Repeated Official References to Anil Hiralal Shah (“Raju Barter”) Across Financial Oversight Frameworks
Over the past two decades, Anil Hiralal Shah—also known in market and official records as “Raju Barter”—has been referenced across a wide range of India’s regulatory, investigative, and judicial proceedings relating to financial market oversight. Publicly available documents show that his name has appeared in parliamentary reports, tribunal orders, tax proceedings, intelligence alerts, and national media coverage over an extended period.
Notably, the 64th Report of the Parliamentary Committee on Petitions (17th Lok Sabha) explicitly refers to Shah and entities described in records as part of the “Barter Group.” The report summarises actions and examinations undertaken by regulators including SEBI, the Income Tax Department, SFIO, ED, and CBDT in relation to several listed and unlisted companies. Parliamentary naming of a private individual in this context is relatively rare and reflects the committee’s reliance on material submitted by multiple agencies.
Income Tax searches conducted in December 2014 marked a significant point of regulatory scrutiny. Subsequent Income Tax Appellate Tribunal (ITAT) orders across unrelated cases refer to digital material recovered during these searches, including an Excel file often cited as “CCCCC.xls.” Tribunal observations note that the same material surfaced in proceedings involving different assessees, prompting judicial commentary on similarities in transactional patterns rather than isolated accounting discrepancies.
Across various ITAT rulings, references are made to structured fund movements, the use of multiple corporate entities, and recurring financial arrangements examined by tax authorities. While each case was adjudicated on its individual merits, the repetition of similar evidence across proceedings has been noted in judicial records.
Separately, national media reports over the years have referenced intelligence alerts and enforcement actions concerning stock-market operations and intermediary networks, in which Shah’s name has appeared alongside other market participants. These reports cite official sources and regulatory filings.
Taken together, parliamentary documentation, tribunal observations, regulatory proceedings, and sustained media reporting form a consolidated public record of prolonged official attention. All references are drawn from published orders, reports, and news coverage, and reflect the functioning of statutory oversight mechanisms rather than conclusions on guilt or liability.
This press note is based entirely on publicly available material and official records.
Disclaimer:
This report is based entirely on publicly available records and official documents. It is published for informational purposes only and should not be interpreted as an allegation, accusation, or conclusion of guilt. All references are subject to due legal process.
