is not directly controlled by Reserve Bank, other entities such as digital wallets and payment banks are controlled by the Reserve Bank of India under its payment policies.

What actually happened in PNB scam?

What actually happened in PNB scam? Let’s start from the concept.

First, The Concept

Let’s understand how things work.

Some importer, let’s call him Nirav Modi or NM, wants to import pearls or diamonds and then sell them. The purchase requires money, so NM approaches a bank, say Punjab National Bank (PNB).

PNB says look, I’ll give you a loan but it will be like at 10%.

NM thinks hard and says, no, that’s too much. Wait, why don’t I take a foreign currency loan instead, after all I’m buying in dollars? Much lower interest rates no? I can get at LIBOR+2% and LIBOR is like 1.5% so I’ll have the money at 3.5%!

But who will give NM a foreign currency loan? A bank abroad? They don’t know NM. They don’t have any history of NM, so why will they give him money?

SO NM goes to PNB and says, boss, you’re my banker, so please help some foreign bank give me some money to buy diamonds. Say that you will guarantee my loan by giving me a “Letter of Undertaking” (LOU).

PNB now should be saying look, if you want me to give Rs. 100 cr. guarantee, you give me stuff worth 110 cr. at least. As collateral.

But PNB, for some strange reason, doesn’t ask for collateral. More on that later.

So now the foreign bank is ready to lend NM the money. Because PNB will guarantee it. And the foreign bank trusts PNB. Why does it trust PNB?

Because PNB sends a message on SWIFT – the banking message service – that PNB guarantees Rs. 100 cr. of money for 180 days for Mr. NM at an interest rate of, say, LIBOR + 2%.  It’s like a message – written in stone, effectively – that says PNB will pay if NM doesn’t pay.

In fact the foreign bank trusts only PNB. So it gives the money to PNBs account with it, called by PNB as a “Nostro” – the account that PNB maintains with banks abroad, where the other bank will send money meant for PNB customers.

PNB’s nostro account gets the money.

PNB then gives NM the money from the Nostro account, usually paid off to whoever NM is buying his diamonds from. This payment is to someone outside India usually, to fund a purchase of diamonds or whatever.

Note this carefully: The other bank gives money to PNB’s Nostro account. Not to NM. They don’t care about NM. They only know that PNB has given a guarantee on the SWIFT channel.

Note: the other bank is nowadays mostly the foreign branches of Indian banks. Because the phoren banks have realized something sinister – that PNB’s guarantee is a strange beast that isn’t backed with much, but we’ll come to that

The foreign bank couldn’t care less about whether NM was buying diamonds or bitcoin – to them, PNB would pay back even if NM’s bitcoin wallet got stolen.

Why does PNB give a guarantee? Fees. Each year, a bank may charge upto 2% to give the LoU.

So What Happens When It’s Time To Pay Back?

NM has to get the pearls in India, sell them, receive the money and pay PNB. On the due date written on the LoU.

Then PNB will pay back the foreign bank saying okay, we got the customer’s money so we’re giving it back to you. With interest etc.

That’s what is supposed to happen. But in reality, things went a little berserk, it seems.

The Reality: A Bit of a Ponzi

NM might not pay back at all. NM might use the money to speculate in the markets. Or do something else.

What if NM in the above example simply didn’t have the money to pay back? Instead, he asks a PNB official to open ANOTHER LoU. For the amount owed plus interest. So if we had the first LoU at $10 million the second one is $11 million to cover the interest on the first.

The money from the second LoU is used to repay the first.  It’s just rolling over of credit. Over and over. Standard definition of a ponzi scheme.

This can easily balloon into a larger amount, so large that it’s too much. In effect many such arrangements have turned into semi-ponzi schemes, with one LoU being opened to repay another and so on.

Which is what is likely to have happened.

We don’t know the details, but it looks like:

Nirav Modi took loans from foreign branches of Indian banks through an LoU issued by PNB

This was done through a SWIFT based LoU issued through a rogue employee (or many of them) at PNB

The orders never showed up in the core banking system for monitoring

LoUs were rolled over all the way since 2011, and possibly increased over time too.

The rogue official retired in 2017, and the replacement refused to roll over the LoU which came due in Jan 2018 because he couldn’t find the past transactions in the system

No rollover means a default, since there was no money to pay. So PNB quickly files an FIR saying oh goodness we have lost 280 cr. on the Jan LoUs

Then someone said, “Abeyaar, is there more of these not-in-system LoUs? Someone check no?”

Then someone checked.

Oh gawd. 11,400 crores.

That’s a lot of crores.

Everyone in the bank panicked.

Why couldn’t Nirav Modi just pay it back? He must have the original money no?

Because if it was ever intended to be paid back, the rollovers wouldn’t have been required. At some point, things got so out of hand that rollovers were required in order to stay current.

Typically this would not be a problem. If PNB had done things right, they would have had collateral worth the amount of guarantee, and they would have sold that collateral and paid the foreign bank.

But, and here’s the real issue:  PNB didn’t have any collateral.

Why did PNB give a guarantee without collateral?

If you and I go for a loan to a bank, they’ll ask us for income proof, and collateral. Only small tiny personal loans and credit card loans come backed without collateral. For something of the order of 11,000 cr. you would think they would ask for collateral.

Especially after the scene with Mallya where loans to Kingfisher were given on nearly no collateral (though even there they had a house and some promoter shares pledged)

Why did PNB give this guarantee then? It’s typical – banks give guarantees for more the amount you give as collateral. Because business relationships etc. And then:

Because nearly every bank is doing it.

The loan was not a “fund based limit”. In a fund based limit like a term loan, the bank pays out money. In non-fund-based limits, the bank will only pay if someone else defaults or an event happens – like a Bank Guarantee or an LC or an LoU.

Meaning, PNB assumed that the foreign bank was giving a loan directly to Nirav Modi and that PNB needed to pay only in case Nirav Modi defaulted. So in the eyes of PNB it was always an “non-fund-based” loan.

But this is how a significant part of import financing works. They all rollover credit, and they all use LoUs for much higher than they can offer as collateral.

From my sources, the scale is huge. For every Rs. 100 that a bank has collateral, they will easily provide LOUs for upto 6x the amount. This is a real problem – that most public sector banks do not keep much collateral against non-fund-based limits given to importing customers.

So even if a bank has collateral, it’s nowhere near enough. And then, such unfunded liabilities are not even reported to RBI!

Basel Reporting: No Disclosure

PNB has “unfunded” exposure of 11,000 cr. they say. But they don’t even reveal it in their latest Basel III disclosure:

The funded exposure to “Gems and Jewellery” is shown at 1860 cr.

Unfunded to the same sector: 842 cr.

This doesn’t even add up. So, in effect, PNB didn’t reveal that it was funding massive quantities of “unfunded, contingent exposure”. They will of course pretend that they didn’t know, because the transactions weren’t in the core banking system.

Did Employees Hide it? Was PNB Responsible or was it a fraud?

Can employees be responsible? Could they have hidden the credit and the rolling over of LoUs? But honestly, how does a 11,000 cr. credit pass muster without top management realizing it?

Think of it – your nostro account with these other banks keeps getting big credits that add up to 11,000 cr. Will you not reconcile it in the accounting? The “why is this money even here?” question should have been asked by someone who audits accounts, one thinks?

And the SWIFT messages. It’s a specific kind of message. Why wouldn’t PNB audit the SWIFT trail? Reconcile it with the core banking system? How many more such skeletons will tumble if they do?

Their excuses are

Data wasn’t entered into the core banking system. (Of course, otherwise you would have had to report it)

LOUs weren’t authorized. (Hard to believe, because the amounts are very large. Surely someone on the top would know?)

The SWIFT system was illegally used. (Again, hard to believe that a bank like PNB would not audit its SWIFT messages regularly. Or its auditors. Or RBI.)

On the face of it, it looks like the ex-employee is being used as a scapegoat. It’s likely that a lot of people were in on this thing. And that it generated massive, fat fees for PNB all these years.

Fees wise: Imagine 11,000 cr. worth LoUs being renewed each year – that’s upto Rs. 200 cr. in fees that was all hitting PNB’s top line. You could bribe an employee to maybe give you a small increase – say 10-20 cr. but when you hit numbers like 11,000 cr. this is surely something the top management would know.

What’s the Scale of this scam?

While PNB reported it as a 11,000 cr. scam, they filed an FIR with the CBI for only Rs. 280 cr. This has probably expanded since then but even if the total outstanding is as much as that, there’s a good chance that the actual loss amount will be lesser.

All of it will be borne by PNB right now. Whether someone abused their SWIFT usage is not relevant, if PNB’s SWIFT message said they will pay, they have to pay if there is a default.

But think about the fallout. The problem was that some liabilities were not in the system. There could be more such LoUs. From the same branch or others. Other banks could have such LoUs too. It’s trivial to start looking – and we know that Nirav Modi will not be an isolated case.

Also, the issue was that the limits had no collateral behind them. If all banks are told to verify their non-fund-based limits and demand collateral against them (say at least 25%) then the scale would be absolutely massive. It’s not like this is happening only with Nirav Modi or Choksi. A very large number of importers of commodities have been doing this, and rotating credit. A change in regulation here can change the game dramatically for every other bank (and import account) in the system.

The simple point: this particular transaction will result in a lower loss than 11,000 cr. for PNB. Because of recoveries and such. But if RBI asks all banks to pull up collateral on such lending and stop such practices, the scale is many times larger.

What about the PNB stock?

It’s fallen 17%. But note that it already has 60,000 cr. of gross NPAs. Another 11,000 cr. will hurt it but not kill it. It won’t die – the government will take it over. Shareholders might suffer, but come on as a shareholder of a public sector bank you’re used to suffering.

The problem really is: There is never just one cockroach. When you go deeper, you are likely to find more dirty, dark secrets, and none of them will be any good.

PNB is gonna hurt for a while, but so are others who will find their books similarly tarnished once they investigate.

Will This Bring The Market Down?

Have you been living under a rock? Nothing will ever bring the market down, nowadays.

But the one thing that does bring markets down is the outflow of liquidity. What if so much of the “ponzi” credit – essentially money that was rolled over very month – is being invested directly, or indirectly, into stocks? If RBI tightens up, liquidity will pull money out of stocks, and that will hurt.

Of course, this hurts the fiscal deficit since PNB has to be rescued. So bond yields are up to 7.6% and therefore we’d avoid any long term funds or bonds. Short term it will have to be.

But overall, we wouldn’t worry too much. Just react, don’t predict. What would you do if stocks fell? Better to answer that than to say they will, or they will not.

(And no, not buying PNB)

Our View: Fix it.

This is the Indian public sector banking system. Fix it.

How can you have transactions on SWIFT outside CBS? Fix it.

Why would you not reconcile the nostro accounts? Suspend the auditors. Fire top management. Fix it.

Closing the door behind Modi, who’s already left the country, is probably useless. If you find fraud,  invoke their personal guarantees, and file cases to attach their personal properties. After that, file in NCLT to make these companies insolvent. Take the hit, and try to recover.

Find out more such instances where collateral cover is too low. Find out if the LoUs or LCs are just getting rolled over or is the customer actually paying back through the Indian current account. And if not, demand more collateral to avoid further spread of the ponzi.

But this is quite unlikely to happen because the banking system is going to take massive hits now, and we’re going to have to deal with the fallout of really horrible systems. It’s amazing that our banks have been this lax, but they have been allowed to; with no bankers being investigated, the rot inside the banks has been ignored and instead, industrialists have been the target of outrage. It’s time to look at banks as malicious players too, and to fix that rot.

Why is Modi facing so much hatred in India?

Why is Modi facing so much hatred in India and love in rest of the world.  Let us know the reasons for this hatred:

*By linking a new base (Aadhar no.), one million poor disappeared in Maharashtra!*

*More than 30 million (30,000,000) fake LPG connection holders have ended!*

*1, 95,000 fake children list who got scholarships from the madarasas disappeared!*

*Over 1.5 million (1,500,000) fake ration card holders disappeared!*

*Why and why all this is disappearing!*

*The whole black market of the thieves is going to open ... So all the thieves have filed a petition in the Honorable Supreme Court that the base link is a violation of our fundamental rights! including some CMs. What rights of privacy to thieves!*

*1)  Modi has closed more than 3 lakh fake companies!*

*2) Ration dealers are angry!*

*3) Property Dealers  get annoyed!*

*4) The brokers have become annoyed with the online system!*

*5) 40,000 fake NGOs have been closed, so the owners of these NGOs also got annoyed!*

*6) Angry of people who have purchased property from No 2!*

*7) By E-Tendering process, some contractors have also got angry!*

*8) Angry with Gas Companies!*

*9) So far, the 12 million people who have come under the income tax scan have become angry!*

*10) With the introduction of GST system, the business people got annoyed, because those people have come to the automatic payment system!*

*11) The work of those 2 numbers has stopped fluttering!*

*13) The system of whitening black has become a bit lumpen.*

*14) The lazy government officials got angry, as they have to work on time!*

*15) They became annoyed, who did not work on time and believe in working by taking bribes.*

*It is unbelievable that the story of change of country is being written, which is being understood. But which is not changing the mindset of the young mans' mentality is being said to be blindfolded!*