Allegedly. And if you read anything about the case its clearly in a very gray area.

Their actions are what you'd expect any firm to do to hedge their exposure. Its just that they were so large and the Indian stock market is relatively so small that they're hedging moved the market.

So the question is, was their market moving hedging actual market manipulation or was it just the same thing every other quant firm would do in the same situation to hedge out their option exposure?

https://libgen.li/edition.php?id=151275376

Here's a decent description of the issue.

Also, the absolutely hilarious fact that Jane Street lawyers were instructed not to say the country's name out loud in court to protect trade secrets, yet they utterly failed to do so on multiple occasions.

This and what the article refers to are just two examples of the kind of thing this company considers to be their "business". For another example, Sam Bankman-Fried and his helper Caroline Ellison came from there. They're always looking for schemes to add billions to their accounts, morality be damned.

source?