Penny stocks scam: Stockbrokers turned a blind eye to KYC norms4 min read . Updated: 22 Nov 2016, 04:20 AM IST
A probe by the income tax dept has uncovered a trail of Rs38,000 crore involving manipulation in 84 listed penny stocks for converting black money into white
Mumbai: An income tax department investigation into transactions used to launder black money by trading in penny stocks has revealed how brokers became complicit by willing to compromise on know your client (KYC) norms.
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