AHMEDABAD: The ongoing search of a ceramics manufacturer along with stockbrokers and financiers revealed a scam allegedly where the executives of the firm entered into an agreement with certain brokers to artificially inflate or lower the stock prices.
Income Tax (IT) officials remained silent about the finding, but sources said it would add a new angle to the investigation.
The department has started the search Asian Granito Limited (AGL) since Thursday morning. Sources said searches have been completed in 40 premises, while officials will now examine the contents of 36 bank lockers.
“Till now three lockers have been operated out of which valuables worth Rs 5 crore including 2 kg of gold bullion and jewelery have been found. Besides, Rs 20 crore cash was also recovered from different premises in Ahmedabad and Surat,” he said. For which documents are being examined. During the search, details of land deals worth about Rs 100 crore have also been found.
Talking about the search for documents related to the ‘agreement’, the sources said that while insider trading is a known practice, they did not find proper documentation of the entire trade including the possible time frame to increase or decrease the prices of specific shares. . , commission percentage for brokers for specific thresholds and share of various stakeholders in different scenarios.
Income Tax (IT) officials remained silent about the finding, but sources said it would add a new angle to the investigation.
The department has started the search Asian Granito Limited (AGL) since Thursday morning. Sources said searches have been completed in 40 premises, while officials will now examine the contents of 36 bank lockers.
“Till now three lockers have been operated out of which valuables worth Rs 5 crore including 2 kg of gold bullion and jewelery have been found. Besides, Rs 20 crore cash was also recovered from different premises in Ahmedabad and Surat,” he said. For which documents are being examined. During the search, details of land deals worth about Rs 100 crore have also been found.
Talking about the search for documents related to the ‘agreement’, the sources said that while insider trading is a known practice, they did not find proper documentation of the entire trade including the possible time frame to increase or decrease the prices of specific shares. . , commission percentage for brokers for specific thresholds and share of various stakeholders in different scenarios.