Last week, the crime branch of Mumbai Police had arrested a 33-year-old stock broker in the 'dabba trading' or illegal share trading case
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The Mumbai Police on Tuesday said that it arrested a 50-year-old share broker in connection with their ongoing probe into an illegal share trading (dabba trading) case, an official said on Tuesday, according to the PTI.
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A broker from Naigaon in Palghar was arrested by the police and with this latest arrest, the police have nabbed six persons in the case so far, the official told the PTI.
The accused persons allegedly indulged in illegal share trading (dabba trading) without an official licence from the stock exchange with the help of an online application, he said.
The main accused Jatin Sureshbhai Mehta, who was arrested last month, allegedly traded shares outside the stock exchange without valid licence and his turnover in the period between March 23 and June 20, 2023 was Rs 4,672 crore, the official told the PTI.
Mehta allegedly cheated the government of more than Rs 1.95 crore by not paying security transaction tax, capital gain tax, state government stamp duty tax, SEBI turnover fees and stock exchange turnover revenue, he said.
Meanwhile, last week, the crime branch of Mumbai Police had arrested a 33-year-old stock broker in the 'dabba trading' or illegal share trading case.
The 33-year-old man was arrested by unit-11 of the crime branch on Wednesday. This is the fifth arrest in the illegal share trading case.
The Mumbai Police last month arrested a 45-year-old share broker for allegedly trading in shares worth hundreds of crores of rupees outside the purview of recognized stock exchanges, as per the PTI.
"The accused and his associates conducted illegal trading, also called 'Dabba trading', with the help of 'Moody' app," police claimed.
"The turnover of the main accused during the period between March 23 to June 20, 2023, was Rs 4,672 crore," the police official said.
"The share broker, thus, cheated the government of more than Rs 1.95 crore in revenue by evading the security transaction tax, capital gains tax, the state government stamp duty, SEBI turnover fees and stock exchange turnover revenue," the police added.
(with inputs from PTI)
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