Illegal share trading: 3 held for tax evasion

A case of cheating and sections of the Securities Contract Act was registered and the three.

By: Express News Service | Mumbai | Published:June 11, 2016 1:13 am
Om investments, tax evasion, Om investments tax, EOW Mumbai,tax evasion Mumbai, Economic Offences Wing, Mumbai Police, Vinod Shah, Arun Singh, Pradeep Chavan Three persons of Om investments were for allegedly cheating the government by not paying taxes to the tune of crores. Photo for representational purpose

The Economic Offences Wing (EOW) of the Mumbai Police arrested three persons for allegedly cheating the government by not paying taxes to the tune of crores. The EOW raided the Malad office of Om investments, and found three persons doing “share trading” on computers. Two were talking on phones, getting info and writing it down on a paper, said officials.

The three arrested are Vinod Shah, Arun Singh and Pradeep Chavan. The officials said Vinod Shah was the owner of Om Investments, the sub-broker of Angel Broking Limited. Their interrogation revealed that the three were working as share trading operators. They were not trading on any stock exchanges but writing down details through the day, while the investors were told that investment was being done, said the officials. However, they added, this was not seen on any stock exchange.

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Since no contract notice is given and all transactions are done stealthily, no tax is paid to the government on this transaction. On being questioned, Shah said they had a daily turnover of Rs 5 crores. The company has an annual turnover of nearly Rs 2000-3000 crore.

A case of cheating and sections of the Securities Contract Act was registered and the three.

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  1. S
    Susmita Das
    Aug 22, 2016 at 3:45 pm
    Wow! what a bad writing, wrong grammar and absolutely no understanding of the SEBI laws!
    Reply