Executive Fraud Blog

MUMBAI: Once bitten, but certainly not shy. Even as the Securities and Exchange Board of India (Sebi) is locked in legal battles with the major depositories and depository participants over the IPO share allotment scam, the alleged masterminds of the fraud may be having a field day. Sources close to the regulator reveal that many entities named in the IPO allotment scam are also involved in the manipulation of Nissan Copper shares recently.

A comparison of the two orders one relating to the IPO scam and the other Nissan Copper reveals common names. These include Dhiren Vora, Patel Rajeshkumar, H Nyalchand Financial Services, Rajesh Patel, Sonal Vora, Hasmukh Vora, Khandwala Integrated Financial Services.

On paper, there is no question of doubt. But whether the persons responsible for rigging Nissan Copper share price are the same ones who plotted the demat scam is another question altogether. ET learns that Sebi is aware of this development and is investigating the matter.

Many others named in the Nissan Copper order are actually fronts for the above-mentioned group of people based in Ahmedabad, a person close to the investigations said.