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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