Police in Pimpri-Chinchwad dismantled an alleged racket leading to âdabba tradingâ – illegal stock market transactions outside the jurisdiction of the Securities and Exchange Board of India (SEBI) – and arrested 13 people during raids on the offices of three commercial entities of the city. Friday. Police seized money, 15 cell phones and computers.
Pimpri-Chinchwad Police detectives have been told that a group of people are carrying out illegal stock trading by receiving money from people and investing it in the markets through various online apps without legitimate Demat accounts.
Deputy Police Commissioner Dr Kakasaheb Dole said investigative teams were investigating the possibility of large sums of black money amassed by the suspects.
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The detainees were identified as 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), all residents of Pimpri -Chinchwad.
Police have relied on sections of the IPC and the Security Contract Regulation Act 1956 against suspects.