logo
Drug bust near North Campus of DU, med representative among five nabbed

Drug bust near North Campus of DU, med representative among five nabbed

NEW DELHI: Five people, including a medical representative of a company, have been arrested for allegedly being involved in supplying drugs without any bill or prescription in North Campus of Delhi University, police said on Saturday.
The accused have been identified as Manish Bhatle (26), Devender (57), Nikhil (28), Ankit Gupta (40), and Kapil (28). A total of 2,360 capsules of Tramadol and 135 bottles of Codeine-based cough syrup have been recovered.
Acting on a tip-off regarding Bhatle, who was allegedly involved in the supply of Codeine-based syrup and Tramadol capsules, a trap was laid and Bhatle was nabbed from near University Road with two plastic sacks, with one containing 10 boxes of 2,360 capsules (Dicyclomine HCI, Tramadol HCI, and
Acetaminophen) and another 120 bottles of 100 ml codeine-based syrup, DCP (Crime Branch) Apoorva Gupta said. The drug inspector said the recovered items without carrying bills or prescription were illegal as per the NDPS Act, the DCP said.
Bhatle revealed that he procured the contraband from his uncle Devender, owner of a medical shop in Malkaganj, and the same was to be supplied as per his directions. Later, Devender was nabbed. He disclosed that he procured Tramadol from Nikhil, a mediator in the illegal drug supply chain. After arrest, Nikhil told cops that he had procured the Tramadol tablets from Ankit.
Ankit was rounded up during a raid at his godown at GT Karnal Road Industrial Area on May 14. He said he had supplied Tramadol to Nikhil without any bill or prescription. Fifteen bottles of codeine syrup were recovered from his godown, the DCP said.
Ankit disclosed that Kapil supplied him six packets of Tramadol capsules and codeine syrup. Kapil, a medical representative with a renowned firm, was arrested on May 15.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Conman in judicial custody
Conman in judicial custody

Hans India

timean hour ago

  • Hans India

Conman in judicial custody

Mangaluru: RoshanSaldanha, a Mangaluru-based man accused of defrauding businessmen across several states of several crore rupees, has been remanded to judicial custody. The accused, who was arrested earlier this week, is facing multiple FIRs related to financial frauds, police said. Police produced Saldanha before a court on Saturday night, which ordered a judicial custody for him. Mangaluru South (CEN) police, who are already investigating two earlier cases involving Rs 11 crore and Rs 2 crore, have now received fresh complaints. A Maharashtra-based businessman alleged that Rs 5 crore was transferred to Saldanha's account on July 16. Similarly, a businessman from Assam claimed a loss of Rs 20 lakh on July 17. Police have since directed banks to freeze the accused's accounts. Chitradurga police may also seek his custody in connection with a separate case involving a Rs 40 crore fraud filed by an Andhra Pradesh businessman. Mangaluru Police Commissioner Sudheer Kumar Reddy said the accused will likely be taken into police custody again for further interrogation. Authorities have urged other victims to file complaints either locally or with the South CEN police station. Meanwhile, a Malaysian woman found at Saldanha's residence at the time of arrest is being processed for repatriation. Police said she has no role in the fraud. Her documents are being verified in coordination with the Ministry of External Affairs.

'You Don't Get A Pass, You Get Justice': US House Foreign Affairs Panel Hails TRF Terror Tag
'You Don't Get A Pass, You Get Justice': US House Foreign Affairs Panel Hails TRF Terror Tag

News18

timean hour ago

  • News18

'You Don't Get A Pass, You Get Justice': US House Foreign Affairs Panel Hails TRF Terror Tag

Last Updated: The panel also reiterated its criticism of global media coverage of the Pahalgam attack, accusing outlets of downplaying what it called a clear act of terrorism The US Republican Majority on the House Committee on Foreign Affairs has welcomed the designation of Pakistan-based The Resistance Front (TRF) as a global terrorist outfit. The group, which the US designated as a proxy of Lashkar-e-Tayyiba (LeT) in its announcement, was labelled both a Foreign Terrorist Organisation (FTO) and a Specially Designated Global Terrorist (SDGT). 'The Resistance Front is a foreign terrorist organization and deserves the designation," the committee's official X handle posted. 'When you butcher civilians, you don't get a pass—you get JUSTICE." President Trump calls it like it is. The Resistance Front is a foreign terrorist organization and deserves the you butcher civilians, you don't get a pass—you get JUSTICE. — House Foreign Affairs Committee Majority (@HouseForeignGOP) July 19, 2025 The announcement was made by US Secretary of State Marco Rubio, less than three months after the April 22 massacre in Pahalgam, Jammu and Kashmir, where TRF claimed responsibility for the killing of 26 civilians. It was one of the deadliest attacks targeting civilians in the region in recent years. The Resistance Front first emerged in Kashmir in 2019, shortly after the abrogation of Article 370. It was widely seen as an attempt by Lashkar-e-Tayyiba to rebrand its operations under a new name to avoid global scrutiny. Since then, TRF has claimed responsibility for several attacks in Jammu and Kashmir, many of which have targeted off-duty security personnel, civilians from outside the region, and minority communities. The FTO and SDGT designations trigger sweeping measures including financial sanctions, asset freezes, visa bans, and criminal penalties for those providing any form of material support to the group. TRF, the State Department noted, serves as a front for LeT, an internationally proscribed terror group, and operates to obscure the latter's direct involvement in attacks. Indian authorities have repeatedly raised concerns over such proxy outfits being used to bypass global sanctions. On July 19, the committee also cited its earlier post from April 23, in which it had criticised international media coverage of the Pahalgam attack — particularly a New York Times headline that read: 'At Least 24 Tourists Gunned Down by Militants in Kashmir." At the time, the committee had responded with a corrected graphic, replacing the word 'militants" with 'terrorists" in bold red, writing: 'Hey, @nytimes, we fixed it for you. This was a terrorist attack plain and simple. Whether it's India or Israel, when it comes to terrorism, the NYT is removed from reality." Reposting that on July 19, the committee reaffirmed: 'It was a terrorist attack — simple and straightforward." It was a terrorist attack—simple and straightforward. — House Foreign Affairs Committee Majority (@HouseForeignGOP) July 19, 2025 The House Foreign Affairs Committee is a permanent committee in the US House of Representatives. It handles bills and investigations related to America's foreign relations. The latest US action is expected to bolster international scrutiny of Pakistan-based terror proxies, particularly at forums like the Financial Action Task Force (FATF), where the country's counterterror commitments remain under watch. India welcomed the US decision, with External Affairs Minister S Jaishankar describing it as a 'strong affirmation" of India-US counter-terror cooperation. 'Appreciate @SecRubio and @StateDept for designating TRF—a Lashkar-e-Tayyiba (LeT) proxy—as a Foreign Terrorist Organization (FTO) and Specially Designated Global Terrorist (SDGT). It claimed responsibility for the April 22 Pahalgam attack. Zero tolerance for Terrorism. #OpSindoor," External Affairs Minister S Jaishankar posted on X. Location : New Delhi, India, India First Published: July 21, 2025, 12:46 IST News world 'You Don't Get A Pass, You Get Justice': US House Foreign Affairs Panel Hails TRF Terror Tag Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.

Jane Street to resume trading: Arbitrage vs market manipulation explained
Jane Street to resume trading: Arbitrage vs market manipulation explained

Business Standard

time2 hours ago

  • Business Standard

Jane Street to resume trading: Arbitrage vs market manipulation explained

US-based trading firm Jane Street found itself at the centre of a regulatory storm in India, after the market watchdog accused it of manipulating index prices to boost profits at the expense of retail investors. On July 3, the Securities and Exchange Board of India (Sebi) temporarily barred the firm from participating in its securities markets. The regulator alleged that Jane Street carried out a coordinated trading strategy that distorted prices in India's Bank Nifty index, misleading investors and profiting from the resulting volatility. Jane Street, which has denied any wrongdoing, is now challenging the order and has deposited more than ₹4,800 crore (around $560 million) into an escrow account and has resumed trading in the Indian market. The case has left some institutional investors unsettled and may even serve as a larger wake-up call for India's financial market, sparking debate between legal arbitrage and illegal market manipulation. Here's a closer look at what this means. What is Jane Street? Jane Street is a global quantitative trading firm that uses mathematical models and algorithms to trade rapidly and across markets. With operations in more than 45 countries and over 3,000 employees, it is one of the largest players on Wall Street. In 2023, the firm reportedly accounted for more than 10.4 per cent of North America's equity trading volume, up from 7.6 per cent in 2022, according to a report by the Financial Times. In India, the firm traded heavily in both the cash market, where investors buy and sell actual shares, and the derivatives market, where traders use instruments like options and futures to bet on future price movements. What is an arbitrage trading strategy? Arbitrage is a legal trading strategy that takes advantage of price differences in different markets. This means that if a stock is trading at slightly different prices across two exchanges, a trader can buy low in one market and sell high in another. In India, arbitrage often occurs between the cash market and derivatives market, where traders can simultaneously buy and sell related assets to lock in small, low-risk profits. Arbitrage is legal in India as long as these trades are based on existing inefficiencies and do not attempt to create false price movements. Arbitrage may even be beneficial as it can help align prices, thereby improving market efficiency, as former Sebi primary market board member V Raghunathan told CNBC. What is market manipulation? Market manipulation is illegal. It involves deliberately distorting prices or creating a misleading impression of market activity. This could include tactics like artificially inflating demand, moving prices without a valid economic reason, or placing trades solely to influence market outcomes. Difference between arbitrage and market manipulation The difference between arbitrage and manipulation lies in intent and impact. Arbitrage works within the natural functioning of markets, while manipulation seeks to interfere with it. The latter can often harm other investors in the process. What are Sebi's accusations against Jane Street? According to Sebi, Jane Street used multiple entities to carry out a coordinated trading strategy in the Bank Nifty index. The market regulator alleges that one entity bought large volumes of banking stocks in the early morning, which pushed up the index price. At the same time, another entity took positions in the derivatives market anticipating a fall in the index. Near the close of the trading day, particularly on expiry days when derivative contracts are settled, Jane Street is alleged to have sold off the earlier stock purchases in large volumes, pushing the index lower. This price drop, Sebi claims, boosted the profitability of the firm's bets on falling prices. This practice is known as 'marking the close', which is considered manipulative if it involves intentionally influencing prices during the final minutes of trading. Sebi argues that Jane Street's actions created an artificial and misleading appearance of market activity, which in turn caused retail investors to trade at distorted levels and suffer losses. Jane Street's response to Sebi allegation Jane Street has denied any manipulation, describing its actions as basic index arbitrage. The firm has not commented publicly but has indicated it intends to challenge the regulator's order. On July 14, Jane Street deposited ₹4,844 crore into an escrow account, a step that Sebi said was required while reviewing the firm's request to resume trading in Indian markets. Broader market reaction and regulatory concerns The episode has unsettled parts of the institutional investor community. Although Indian stock indices are near all-time highs, foreign institutional investors (FIIs) have become increasingly cautious, particularly around midcap and smallcap stocks, where valuations appear stretched and liquidity is thinner. Jignesh Desai, chief executive for institutional equities at Centrum Broking, told Business Standard, 'FIIs are looking for consistency and predictability in regulatory actions, especially around high-frequency and algorithmic trading. As long as Sebi maintains transparency and market stability, this episode is unlikely to deter long-term foreign capital.' Read the full interview here. Meanwhile, K P Krishnan, honorary senior fellow at the Isaac Centre for Public Policy, has pointed out that the outcome of this case will matter not just for Jane Street but for how India defines and regulates complex trading in its increasingly sophisticated markets. What does this crackdown mean? The Jane Street case has raised critical questions about how modern financial markets operate — and how regulators balance market growth and activity with investor protection. Sebi recently reported that 91 per cent of retail traders lost money in the derivatives market last year, with total losses exceeding ₹1 trillion. While these losses cannot be attributed to any single firm, the contrast between large institutional profits and widespread retail losses has renewed concerns about market fairness. Sebi's intervention in this case could mark a turning point in how such strategies are policed.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store