The Securities and Exchange Board of India (SEBI) has conducted a search at the residence of Mr. Ravindra Patel (2016-batch IPS officer) in Rodra village, Khedbrahma, as part of its ongoing probe into financial irregularities linked to the Sadhna Broadcast case.
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The investigation concerns allegations of stock manipulation related to Sadhna Broadcast, where certain key sellers were found to be associated with YouTube creators who promoted the stock using misleading content and exaggerated price targets. SEBI had received complaints between July and September 2022 regarding price manipulation and share offloading.
In January 2024, SEBI issued show-cause notices to multiple entities, including Mr. Patel, accusing them of fraudulent trading and demanding explanations on why penalties, including recovery of wrongful gains, should not be imposed.
As part of the probe, SEBI searched multiple locations, including Mr. Patel’s residence in Vadodara‘s Barzin area, as well as the houses of his relatives in Galodia village, Khedbrahma. This marks the first instance in Gujarat where SEBI has raided the residence of an IPS officer.
Mr. Patel has previously served in Patan, Gandhinagar, and Vadodara. His father, Mr. D.N. Patel (Retired IPS officer), was an Inspector General (IG) of Police.
While SEBI has not yet released an official statement, sources indicate that the scope of the inquiry may expand further based on the findings from the current search operations.
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