Global Trading Giant Jane Street Faces Hurdles in Indian Tax Probe
Jane Street, a US-based trading firm, is reportedly not cooperating with Indian tax authorities amid an ongoing investigation. Challenges arise due to data storage outside India and minimal staff cooperation, complicating efforts to probe alleged market manipulation that resulted in substantial illegal gains.
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- India
US-based trading firm Jane Street is facing scrutiny from the Indian Income Tax Department amid allegations of non-cooperation in a growing investigation. According to sources, the firm's critical data servers, located outside India, are proving difficult for officials to access, stalling progress in the probe.
Sources further revealed that Jane Street's financial records are maintained overseas, contravening Indian company law requirements for domestic storage. The logistical hurdles are compounded by the firm's limited personnel presence in India, with few employees offering cooperation, thereby hampering the investigation.
Jane Street had been implicated by the Securities and Exchange Board of India (SEBI) for purported index manipulation, resulting in an illegal gain of Rs 4,843.57 crore. After complying with SEBI's interim order to deposit funds in an escrow account, Jane Street was allowed to resume trading but with strict conditions against fraudulent practices. (ANI)
(With inputs from agencies.)
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