The scammers gaming India’s overcrowded job market

Salutations, Olio aficionados! 👋

Midweek greetings to all, as we unveil the 167th chapter of Weekly Olio—a delightful concoction of laughter, insight, and a sprinkle of mystery. Within these pages, you'll discover a handpicked selection of fascinating finds from the vast realms of the internet.

Keep your eyes peeled for this week’s Publisher’s Parmesan, arriving this Sunday!

A word from our Sponsors…

Save $499 and Skip Inventory Headaches

With tariffs rising, tracking margins is more important than ever.

inFlow makes it easy to manage inventory, costs, and shipping—all in one place. Rated 4.6 stars across 500+ reviews on Capterra

Try it free and save $499 with code EASY499—limited time only.

✅ See how others are adapting with inFlow in our case studies

Save $499—Start Free

The Quote󠀢 💭

The Tweet 🐦

Design in the 90’s was a different thing altogether! Here’s how Google Maps would have been built on our very own Nokia handsets.

The Infographic 💹

Log9 Materials raised over $90 million from investors including Peak XV and Amara Raja and was last valued at $230 million. It had plans to manufacture batteries locally and transform India's commercial EV fleets. The startup now faces bankruptcy. What went wrong?

AI native CRM for the next generation of teams

Powerful, flexible, and intuitive to use, Attio is the CRM for the next-generation of teams.

Sync your email and calendar, and Attio instantly builds your CRM—enriching every company, contact, and interaction with actionable insights in seconds.

Join fast growing teams like Flatfile, Replicate, Modal, and more.

Start for free today.

The Short Read 📝

How Jane Street Manipulated Indian Markets and Got Caught - by Kirubakaran Rajendran

Jane Street is one of the world’s largest high frequency trading firms. They are often in the news for offering eye-popping salary packages to young college graduates. Their famous alumni include Sam Bankman-Fried, of FTX fame. Last week, they got the rough end of the stick from the Indian market regulator.

Over the last couple of years, Jane Street had earned profits of ~$4B by trading in the options market. Their strategy was revealed during the discovery process for the long running lawsuit against Millenium, another premier trading shop. The Indian regulator found Jane Street guilty to manipulating prices of underlying securities while trading in options to mint insane profits. These gains have been deemed illegal and all the money in Jane Street’s Indian bank accounts has been frozen. Read the full article for a blow by blow account of what actually happened.

The Long Read 📜

The scammers gaming India’s overcrowded job market - by The Guardian

As payments and a lot of other daily activities have moved online, risk of online scams has continued to increase. India is turning out to be a hotspot for such activities. Given the rampant unemployment in the country, some of these setups are now being run as legitimate call center businesses complete with HR and other staff.

Unsuspecting candidates are lured via advertisements in newspapers and funneled into interviews. Anyone who can speak decent English is then offered training on how to speak with American customers. If successful, candidates are handed scripts that they can use to defraud unsuspecting users in the USA posing as IRS agents or customer support representatives. For this, candidates are paid anywhere between $300 to $400 with “success" linked incentives. Read the full article for a fascinating yet sad story.

That’s all for this week. If you enjoyed this edition, we’d really appreciate if you shared it with a friend, family member or colleague.

We’ll be back in your inbox 2 PM IST next Wednesday. Till then, have a productive week!

Peeyush and Mohit

Disclaimer: The views, thoughts, and opinions expressed in the text belong solely to the author, and not necessarily to the author's employer, organization, committee or other group or individual.