Jane Street’s Skeletal Staff Not Cooperating in ₹36,500-cr Market Manipulation Probe: Report
In a shocking turn of events, US-based trading firm Jane Street has refused to cooperate with the Income Tax Department’s investigation into allegations of market manipulation in India. According to a report by ANI, the firm’s servers and books of account are maintained outside India, and access is being blocked, making it difficult for the authorities to conduct a thorough probe.
The Income Tax Department had claimed that Jane Street made illegal gains worth ₹36,500 crore by manipulating the stock market in India. The firm’s alleged activities have sparked widespread concern and outrage among investors and regulators alike.
The report further added that Jane Street’s skeletal staff present in India are also not cooperating with the investigation. This lack of cooperation has raised serious questions about the firm’s transparency and willingness to cooperate with the authorities.
The Income Tax Department’s investigation into Jane Street’s activities has been ongoing for some time now. The department had initially claimed that the firm’s activities were a result of a “carefully planned and executed” scheme to manipulate the Indian stock market.
The investigation has been ongoing for several months, and the Income Tax Department has been working closely with other regulatory agencies, including the Securities and Exchange Board of India (SEBI), to gather evidence and build a strong case against the firm.
However, the lack of cooperation from Jane Street’s staff and the fact that its servers and books of account are maintained outside India have made it challenging for the authorities to conduct a thorough probe.
The Indian government has been taking a tough stance on market manipulation and other financial irregularities in recent times. In 2020, the government had launched a crackdown on shell companies and benami transactions, which had been used to launder money and evade taxes.
The market manipulation probe into Jane Street’s activities is seen as a significant development in this regard. The firm’s alleged activities have raised concerns about the integrity of the Indian stock market and the need for stricter regulations to prevent such incidents in the future.
The Indian stock market has been facing several challenges in recent times, including high valuations, liquidity issues, and volatility. The alleged market manipulation by Jane Street has added to these concerns, and the authorities are under pressure to take swift and decisive action to protect the interests of investors.
The Income Tax Department’s investigation into Jane Street’s activities is ongoing, and it is expected that the authorities will take all necessary steps to gather evidence and build a strong case against the firm. The outcome of the investigation will have significant implications for the Indian stock market and the firm’s reputation.
In conclusion, the lack of cooperation from Jane Street’s staff and the fact that its servers and books of account are maintained outside India have made it challenging for the authorities to conduct a thorough probe into the firm’s alleged market manipulation activities. The Indian government has been taking a tough stance on financial irregularities, and it is expected that the authorities will take all necessary steps to protect the interests of investors and maintain the integrity of the Indian stock market.
Source:
