Ahmedabad-based scammers cheat 4,000 investors, SEBI probes
The Securities and Exchange Board of India is investigating several pump and dump schemes being operated from Ahmedabad and duping around 4,000 investors, NDTV Profit reported, citing people familiar with the matter. The scheme, which involved revivals of defunct BSE firms, was being orchestrated through a network of shell companies. SEBI has reportedly seized mobiles of several accused.