Ahmedabad Police Crack Down on Illegal MCX Dabba Trading Operation in Old City
In a significant crackdown on financial irregularities, the Khadia police in Ahmedabad successfully dismantled an illegal MCX 'dabba trading' operation on Tuesday. This underground stocks trading racket was being conducted through mobile applications in the historic old city area, leading to the arrest of one individual connected to a local bullion shop.
Police Surveillance Leads to Raid in Gusa Parekh ni Pol
According to official police reports, a specialized surveillance team from the Khadia police station received credible intelligence about illicit trading activities occurring at a specific shop located in Gusa Parekh ni Pol. Acting swiftly on this tip-off, officers conducted a targeted raid at the premises to investigate the alleged illegal operations.
Evidence Uncovered During Investigation
During the raid, police encountered Bhupesh Shah, a 44-year-old resident of Sabarmati who was employed at the bullion shop. Upon examining a mobile phone found on the premises, investigators discovered the MetaTrader 5 application actively being used for unauthorized trading activities.
Police examination revealed two active trading IDs on the device. During subsequent interrogation, Shah confessed that one ID was being operated by him personally for dabba trading purposes. He further disclosed that the second ID belonged to the shop's owner, while another associate was also involved in the illegal scheme.
Wider Network and Seized Items
The investigation uncovered a broader network behind the operation, with Shah identifying intermediaries who allegedly supplied the trading IDs used in the illegal activities. The immediate search conducted at the scene resulted in the confiscation of crucial evidence, including a mobile phone valued at approximately Rs 10,000 and Rs 2,130 in cash.
Legal Action Initiated Against Multiple Individuals
In response to these findings, authorities have registered a First Information Report (FIR) against five persons involved in the illegal trading racket. The charges have been filed under multiple legal provisions including:
- The Bharatiya Nyaya Sanhita
- The Information Technology Act
- The Gambling Act
This coordinated police action highlights the ongoing efforts by Ahmedabad authorities to combat financial crimes and unauthorized trading activities that undermine regulated markets. The case continues to be under investigation as police work to identify and apprehend all individuals connected to this illegal operation.
