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Got a few friends who work in banks and mutual funds. Have heard rumors from them that fixing is prevalent.

Maybe he is involved in such practices. You can never say for sure.
No he doesn't have any family wealth. He came from a poor or lower middle class family you can say
You saying this based on the post or you know that corruption exists in Sebi ?
There is corruption defo, but not enough for 7 crore flat loans. It's family wealth.