Bigger than fraud of Vijay Mallya, Nirav Modi, Ketan Parekh combined..., this US company earned Rs 250000000000 by fraud in just....
The SEBI has made a shocking disclosure about the US trading firm Jane Street a few days ago and seized Rs 4,800 crore from it. But now SEBI tipster is claiming that the money that Jane Street has earned by doing manipulation is very high.
If the world is still recovering from the scam that was done by Vijay Mallya, Nirav Modi and Ketan Parikh, SEBI has unearthed a scam which bigger than this three combined. This US trading company has earned Rs 25000 crore by manipulating in 2024 alone by manipulating expiry-day trades.
How much did Jane Street earn from scam?
Bansal revealed that Rs 4,800 crore is just a small amount, which is based on SEBI's investigation of only 21 business days of a two-year period starting from July 2023. He estimates that the total profit of Jane Street during this period is Rs 36,500 crore and in fact all of it has been earned illegally.
He said that Jane Street's 2024 profit of Rs 3 billion is much more than its nearest competitor's earnings of Rs 320-360 million, a difference of nine times which cannot be ignored. He further said that Jane Street is not doing what it usually does. It has made money by manipulating stocks and indices.
How did the company manipulate?
The company said the scam was done in two step manipulation. First- The company took huge positions in cash and futures to control the index. Due to which it used to control the entire index on expiry days. Once the index went up, Jane Street took short option positions- long put and short call and then sold its cash holdings. It incurred a small loss by taking the call, but it made huge profits with long term put. This manipulation was seen in many indexes – Bank Nifty, Nifty, Sensex and Midcap on every expiry day.
What action did SEBI take?
On July 3, SEBI issued an interim order barring Jane Street from doing business in India, citing its involvement in 'intra-day index manipulation'. The regulator seized alleged illegal income of about ₹4,844 crore and ordered the money to be deposited in an escrow account. The 105-page SEBI order accused Jane Street of driving up Bank Nifty through aggressive cash and futures purchases, then shorting the index through options and misleading retail investors.
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