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SFO appeals for information on firms in West Midlands, Sheffield and Hampshire

Four people have been arrested in connection with a Serious Fraud Office investigation into companies delivering government energy efficiency contracts.

The Serious Fraud Office (SFO) has launched a public appeal and searched six sites across the UK as it announced a new investigation into three companies delivering Energy Company Obligation 4 (ECO4) contracts.

It is appealing for information on Cannock-based Warmfront, Sheffield-based JJ Crump, and Fareham-based South Coast Insulation Services in connection with ECO4 projects – a government energy efficiency scheme designed to tackle fuel poverty and help reduce carbon emissions – between 2022 and 2024.

The SFO said it understood that Warmfront was sold in 2024 and now trades under new management not connected to the investigation.

The investigation followed allegations that the three companies were involved in a “sophisticated conspiracy” by submitting claims where “little or no work was undertaken”.

It was suspected that energy companies were defrauded of at least £44 million in this way, the SFO said.

A UK-wide operation involving the SFO and the National Crime Agency resulted in investigators arresting four people on suspicion of conspiracy to defraud following searches of four homes in Cannock, Wolverhampton, Chilworth and Southwell and two commercial sites at Cannock and Killamarsh.

The SFO appealed to members of the public who had any information or had witnessed anything concerning to contact it in confidence by email at confidential@sfo.gov.uk.

SFO director Graham McNulty said: “This scheme was designed to reduce carbon emissions, help households cut costs and stay warm – instead, in many cases, we suspect little or no work was done.

“We are particularly keen to hear from installers and assessors who worked on these contracts and know what really happened.

“Our door is open, and coming forward is the right thing to do.”

Solicitor General Ellie Reeves said: “This scheme was meant to tackle fuel poverty and improve people’s homes.

“Instead, the Serious Fraud Office is investigating claims £44 million in public money was paid to companies that allegedly did little more than submit false invoices for work they failed to carry out.

“I am sickened by those who want to profit off the back of a scheme designed to help vulnerable people, and I’m confident the SFO’s investigation into allegations of substantial fraud will deliver the answers victims and the public deserve.”

Tata Consultancy Services has been drawing renewed attention after Morgan Stanley reiterated its “Overweight” rating, maintaining an “In-line” industry view and setting a price target of Rs 2,880, implying about 10% upside from current levels.

TCS shares were trading nearly 2% lower at Rs 2,569 during Wednesday’s session, reflecting short-term market pressure even as longer-term sentiment improves.

Morgan Stanley’s thesis hinges on a potential recovery in revenue growth and valuation re-rating, suggesting that recent underperformance may be nearing an inflection point. The brokerage sees improving fundamentals positioning TCS to outperform peers as growth stabilizes.

The brokerage expects the stock to outperform the broader market index over the next 60 days.

It also forecasts around 4% revenue growth in FY27, which would be comparable to or better than many large-cap peers. After lagging in FY26, TCS’s weaker growth is already reflected in its valuation, with its P/E multiple trading at a notable discount to peers. Morgan Stanley anticipates this gap will begin to close, particularly as early large-cap earnings suggest TCS may be better positioned on FY27 growth expectations.

Currently, TCS trades at about a 19% discount to peers such as HCLTech, a gap the brokerage expects to narrow in the coming quarters.
Overall, the firm assigns a probability of over 80% to this scenario, indicating a high level of confidence, though it notes that such estimates are subjective and based on its internal assessment.On the technical side, data from Trendlyne shows the 14-day RSI for Tata Consultancy Services at 58.4. Typically, an RSI below 30 signals an oversold condition, while a reading above 70 indicates the stock may be overbought.

In terms of moving averages, the trend appears slightly bearish, with TCS trading below five of its eight simple moving averages (SMAs). The stock is currently holding above only its 10-day, 20-day, and 30-day SMAs.

Looking at the shareholding pattern for the March 2026 quarter, foreign institutional investors (FIIs) have trimmed their stake from 10.37% to 9.66%. In contrast, mutual funds have raised their holdings from 5.52% to 5.77%. Promoter ownership remains steady at 71.77% during the same period.

(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

Shares of Transformers and Rectifiers (India) crashed more than 11% to Rs 295 on Wednesday after the company reported a 5% year-on-year (YoY) decline in consolidated net profit to Rs 89 crore for the fourth quarter of the financial year 2026, while announcing a dividend of Rs 0.25 per share.

The company announced the outcome of its board meeting in the post-market hours of Tuesday. WhileTARIL’s consolidated net profit declined, the company’s revenue from operations increased nearly 16% YoY to Rs 783 crore during the January-March quarter of FY26.

TARIL reported an order book of nearly Rs 5,005 crore with FY26 inflows at Rs 2,374 crore. Total income grew 18% YoY to Rs 805 crore, while total expenses increased nearly 21% YoY to Rs 686 crore.

On a standalone basis, the firm’s net profit gained a little over 1% YoY to Rs 77.5 crore, while revenue from operations increased 16% YoY to Rs 752 crore during the quarter under review. Net profit margin, however, contracted 170 basis points to 10%, while the EBITDA margin declined 200 basis points to 15.1%.

Net profit for the entire financial year 2026 gained more than 20% YoY to Rs 225.43 crore, while revenue from operations increased around 23% YoY to Rs 2,395.49 crore. EBITDA, meanwhile, rose 17% YoY to Rs 370 crore.

What TARIL’s management said

“FY26 has been a year of strong and consistent performance for TARIL. Our ability to deliver robust revenue growth along with sustained profitability reflects the strength of our execution capabilities and disciplined operational approach. The healthy order inflows and strong order book provide us with clear visibility for the coming periods. As we continue to scale our capacities and enhance our technological capabilities, we remain focused on improving efficiencies, strengthening margins, and delivering long-term value,” said Satyen J. Mamtora, Managing Director & CEO of TARIL.
The company added that it continues to benefit from improvements in manufacturing efficiency, supply chain optimisation and project execution. “In line with its growth plans, the company is undertaking a planned capex investment of approximately Rs 600 crore over the next 15 months to enhance capacity and support future demand,” it said.
Along with the Q4 results, TARIL announced a dividend of Rs 0.25 (25%) per equity share with a face value of Re 1 each. The record date to determine the eligibility of shareholders set to receive the payment is yet to be announced.

TARIL share price

TARIL shares dropped to an intraday low of Rs 295 apiece on NSE on Wednesday. The company has a market capitalisation of nearly Rs 9,150 crore.

In the longer term, the stock has rallied over 830% in three years and more than 3,350% in five years.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

WASHINGTON — Federal authorities are investigating a string of deaths and disappearances involving at least 11 American scientists and researchers with ties to sensitive nuclear, aerospace and space defense programs, as lawmakers warn the pattern could signal a national security threat and fuel speculation of coordinated foul play.

The cases, spanning from 2022 to early 2026, include scientists from NASA’s Jet Propulsion Laboratory, Los Alamos National Laboratory and other facilities linked to classified research. Some died under unexplained circumstances, while others vanished without trace, prompting the FBI to lead a coordinated review alongside the Department of Energy, Department of Defense and NASA.

House Oversight Committee Chairman James Comer, R-Ky., said Monday the panel has demanded briefings from the four agencies, expressing concern that “something sinister could be happening.” Comer noted the individuals had access to highly sensitive information involving rocket technology, nuclear secrets and advanced aerospace programs, some connected to commercial space efforts by companies including SpaceX and Blue Origin.

Among the cases drawing scrutiny is the 2023 death of Michael David Hicks, a longtime NASA Jet Propulsion Laboratory scientist who worked nearly 25 years on projects including asteroid deflection technology. His passing was followed by the death of Frank Maiwald, a 61-year-old JPL space research specialist, in Los Angeles in 2024. Monica Jacinto Reza, 60, director of JPL’s Materials Processing Group and involved in advanced alloy research, disappeared while hiking in a Los Angeles-area forest in June 2025.

Other notable incidents include the fatal shooting of MIT nuclear physicist Nuno Loureiro outside his Massachusetts home and the homicide of Caltech astrophysicist Carl Grillmair. Retired Air Force Maj. Gen. William Neil McCasland, who commanded research labs tied to advanced propulsion and materials, vanished from his New Mexico home in early 2026. Additional disappearances involve Los Alamos-linked personnel, including administrative assistant Melissa Casias, contractor Steven Garcia and property custodian Anthony Chavez for the National Nuclear Security Administration.

A pharmaceutical scientist with indirect ties to research networks, Jason Thomas, was also found dead. Some reports reference a total of 11 individuals when including earlier or related cases, though exact counts vary slightly across agencies as investigations overlap.

The FBI confirmed Tuesday it is “spearheading the effort to look for connections” among the missing and deceased scientists. Officials emphasized that while the cases have generated public attention and online speculation, no definitive evidence has established a single coordinated cause. Circumstances differ: some involve apparent homicides, others unexplained deaths, and several remain active missing persons investigations.

White House Press Secretary Karoline Leavitt said the administration is conducting a “holistic review” and vowed to leave “no stone unturned.” Energy Secretary Chris Wright acknowledged the Department of Energy’s involvement, noting many nuclear security scientists fall under its purview, and confirmed a coordinated investigation across government branches.

Lawmakers from both parties have expressed alarm over potential national security implications. The affected researchers worked on technologies with dual-use applications, including propulsion systems, materials science for extreme environments and nuclear-related programs. Some had exposure to classified aspects of space defense, satellite technology and even programs studying unidentified anomalous phenomena, according to congressional letters.

Social media has amplified theories ranging from foreign espionage by state actors to internal cover-ups or targeted eliminations tied to breakthroughs in sensitive fields. Speculation has linked the cases to broader debates over UAP disclosure, advanced energy systems and competition in the commercial space sector. However, officials and experts caution against jumping to conclusions, noting that scientists in high-stress fields with security clearances can face personal challenges, accidents or unrelated crimes.

A former nuclear official told reporters that the probe could uncover “crazy stuff” but stressed the need for thorough, evidence-based analysis rather than conspiracy narratives. Independent experts in intelligence and security have pointed out that while the cluster is unusual, proving causation requires forensic links, timeline overlaps and motive evidence that current public information does not fully provide.

The timing has heightened concerns. Several cases clustered in the Los Angeles area near JPL and Caltech, while others center in New Mexico around Los Alamos, a key nuclear research hub. Disappearances of personnel with security clearances raise questions about potential insider threats, data exfiltration or external recruitment attempts by adversaries.

NASA stated it is cooperating fully with federal partners and reviewing internal security protocols for personnel involved in sensitive missions. The agency has not commented on specific individuals but noted that employee safety remains a priority.

The House Oversight Committee’s demand for information highlights possible gaps in inter-agency information sharing. Letters sent to the FBI, Pentagon, DOE and NASA seek details on any common threads, including shared projects, clearances or external contacts.

Public reaction has been intense, with viral posts and cable news segments amplifying the story. Some commentators draw parallels to historical patterns of suspicious scientist deaths during the Cold War or in other nations, though direct comparisons remain speculative.

Authorities urge patience as investigations proceed. Local law enforcement in California and New Mexico continue active searches and probes into individual cases, sharing findings with federal teams. Forensic reviews, digital analysis of communications and background checks on potential suspects or witnesses are underway.

For families of the missing and deceased, the lack of answers has been agonizing. Relatives of Reza and McCasland have made public appeals for information, while others have requested privacy amid the heightened scrutiny.

The broader context includes intensifying global competition in space and nuclear technologies. China and Russia have accelerated their own programs, raising espionage risks. U.S. officials have previously warned about intellectual property theft in aerospace and energy sectors.

Despite the mystery, officials stress that most scientist deaths and disappearances historically prove unrelated upon full investigation. Factors such as age, health issues, travel in remote areas or personal circumstances often explain individual cases once thoroughly examined.

Still, the sheer number and professional overlaps have elevated the matter to a priority national security review. Updates are expected in coming weeks as the FBI and congressional committees receive briefings.

As the probe deepens, questions linger about whether these tragedies represent coincidence amplified by public attention or something more deliberate targeting expertise critical to America’s technological edge. For now, the mystery surrounding the 11 scientists continues to unsettle Washington and the scientific community alike.