Mumbai (Maharashtra) [India], June 22 : The Crime Branch of Mumbai Police on Wednesday arrested an accused who indulged in Dabba Trading, an informal trading that takes place outside the purview of the stock exchanges.
The accused has been identified as Jatin Sureshbhai Mehta.
The police seized five mobile phones, a router and a pen drive seized from the accused.
Deputy Commissioner of Police, Crime Branch, Raj Tilak Roshan said, "Mehta was produced in the court today (Wednesday), where the court sent him to the custody of the crime branch till June 26."
He said that the accused operated the stock market on cash transactions through an application without any permission from the stock exchange.
"From March 2023 to June 20, 2022, there has been a turnover of Rs 4,672 crore from this bogus stock market (dabba trading)," said Roshan.
The DCP said that Mumbai Police's Crime Branch has unearthed illegal futures trading, unauthorized stock and commodity exchange in the form of dabba trading in the Kandivali area of Mumbai.
"The government has been defrauded of Rs 1 crore 95 lakhs 64 thousand 8 hundred 88 from Security Transaction Tax, Capital Gain Tax, State Government Stamp Duty Tax, SEBI Turnover Fee, Stock Exchange Trading Revenue," he said.
The DCP said that raids were conducted in the Sanket building, where the accused was sitting in a flat with all the systems installed.
"The accused was doing business in dabba trading since 1993. But now due to running this business from the application, the police got solid evidence in it. After this, the accused was arrested," said Roshan.
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