NS Pimpri-Chinchwad Police has busted an alleged racket involving ‘dabba trading’ – illegal stock trading outside the purview of the Securities and Exchange Board of India (SEBI) and on Friday raided the offices of three trading entities in the city and detained 13 people . Police have seized cash, 15 mobile phones and computers.
sleuth from Pimpri-Chinchwad Police A tip-off was received that a group of people are doing illegal stock trading by receiving money from people without valid demat accounts and investing it in the markets through various online applications.
Dr Kakasaheb Dole, Deputy Commissioner of Police said that the investigation teams are probing the possibility of accumulation of huge amount of black money by the suspects.
Those detained have been identified as Vasu Kushaldas Balani (51), Prakash Pasmal Mansukhani (52), Ravi Gaikwad (35), Vicky Suresh Kamble (36), Roshan Suresh Makhija (29), Satish Dattatreya Khedkar (35), Rahul Maruti. In the form of Kamble. (48), Ritesh Arun Gaikwad (32), Rajkumar Avtaram Kundnani (45), Govind Mohandas Nathwani (52), Haresh Sevakram Sachdev (31), Jeetu Suresh Makhija (31), and Jeetu Shankar Makhija (31). Pimpri-Chinchwad.
The police have invoked sections of the IPC and the Security Contract Regulation Act, 1956 against the suspects.