Income Tax dept conducts searches at renowned share broking firm in Surat

Surat: The Income Tax Department has launched an investigation into Jainam Share Consultants Pvt. Ltd., a firm involved in share trading. Officers from the Surat IT department, along with a special team from Amritsar, conducted searches at five locations in the city linked to the company.

The probe comes after allegations that the company’s employees collected large sums of money from investors under the guise of lucrative share market schemes. Many investors reportedly did not receive the promised returns, causing widespread concern. It is learnt that the individual behind these schemes had previously worked at the company but was later relieved of duties. Despite this, victims claimed they had invested money with the firm, leading to the filing of criminal cases in August.

The team from Amritsar reached the firm’s main office in Piplod on Monday afternoon and began a detailed investigation. The company’s old office in the same area, along with other linked locations, was also searched.

While the Income Tax Department has not officially commented, sources indicate that share trading and hedging activities, along with incomplete KYC compliance as per SEBI regulations, may have facilitated significant financial manipulation. Officials are focusing on gathering detailed information regarding the company’s share trading transactions.  DeshGujarat