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.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.qn/uk/AAA #Mumbai #broker #nabbed #worth #StockExchange #SenSex #Nifty #India #Economy #Ali #Mumbai .