Mumbai Broker Nabbed For Fraudulent Transactions Worth Rs 4,600 Cr

Mumbai broker nabbed for fraudulent transactions worth Rs 4,600 cr

Mumbai, June 22 : A Mumbai share-broker has been arrested for allegedly indulging in illegal ‘dabba trading’ activities worth over Rs 4,600-crore between March and June, officials said here.

 Mumbai Broker Nabbed For Fraudulent Transactions Worth Rs 4,600

The share-broker, identified as Jatin S.Mehta, 45, was nabbed after a Crime Branch team raided his offices in Mahavir Nagar in suburban Kandivali west on Tuesday.

The term ‘dabba trading’ implies illegal trading in shares independent of the stock exchanges without a valid licence, using an application called ‘Moody’.

This has resulted in a loss of nearly Rs 2 crore to the government by way of unpaid dues like capital gains tax, security transaction tax, stamp duty, SEBI and stock exchanges dues and fees.

Following a specific tip-off, the police sleuths had kept a watch on his shady activities, after which a team of Crime Branch along with NSE and MCX squads swooped on Mehta and nabbed him.





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Disclaimer : Editorial Team not involved in creation of this article & holds no responsibility for its content..This Article is Provided by IANS, Please contact IANS if any issues in Article .

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