900cr dabba trading, sports betting racket busted; 8 arrested
Surat: The special operations group (SOG) in Surat busted a dabba stock trading (off-exchange stock speculation) and sports betting racket, worth Rs 950 crore, and arrested eight people.
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Those arrested operated from the office of a real estate firm in Utran. They allegedly developed websites and applications through which speculators and bettors made illegal trades and bets.
The authorities have charged ten persons under the Bharatiya Nyaya Sanhita, the Securities Contracts (Regulation) Act 1956, and the SEBI Act 1992.
SOG police inspector Atul Sonara received intelligence that a large-scale dabba share trading and betting racket was being run from the real estate firm's office in Utran.
SOG detectives raided the office of Sunrise Developers at Meridian Business Centre and apprehended eight individuals who were running a dabba trading and sports betting racket using computers.
The accused had developed web platforms named 'Castilo 9' and 'Stock Grow' for dabba trading and promoted them on social media platforms such as Facebook and Instagram. These platforms enabled clients to carry out illegal trading and speculation on stocks and other securities.
Additionally, the use of online betting platforms suc as Betfair.com, NexonExch.com, PavanExch and English999 was discovered, where betting took place on cricket, football, tennis, and other sports. Police found transactions totalling Rs 950 crore across all these platforms.
"The accused employed an in-house software developer to make customized platforms. Clients were identified across India, including in cities such as Mumbai, Ahmedabad, Rajkot and Surat.
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The authorities seized 19 mobile phones, four laptops, Rs 10 lakh in cash, 31 passbooks, 87 cheque books and 13 sim cards, among other items," an official said.
Police seized a paper shredder, used by the accused to get rid of sensitive documents. "Many transactions were conducted through angadias, resulting in numerous paper documents that were shredded after their use was over," the official added.
Those arrested are Nandlal Gevariya, Vishal Gevariya, Jaydeep Pipaliya, Bhavin Hirpara, Navneet Gevariya, Sahil Suvagiya, Bhavesh Kihla and Bakul Tarsariya.
Two other accused persons, Javed and Parimal Kapadiya, have been charged and listed as wanted.
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