SEBI Raids: Stock Market Advisors Targeting Rs 10 Shares for Rs 100 Under Investigation

In the constantly evolving landscape of the stock market, some operators engaged in non-profitable activities. Sebi initiated an investigation in Rajkot, where a team, accompanied by Sebi’s officials, started probing a case involving a stock worth Rs. 10, which had risen to Rs. 100. The investigation revealed irregularities in the trading of shares of a certain company, particularly one account in Junagadh involved in transactions worth crores.

In recent times, the stock market has witnessed significant fluctuations, attracting individuals from the lower and middle classes. Many brokers, aiming to profit from these fluctuations, engage in a strategy involving buying shares at low prices, raising their prices in the market, and later selling them. This process often results in several brokers getting entangled in the trade. Recently, major operators from Gujarat have been working in certain companies after Sebi determined them to be fit for the job.

In its pursuit, Sebi’s team has reached Rajkot, having initially mobilized a team in Ahmedabad, Surat, and Vadodara, which was redirected to Rajkot from Dhoraji. In Rajkot, the team first focused on a broker named Sunflower Brokingham, where they began questioning Harsh Raval, who was working there. During the investigation, irregularities were detected in the account of a person residing in Jangleshwar, who had executed transactions worth crores using the account of a prominent broker, leading to scrutiny.

Sebi formed a team that went to Gujarat, covering locations such as Ahmedabad, Surat, and Vadodara. The team was eventually led to Rajkot. In Rajkot, the first 80-foot road near Bhaktinagar Circle was the location of Sunflower Brokingham, where they questioned Harsh Raval, who had moved from the flat on Kalavad Road.

Harsh was interrogated by Sebi’s team, and his laptop, which was seized for investigation, revealed significant transactions in the account of Salim, a resident of Jangleshwar. Salim’s account was investigated, showing substantial transactions. However, Salim could not be found in Jangleshwar. Additionally, Sebi’s team inspected the office of another broker located on Kadvibai Road under the AG Chok account in Ahmedabad.

After days of thorough investigation, the team has now turned its attention to conducting raids. Sebi’s surveillance department has provided directives to officials to investigate various locations independently. Lalchamani Tippes has provided tips, making several small investors cautious about operators removing their investments.

In a synchronized move, the police were requested to secure the premises at 4:30 in the morning, followed by a raid at 6 am.

Sebi’s team has conducted investigations into two major operators in Gujarat, and after examining their links, the team has moved from Rajkot towards their destination. The team arrived in Rajkot at 4:30 in the morning, demanding police assistance, where four women and four male officers were involved. Later, the team reached Kadvibai Road at 6 am, reaching the Kadambri Heights where Harsh Raval resides and was awakened for questioning.

The search for Salim in Jangleshwar was challenging. After Sebi’s team successfully extracted Harsh’s laptop and initiated investigations, they traced a team in Jangleshwar, where they reached the house of Harsh. Upon reaching there, Salim’s brother informed them that Salim works as a laborer, often cycling to his workplace and residing in a small room. Despite Salim’s large transactions, Sebi’s team has embarked on a search for him.