Conned, we decided to dig out the scam

DNA, like some of its peers, had fallen victim to a diabolical forgery plot by tainted stock market operator Nirmal Kotecha and his friends on December 22, 2008. To rewind, here are the facts of the case:

Like a host of newspapers, DNA also received on Saturday, December 20, the purported Sebi order asking the promoters of Pyramid Saimira to make an open offer at Rs 250 per share when the share price was ruling at around Rs 60.

On Sunday, December 21, the Business Standard carried this story first. On Monday, December 22, DNA, Business Line and the Economic Times followed suit. But the skeletons tumbled out on December 23 when we realised we had become victims of a huge stock market fraud because the Sebi letter was a forgery.

Angry at being abused thus, we decided to dig up the fraud and what you see here are stories from that pursuit.

DNA also gave a statement to Sebi on January 29 on how it came upon the forged letter. Our follow-up stories after the scam broke got vindicated in the Sebi order of Thursday.

On its part, Sebi has done a great investigation, and the crooks have got a nasty surprise because the regulator has used some cutting-edge technology to nab them. Surely, the last has not been heard in this case yet.

Lastly, we’d like to once again apologise to our readers for that error in judgement and promise to be doubly alert always. 
— Editor