In the investigation, it was found that a transaction of ₹4,672 crore has taken place in this dabba trading.
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Mumbai Crime Branch Unit 11 arrested a man on Tuesday for running dabba trading (fake stock market) and evading ₹1.95 crore government tax, in Mahavir Nagar, Kandivali.
According to the information received from the crime branch, a raid was conducted in the office of the accused Jatin Suresh Mehta, 45, in Sanket building and a mobile, tab, laptop and ₹50,000 was recovered. Mehta was present inside the building with all the systems installed when the raid took place. Mehta was involved in the dabba trading since 1993, said an official, adding, the application used by the accused helped the police to nab him. In the investigation, it was found that a transaction of ₹4,672 crore has taken place in this dabba trading.
The Deputy Commissioner of the Police Crime Branch Raj Tilak Roshan said that Mehta used to take commission from the people as the profit and loss were calculated by the officials. "The whole business is like betting on cricket in which bookies used to put money on bets through mobile phones."
The money to be used for this was invested by the people through cash and no transaction took place to evade the taxes. The DCP Roshan said Mehta has caused a revenue loss of ₹1.95 crore to the government.
The case was investigated with the help of the National Stock Exchange of India Limited, the DCP said, adding, a transaction of ₹4,672 crore has taken plac
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