The Mumbai Police crime branch investigating the case of alleged 'dabba trading' on Tuesday arrested Upendra Babhubhai Kheni (50), from Naigaon, Palghar District, one more main accused. This is the sixth arrest in the case and the cops said they expect to take a few more into custody.
According to the police, on Tuesday, police received a tip-off about the accused's location. Police had laid the trap and apprehended the sixth accused.
Crime Branch arrested Jatin Mehta
On June 20, the crime branch arrested the main accused Jatin Mehta (45). Following this, on June 28, the cops caught three more accused, identified as Vijay Fads (28),Vijay Rathod (57) and Hire Makwana (46). On July 6, Dhiman Gandhi (33), was arrested from Mahavir Nagar, Kandivali West.
This scam involved a turnover of nearly ₹4,672 crore, causing a revenue loss for the government.
Dabba trading scam
Despite operating without a license, the accused were involved in trading activities through the 'MOODY' application. Dabba trading refers to share trading conducted outside authorized stock exchanges in order to evade tax payments.
Jatin Mehta was the first accused apprehended in his case. The accused traded through an app called Moody and the money earned was accounted for every Thursday. Jatin Mehta worked as coordinators and brought in customers through word of mouth publicity. The costumes were told that trading through the app does not attract tax deductions.
The racked bust under the guidences of Vinayak Chavan, Police Inspector, Crime Branch Unit 11.
