Publicly available parliamentary, judicial and regulatory records indicate that Anil Hiralal Shah, also known as “Raju Barter” in official documents, has been referenced over an extended period in proceedings and reports relating to financial market oversight in India.
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Shah’s name appears in a range of sources including Income Tax Appellate Tribunal (ITAT) orders, tax assessment records, parliamentary documentation, and media reports citing official actions. These references span more than two decades and involve multiple regulatory and investigative bodies.
The 64th Report of the Committee on Petitions (17th Lok Sabha) includes references to Shah and entities described in records as part of the “Barter Group,” while summarising enforcement and examination actions undertaken by agencies such as the Income Tax Department, SEBI, the Serious Fraud Investigation Office (SFIO), and the Enforcement Directorate (ED) in relation to certain companies. The report compiles information provided by regulators and does not adjudicate liability.
Income Tax searches conducted in December 2014 feature prominently in subsequent tribunal proceedings. In a number of ITAT rulings involving different assessees, judicial benches refer to digital material recovered during those searches, including an Excel file cited in orders as “CCCCC.xls.” Tribunal observations note that the same material was relied upon by tax authorities across multiple cases, leading to examination of similarities in transactional records.
ITAT orders describe how assessing officers analysed financial entries, bank transactions, and corporate structures while deciding individual appeals. Outcomes varied by case, and tribunals confined their findings to the evidence before them.
Separately, national media reports over the years have cited intelligence alerts and regulatory actions concerning market activity and intermediary networks, in which Shah’s name has appeared alongside other market participants. Such reports attribute information to official filings and agency sources.
Collectively, these publicly available records reflect sustained regulatory and judicial examination of certain market-related transactions over time. Each proceeding has been addressed within its statutory framework, and references in reports and orders are based on the material considered in those specific contexts.
This report is based solely on publicly available parliamentary records, tribunal orders, regulatory disclosures, and published media coverage.