The crime branch of Mumbai Police has arrested a 33-year-old stock broker in the 'dabba trading' or illegal share trading case
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The crime branch of Mumbai Police has arrested a 33-year-old stock broker in the 'dabba trading' or illegal share trading case.
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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.
"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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