Jane Street Tax Evasion Scandal: A Probe into Financial Misconduct
The Income Tax Department is probing Jane Street, a US-based trading firm, for alleged tax evasion. The firm was previously penalized by Sebi for market manipulation. Jane Street is accused of manipulating indices for significant profits. An interim order led to a temporary market ban and financial penalties.
- Country:
- India
The Income Tax Department launched a survey operation targeting several broking companies as part of an investigation into alleged tax evasion by Jane Street. The US-based proprietary trading firm has been accused of market manipulation, according to official sources.
The investigation follows action by Sebi against Jane Street, with the department reviewing account books and computer records of the firm. The Bombay Stock Exchange has requested clarification from Nuvama Wealth Management Ltd, Jane Street's domestic trading partner, about reports of tax department actions.
In July, Sebi found Jane Street guilty of manipulating market indices, leading to a temporary market ban and the impoundment of Rs 4,843 crore in gains. Although the firm was allowed to resume trading after depositing Rs 4,843.57 crore into an escrow account, the broader probe continues.
(With inputs from agencies.)
Google News