MUMBAI, Jan 18 � As a probe continues into the misuse of stock markets for evading taxes and laundering black money, 4-5 cartels of market operators have been identified for making illicit gains or
showing fictional losses of several thousands of crores of rupees over last 2-3 years.
According to sources, both �bull� and �bear� cartels appear to be at work in the entire scheme of things, while they are estimated to have assisted over 1,000 entities � including individuals, listed companies and their promoters and top executives � in tax evasion and money laundering.
A bear cartel acts in concert to push down the share prices to show losses that are eventually used to neutralise tax demand of the customer from his or her other income.
On the other hand, another type of cartel creates a bullish trend or a sharp rise in share prices to make undue gains in stocks of little-known companies to launder black money through stocks and show the same as legitimate gains. � PTI