In the past, it was noticed that through bulk SMSes, investors were induced to invest in or purchase the stocks of certain listed companies. In a statement, the regulator said the search and seizure operation was carried out against seven individuals and one corporate entity at multiple locations in Ahmedabad and Bhavnagar in Gujarat, Neemuch in Madhya Pradesh, Delhi, and Mumbai. Although some channels have been removed, the curation process is considered opaque and insufficient by analysts. The regulator took order for the search and seizure operation from Judge Purushottam B Jadhav, Sebi Special Judge / Additional Sessions Judge. Artem Kliuchnikov and his family fled Ukraine just days before the Russian invasion.
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