News Reporter

By Dheeraj Fartode During the proceeding in JMFC court said that in view of provisions of section 26 (A) to 26 (E) of the Securities Contracts (Regulation) Act, 1956, the court of JMFC has no jurisdiction to entertain any proceeding under this act, even the remand proceeding.  This observation of the court have put question mark on homework and study of officials of Economic Offences Wing (EoW) of Crime Branch of city police. Sources said it is surprising that EoW officials and law officer seemed unaware about the constitutional provisions while handling the SCRA matter. Had they not read the law book before cracking down on Dabba traders, the set back in the court could have been avoided. Or it seems EoW officials acted in a haste which enabled the key players to steal the march over police, they claimed.  Sources further informed that the EoW officials have not yet collected concrete evidence in the case so far.  EoW’s raids against Dabba traders were conducted ...

Main accused are still at large By Dheeraj Fartode Sessions Judge P V Ganediwala on Monday extended the police custody remand of nine Dabba traders by three-days to help prosecution reach to bottom of the case.  The cops today produced accused -- Ramesh Chotelal Patre (33), a  resident of 101, Vaishali Nagar; Govind Bhanwarlal Sarda (42), a resident of Canal Road, Ramdaspeth; Kushal Kishor Laddhad (37), a resident of Ramdaspeth; Pritesh Sureshkumar Lakhotia (37), a resident of 201, Shankar Nagar; Ashwin Madhukar Borikar (30), a resident of Durgawati Nagar; Vikas Laxminarayan Kubde (28), a  resident of Panchpaoli, Nagpur; Swapnil Vijayrao Parate (24), a resident of Shivaji Nagar;  Vijay Chandulal Goklani (34), a resident of Quetta Colony in the court during afternoon hours.  Defence lawyers took strong objections to prosecution argument and claimed JMFC court has no jurisdiction to entertain any proceeding under Securities Contracts (Regulation) Act ...

By Dheeraj Fartode Economic Offences Wing (EoW) of City Police and Mumbai Police conducted raid at L7 group office at Marol, Andheri (East), Mumbai. The cops seized computers, laptops, hard disks from the office related to the Dabba trading network which has caused losses to the State exchequer.  Joint Commissioner of Police (Joint CP) Rajvardhan confirmed the information and said that the raids were conducted on specific inputs.  The raid started on Friday when the EoW got tip-off about Ravi Agrawal’s software office in Mumbai. The Nagpur EoW contacted Mumbai Police for help and started the raid that continued for 24 hours. The cops have also engaged software professionals to collect maximum evidence from Mumbai office of L7 group.  Sources in EoW informed ‘The Hitavada’ that the Mumbai-based office is the most important link in the Dabba trading network. Agrawal had established the office at 5b-157 Akshay Mittal Industrial Estate, Marol, Saki Naka, Andheri ...

By Dheeraj Fartode Players of the Dabba trading have amassed huge money through illegal trading in last five years and they have decided to float the network in Dubai too. The sensational information seemed to have missed the alert eyes of Enforcement Directorate (ED) which has deputed its officials at Nagpur to act against money laundering. ED and concern police stations were mute spectator about the money laundering happening in the city since last so many years as they purportedly had no primary intelligence about it. This has put a big question mark on the revenue intelligence agencies which seems to have glossed over such big racket operating without any fear since decades across the country.  Sources informed that Ravi Agrawal had decided to multiply his wealth through the Dabba trading and Dubai was his destination to achieve the aim. As per Agrawal’s plan, the Dabba trading in the Dubai would be done on the foreign exchange.  But, the tough action by EoW Nagpur...

By Dheeraj Fartode Economic Offences Wing (EoW) on Friday registered eight offences at Lakadganj and Tehsil Police Stations against 21 Dabba traders and their associates following raids across the city on Thursday. The cops have arrested 13 Dabba traders in this connection however eight Dabba traders including Kingpin Ravi Agrawal, proprietor of L7 group is still at large. The arrested accused were produced in the court and the court have granted three days police custody.  Addressing a press conference, Deputy Commissioner of Police (DCP EoW) Deepali Masirkar informed that it could be major jolt for the illegal Dabba trading racket as this is first major combine raids against Dabba trading operators in the India. The Dabba traders have connections across the country. They are trading in shares, commodities and foreign exchange across the country and their turn-over is whopping Rs three lakh crore per day.  EoW officials informed that the Dabba traders were operating i...

The cops have conducted raids at 10 different locations More than 10 businessmen arrested for running illegal share brokerage network By Dheeraj Fartode In a major crackdown against Dabba traders (illegal share brokers) in city, joint teams of Securities and Exchange Board of India (SEBI) and Economic Offences Wing (EoW) on Thursday conducted raids at nine city based business establishment and arrested 10 businessmen in this connection. The EoW have seized Rs five lakh cash along with many diaries, computers from the traders in which entries of share trading is available. The business establishments have collectively turn over worth Rs 2,500 crore per year, claimed an EoW official. According to information, the unnoticed scam in all these years came to fore after a written complaint received by EoW last month. During investigation of the complaint, the EoW contacted SEBI officials and discussed the case. The joint team of SEBI and EoW discovered huge amount of Dabba trading...