Noida — The Income Tax Department on Thursday morning raided the residence of prominent stock trader Mahesh Goyal in the upscale “The Forest Society” located in Sector 92, Noida. Acting on sensitive inputs allegedly provided by SEBI (Securities and Exchange Board of India), authorities launched the search operation at 7 a.m., placing Goyal and his family under house arrest as the search was conducted.
A strong contingent of Income Tax officials, assisted by local police, cordoned off the premises. No individual was allowed to enter or leave the apartment during the operation, and mobile phones of all residents inside were seized to prevent any communication that might interfere with the investigation.
SEBI Tip-Off Points to Suspicious Transactions in Banned Shares
Sources in the tax department revealed that the raid was initiated following a tip-off from SEBI, which had flagged irregular transactions involving restricted or banned shares. The allegations include the possibility of insider trading, a serious offense under Indian securities law.
During the extensive search, the authorities reportedly recovered and seized critical electronic devices such as laptops, mobile phones, and storage media suspected to contain records of questionable financial dealings. Several physical documents pertaining to trading accounts and financial instruments were also taken for examination.
FCRF x CERT-In Roll Out National Cyber Crisis Management Course to Prepare India’s Digital Defenders
Business Couple Grilled; Insider Trading Allegations Under Scrutiny
Mahesh Goyal and his wife, Ruchi Goyal, were questioned for several hours by the investigators. The interrogation primarily focused on the timeline, pattern, and beneficiaries of specific share transactions, with investigators probing for any evidence pointing to insider information or circular trading schemes.
While the authorities have yet to formally disclose the full scope of the raid or the evidence collected, officials indicate that preliminary findings suggest a deeper nexus possibly involving trading in banned securities or front-running activity.
Despite the high-profile nature of the raid, officials from the Income Tax Department refrained from giving official statements to the media. Sources confirm that the matter is under detailed investigation and that forensic audits of the seized digital assets are currently underway.
Algoritha: The Most Trusted Name in BFSI Investigations and DFIR Services
A Larger Crackdown on Market Malpractices?
The action against Mahesh Goyal could be part of a broader crackdown by financial regulators and enforcement agencies on manipulative market practices. With SEBI increasing its vigilance on trading anomalies and the Income Tax Department tracking unaccounted gains, the spotlight is now on high-volume traders operating across premium residential hubs.
Officials have not ruled out the possibility of similar operations targeting other individuals or entities based on links uncovered during the ongoing probe.
