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

  •   Fri, Jun 23 2023 08:00:44 AM

Mumbai, Jun 23 (IANS): 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.

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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Comment on this article

  • Karen Dsouza, Udupi/Mumbai

    Mon, Jun 26 2023

    The Gujarati community knows how to make money, no doubt. They know to use loopholes to maximum effect. In Mumbai, in one single office space, four companies are registered, whereas in actual, only one exists. This is to lower tax outtakes and save money. Why the government is allowing this? Can a shopkeeper run a grocery shop, a manufacturing unit, an export company and a barber shop from the same 400 ft premises? Yet, Gujju accountants are exceptionally creative, that's why the idea of a Gujju patriot is hard to digest. They pay less tax, and yet, get maximum benefit under this regime. We are working to actually feed Gujarat.

    DisAgree Agree [4] Reply Report Abuse

  • mohan prabhu, mangalore/canada

    Fri, Jun 23 2023

    the swindler belongs to a community notorious for swindling people and governments.

    DisAgree Agree [11] Reply Report Abuse


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