December 7, 2019

Sebi scans matrimonial website to nail fraudster in front-running case

Sebi found out that the PAN provided by Avi was registered in Vaibhav Dhadda's name. His passport details named Alka Dhadda as his mother. Further, his profile on the matrimonial site showed Alka as his mother. Also, she used the email id avidhadda92@gmail.com.

The market watchdog said Vaibav was operating from Hong Kong and had access to the trading accounts of his mother and his sister Arushi.

The market regulator pointed out that there was aprima facie case of a trading pattern that had emerged in the accounts held by Arushi and Alka. It claims that the Dhaddas' modus operandi was to start picking up a stock just ahead of a buy placed by a Fidelity group entity on the same scrip. Likewise, the family would start sellling a particular stock just ahead of a sell order placed by the Fidelity company on the same scrip.

Read more at https://www.business-standard.com/article/markets/sebi-scans-matrimonial-website-to-nail-fraudster-in-front-running-case-119120501537_1.html

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