The seven accused including Ali Mustafa, Pardip Saini, Paresh Shah, Neten Shah, Bijal Shah, Truptesh Patel and Mitesh Shah used confidential bank documents to commit the fraud, Reuters reported.
According to the UK financial watchdog, the alleged used inside information to place bets on companies shortly before takeovers were announced, resulting in galloping more than GBP1m.
FSA lawyer Michael Bowes alleged that the defendants got rich by intentionally using unpublished price-sensitive information in London’s Southwark Crown Court.
The accused used 10 counts of insider dealing using information obtained from the London printers of Swiss bank UBS and UK brokerage JPMorgan Cazenove.
The accused have also been charged for using unpublished information to place bets on shares in Biffa, Premier Oil, Vega Group, Enodis and Thus Group between May 2006 and May 2008.