Khedbrahma: A team from the Securities and Exchange Board of India (SEBI) conducted a search at the residence of IPS officer Ravindra Patel in Khedbrahma on Thursday. The 2016-batch IPS officer, currently serving as Superintendent of Police, was present during the operation, along with his father, D. N. Patel, a retired IPS officer of IG rank.

The raid is reportedly linked to financial irregularities in the Sadhna Broadcast pump-and-dump case, where 61 entities were penalized for manipulating stock prices for profit. As part of the probe, Patel’s wife and brother-in-law were also questioned.

The case involves alleged stock market manipulation linked to Sadhna Broadcast, a YouTube broadcasting company. Between July and September 2022, SEBI received complaints about price manipulation and share offloading in the company. Investigations revealed that some key sellers of its shares were connected to YouTube content creators who promoted the stock using misleading videos and exaggerated price targets to attract investors.

Following the probe, in January 2024, SEBI issued a show-cause notice to multiple entities, including the IPS officer, accusing them of fraudulent trading. SEBI sought explanations on why penalties, including the recovery of wrongful gains, should not be imposed.

While proceedings were ongoing, the officer submitted a settlement application in February 2024, seeking to resolve the case without admitting or denying SEBI’s findings. After discussions with SEBI’s internal committee, a settlement was reached, requiring him to pay ₹72.8 lakh as a settlement amount and ₹1.9 crore as disgorgement. He also voluntarily accepted a six-month ban from the securities market. SEBI’s high-powered advisory committee approved the settlement.

A settlement order issued on February 27, 2025, confirmed that the officer had made the necessary payments. However, SEBI retains the right to reopen the case if any discrepancies or violations of the settlement terms are found. Meanwhile, with SEBI’s probe still ongoing, central agencies are now scrutinizing the officer’s financial transactions, including his investments and possible connections to other market entities. DeshGujarat