The fifth accused involved in the infamous multi-crore ‘Dabba trading’ scam that was exposed in June has been arrested, Mumbai Police officials said on Friday.
The accused – identified as Dhimant K. Gandhi, 34 – is considered the mastermind behind the scam.
Nabbed from Kandivali, he was sent to a day’s police custody by a local court.
A Mumbai Police official said that Gandhi runs a computer spares shop who used to provide the login details and passwords to his co-accused Jatin Mehta, who, in turn, passed them onto others involved.
The illegal racket was laid bare last month when Gandhi and others allegedly engaged in illegal share trading activities worth over Rs 4,600 crore. This has caused an estimated loss of over two crore rupees to the government by way of capital gains tax, security transactions taxes, stamp duty, SEBI and stock exchanges fees and dues, etc.
Earlier in June, the police had nabbed three sub-brokers Vijay Gada, Hiten Makwana and Vijay Gala from Kandivali and other places. During their interrogation, the three accused revealed how they were using a mobile App called ‘Moody’ for conducting the illegal share-trading activities, bypassing the stock exchanges, between March-June this year.
Police hint at more arrests from Mumbai and other places as the probe continues further.
Comment here