Bharat Global Developers fraud of Rs 10000 crore: A multi-crore scam behind the unprecedented rise in shares of Ahmedabad-based BSE-listed Bharat Global Developers Ltd has been exposed. A scam of converting black money worth Rs 10,000 crore into white through trading in the company’s shares has come to light. The role of a stock operator in this black money has come to light. This issue of converting black money into white is forcing the Income Tax and Enforcement Department (ED) to investigate. SEBI had also suspended Bharat Global Developers three days ago.
The scam has been exposed in the preliminary report of SEBI
India Global Developers received Rs. An artificial boom was created in the shares by falsely announcing receipt of orders worth Rs 1500 crore. The share price increased by 1700 percent between November 2023 and November 2024. The share price increased 16-14% in the last one year and closed at 1072.95 on 28 November 2024. Not only this, from October to November the price increased from Rs 642 to Rs 1702.95 in a single month.
SEBI imposed ban
In an interim order on Monday, Sebi banned 41 operators and their associates, besides banning trading of the company’s shares. According to SEBI’s interim order, these operators will have to pay Rs. An income of Rs 271.58 crore has been earned in trading of this share. According to a SEBI report, the company with normal turnover from 2012 to 2023 suddenly got big orders in October 2024, a data cracker unit in Jamnagar for Reliance Industries, worth Rs. Wrong report of project worth Rs 120 crore was given. Even from major industrialists of the country like Tata, McCain, UPL, Rs. The false announcement of receiving seven orders totaling Rs 1,500 crore led to a surge in stock prices.
The company changed its name four times
Incorporated in 1992 as Perfect Weavers, the company has changed its name four times. The company also changed its objective from core business of textiles to projects like construction, infrastructure, new energy etc. It also announced extensive expansion by setting up a series of subsidiaries. On the other hand, in March 2024, a black operator and his associates recovered Rs. 10 and in October 2024 Rs. The preference shares were allotted at a price of Rs 121. Moreover, 99 per cent of the allotment was made only by operators rather than promoters in a single batch. If only a few people own shares in the market, price fluctuations become easier.
Demand for ED investigation
According to SEBI’s preliminary report, a series of advertisements, talking about a bright future, led the operators to indulge in insider trading, driving up share prices and then selling the goods at higher prices. Earning of Rs. 271 crores. Market sources believe that the shares of this company have increased by 1700 percent in one year. Black money worth Rs 10,000 crore was smuggled and the operators pocketed it as profit. After the shocking initial investigation report of SEBI, now Income Tax and ED should investigate the matter and bring the entire scam to light.
An operator’s car is known as black
An operator known as Kale in the local stock market has played an important role in the scam of this hollow company. This operator has special relations with a Delhi minister, that is why he is spreading rumors that the entire scam will have no impact. However, it has also been revealed that after the order of SEBI, the black operator is making arrangements by switching off the mobile. Earlier, but in various SEBI cases, cases have been registered against these operators for manipulation of share prices.
The market cap of Khokha Company is Rs. 13000 crores
An operator and his associates took over all the shares of a hollow company, spread rumors that the company’s future would bring a golden age, and in a single year made Rs. Created a company with a market cap of Rs 13,000 crore. The rising price is Rs. 500 crore shares were sold to small investors. The company has announced that it will bring bonus and pay interim dividend. However, after the earlier disclosure, the operators have now gone underground.
