The Pimpri-Chinchwad police have busted an alleged racket indulging in ‘dabba trading’, which is illegal stock trading outside the purview of the Securities and Exchange Board of India (SEBI). At least 13 people have been detained in the raids conducted at the offices of three securities trading entities in Pimpri-Chinchwad. The action was conducted on Friday.
Sleuths from Pimpri-Chinchwad police received a tip-off that a group of people were indulging in illegal stock trading by receiving money from people and investing it in the markets through various online applications without legitimate DMAT accounts.
Police have seized cash, 15 cellphones and computers in the raids. Deputy Commissioner of Police Dr Kakasaheb Dole said the investigation teams were probing the possibility of large sums of black money amassed by the suspects, Vasu Khushaldas Balani (51), Prakash Pasmal Mansukhani (52), Ravi Gaikwad (35), Vicky Suresh Kamble (36), Roshan Suresh Makhija (29), Satish Dattatray Khedkar (35), Rahul MarutiKamble (48), Ritesh Arun Gaikwad (32), Rajkumar Avtaram Kundanani (45), Govind Mohandas Nathvani (52), Haresh Sevakram Sachdev (31), Jitu Suresh Makhija (31) and Jitu Shankar Makhija (31).
Along with provisions of the Indian Penal Code, police have invoked sections of the Security Contract Regulation Act, 1956, against the suspects.