E-Paper
13 held by Pimpri-Chinchwad police for “dabba trading”
From these accused, cash worth ₹1,20,750 and 15 mobile phones of different companies were found. These accused used various mobile applications to invest in online trading and made illegal use of the rise and fall in the market, without a permit, and operated dabba trading which is illegal, say Pimpri-Chinchwad police
PUNE The Pimpri Chinchwad police crime branch conducted raids in offices of three stock trading companies and arrested 13 people for indulging in “dabba trading” - a form of trading that is illegally kept off-books to avoid scanners of the Securities and Exchange Board of India (SEBI).
The arrested have been identified as Vasu Khushaldas Balani (51), Prakash Pasmal Mansukhani (52), Ravi Gaikwad (35), Vicky Suresh Kamble (36), Roshan Suresh Makhija (29), Satish Dattatray Khedkar (35), Rahul MarutiKamble (48), Ritesh Arun Gaikwad (32), Rajkumar Avtaram Kundanani (45), Govind Mohandas Nathvani (52), Haresh Sevakram Sachdev (31), Jitu Suresh Makhija (31), and Jitu Shankar Makhija (31), all residents of various parts of Pimpri-Chinchwad.
“From these accused, cash worth ₹1,20,750 and 15 mobile phones of different companies were found. These accused used various mobile applications to invest in online trading and made illegal use of the rise and fall in the market, without a permit, and operated dabba trading which is illegal. They did not report any of the transactions to SEBI. They do not use any Demat accounts for these trades which prevents them from getting registered. The spread of “dabba trading” method is far-reaching and multiple businesspersons are suspected to be investigating their black money in it,” read a statement from the assistant commissioner of police Kakasaheb Dole of Pimpri-Chinchwad crime branch.
The men were arrested in a case under Sections 406, 42, 120(b) of the Indian Penal Code along with Sections 13, 16, 17, 18(a), 19 with 23 of Security Contract Regulation Act, 1956 registered at Pimpri police station.
