New Delhi, Sept. 29 -- The Securities and Exchange Board of India (Sebi) last week released the final order detailing a systematic, multi-crore-rupee fraud at Seacoast Shipping Services Ltd (SSSL), which artificially inflated its revenue from just Rs.52 lakh to Rs.429.57 crore in three years through a web of sham transactions.

The investigation into Seacoast Shipping Services Ltd (SSSL) was initiated after BSE Ltd flagged significant irregularities pertaining to a "considerable increase in the net sales and net profit" of SSSL during fiscal year 2021 (FY21).

The probe, which covers the period from April 2020 to December 2023, places promoter and managing director Manish Shah at the centre of a scheme designed to manipulate financial sta...