Accused in Rs 252 crore drug racket deported from UAE after CBI-INTERPOL coordination
According to CBI officials, Dola, who is wanted by the Mumbai police for allegedly operating an illegal Mephedrone manufacturing unit in Maharashtra's Sangli, arrived at Chhatrapati Shivaji Maharaj International Airport on flight AI-984 from Dubai.
They said that Dola was arrested by Abu Dhabi police in January after INTERPOL issued a Red Corner Notice (RCN) against him on November 25, 2024, following a request from the Mumbai police through the CBI.
They went on to add that Dola's location in the UAE was tracked through close coordination between the CBI, INTERPOL and the UAE authorities.
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Time of India
26 minutes ago
- Time of India
How Jane Street targeted over 40 Nifty, Nifty Bank stocks in expiry-day trades
U.S. trading firm Jane Street Group allegedly manipulated Indian equity indices by targeting over 40 constituent stocks of the Nifty 50 and Bank Nifty, deploying aggressive expiry-day strategies that netted massive gains, according to a Securities and Exchange Board of India (Sebi) order that barred the firm from Indian securities markets on Friday. The market regulator's order, running 105 pages, outlined how the proprietary trading firm executed high-volume trades to distort index levels, misleading other market participants and profiting from large index options positions. The firm and four of its affiliates have been barred from accessing Indian securities markets, and Sebi has ordered the impounding of Rs 4,840 crore in alleged illegal gains. Expiry-day targeting across indices Sebi's probe identified 18 expiry-day sessions, 15 involving Bank Nifty and three involving Nifty 50, during which Jane Street allegedly engaged in 'sharp, large, and aggressive interventions' across cash, futures, and options markets. These trades, SEBI said, influenced index levels and options pricing to the firm's advantage. Among the Bank Nifty stocks involved were HDFC Bank, ICICI Bank, Axis Bank, State Bank of India, Kotak Mahindra Bank, IndusInd Bank, Federal Bank, Bank of Baroda, IDFC First Bank, AU Small Finance Bank, Punjab National Bank, Canara Bank, and Bandhan Bank. The strategy extended to a broader basket of Nifty 50 constituents, particularly on expiry days in May 2025. Sebi listed trades involving Reliance Industries, Infosys, Tata Consultancy Services, HDFC Life, ITC, Larsen & Toubro, and Kotak Mahindra Bank, among others. In all, the firm allegedly executed trades in over 40 index stocks, including names such as Adani Enterprises, Bajaj Finance, Coal India, HCL Technologies, Hindustan Unilever, JSW Steel, Maruti Suzuki, ONGC, Power Grid, Sun Pharma, and Tata Steel. January 17: A case study in engineered volatility Sebi's order highlighted January 17, 2024, as Jane Street's single most profitable day in Indian markets, a session where the firm allegedly made Rs 735 crore using what the regulator called an 'Intra-day Index Manipulation' strategy. The Bank Nifty index opened significantly lower that morning at 46,573.95 versus the previous close of 48,125.10. Sebi noted that media reports attributed the drop to weak earnings from HDFC Bank the previous evening. The firm allegedly responded with a two-patch strategy. In 'Patch I,' Jane Street aggressively bought Rs 4,370 crore worth of Bank Nifty constituents and futures, pushing prices up and creating the impression of a recovery. SEBI said that 'at a time when participants in index options markets are misled by the above support for Nifty Bank, JS Group builds effectively Rs 32,114.96 crores of bearish positions in the much more liquid Nifty Bank index options by buying cheap Put options and selling expensive Call options.' In 'Patch II,' the firm reversed these purchases. 'The sales are aggressive, in a manner that pushes down prices in the component stocks and hence index. JS Group books losses in intraday cash/ futures market trading,' Sebi noted. However, the losses in equities were vastly outpaced by profits in the options market, as put options surged in value. 'Profits in index options more than compensate for the JS Group's losses in intraday cash/futures trading,' the Sebi order said. Also read | How Sebi's crackdown on Jane Street unfolded: A 15-month trail of scrutiny and ignored warnings A repeatable pattern Sebi found that Jane Street used this intra-day strategy on 15 of the 18 expiry days it reviewed, while the remaining three involved a different 'Extended Marking the Close' approach, also observed in trades in May 2025, even after Sebi had issued a cautionary notice to the firm. 'JS Group continued with similar trades, in disregard of the caution letter from the Exchange… and JS Group's own commitments,' SEBI said, adding that the firm was 'aware that Nifty Bank was almost certainly likely to fall again by the end of the day, given their intent to aggressively sell back all of their morning purchases (and more).' Other market participants, meanwhile, 'were unaware of all this, and were hence enticed to deal at a time that the Nifty Bank itself was being artificially and temporarily propped up,' the regulator said. Enforcement and systemic concerns Sebi's order names four Jane Street entities — JSI Investments Pvt Ltd, JSI2 Investments Pvt Ltd, Jane Street Singapore Pte Ltd, and Jane Street Asia Trading Ltd — which are now banned from buying, selling, or dealing in securities, directly or indirectly. Banks have been directed to freeze all debit transactions from the group's accounts. The regulator said Jane Street earned Rs 36,502 crore in total profits between January 2023 and March 2025, of which Rs 43,289 crore came from index options. These were partly offset by Rs 7,687 crore in losses across cash and futures trades. Sebi also drew attention to broader imbalances in India's derivatives markets, where institutional and proprietary traders, often using high-frequency strategies, dominate gains while retail traders absorb equivalent losses. The order said that Jane Street 'was consistently running what appeared to be by far the largest risks in 'cash equivalent' terms in F&O particularly on index option expiry days.' What made the firm's strategy stand out, Sebi said, was 'the intensity and sheer scale of their intervention in the underlying component stock and futures markets.' Also read | Rs 735 crore in 1 day! Jane Street's most profitable day on Dalal Street was built on Nifty Bank's fall
Scroll.in
28 minutes ago
- Scroll.in
Karnataka HC stays BJP defamation case against Deputy CM DK Shivakumar, state Congress
The Karnataka High Court on Friday stayed a defamation case filed by the Bharatiya Janata Party against Deputy Chief Minister DK Shivakumar and the Congress' state unit, Bar and Bench reported. Justice SR Krishna Kumar heard preliminary arguments in the matter, and stayed the proceedings till the case is heard next. The judge issued a notice to the BJP, and adjourned the hearing till July 29, the Deccan Herald reported. The case pertains to allegations by the Congress that the previous BJP government in Karnataka took bribes from contractors. The Congress was elected to power in the state in 2023, displacing the BJP government. The BJP filed the defamation case against the Congress, party leader Rahul Gandhi and Shivakumar, objecting to newspaper advertisements with allegedly derogatory allegations about the previous BJP government between 2019 and 2023. The Congress had alleged that the government was charging a 40% commission or bribes from contractors for undertaking public works. The BJP alleged that the Congress was spreading false claims against its members, including the then Chief Minister Basavaraj Bommai. The High Court had stayed proceedings against Gandhi in the case on January 17. The advertisements based on which the BJP filed the defamation case accused the previous government in Karnataka of having looted Rs 1,500 crore through corrupt practices like charging commissions. They also alleged that the government had put in place 'rate cards' for bribes that purportedly had to be paid to secure government posts.
New Indian Express
32 minutes ago
- New Indian Express
Madras HC directs govt to pay Rs 6.75 lakh to baby whose thumb severed by nurse
MADURAI: The Madurai Bench of Madras High Court has directed the state government to pay Rs 6.75 lakh as compensation to a family after a staff nurse of a government hospital in Thanjavur accidentally severed the thumb of a new born post-delivery in 2021. Justice S Srimathy gave the ruling on a petition filed by the baby's father Ganesan. Ganesan stated that his wife delivered a girl child at Government Raja Mirasdar Medical College Hospital in Thanjavur on May 25, 2021. Two weeks later, a staff nurse, Sheela, who was on duty, who tried to remove remove the venflon from the baby's left hand using a pair of scissors, severed her thumb due to negligence. Subsequently, Ganesan filed a mandamus petition before the court seeking fair compensation and the passed an interim order granting compensation of Rs 75,000.
