Cyber criminals are becoming more and more tech savvy to indulge in modern day crimes in India. They are using information and communication technology (ICT) to further their nefarious activities. In one such incidence reported by Business Standard, Madhya Pradesh Police has unearthed a huge dabba trading racket in commodities and currencies. Police sources said that they were running a nationwide dabba or illegal trading amounting to thousands of crores worth trading daily using mobile network.
Initially the case was handled by the local cyber crime police but keeping in mind the magnitude and nature of the offence the cyber crime unit handed over the case to Crime Investigation Department (CID). Well the story did not end here as the CID also found the case to be complicated and having wider legal ramification and has urged the state government to refer it to various agencies including CBI.
The modus operendi of the criminals involved running parallel dabba trading on mobile platform by creating parallel commodity exchanges of MCX and NCDEX using mobile application software “Metatrader 5” obtained from illegal means. Preliminary investigations reveal they obtained software from Dubai.
The cyber criminals were luring potential investors by ensuring higher returns and falsely claiming that the platform is linked with MCX and NCDEX. They always remained on hunt for those innocent or aged- investors who have less liquidity and more properties so that in case of “default” they can take possession of the property.
Now Central Bureau of Investigation, Enforcement Directorate, Income Tax department, Reserve Bank of India, Securities and Exchange Board of India, Forward Market Commission are being involved in the investigations. Since the cyber criminals were operating the fake exchange through mobile phones, it has become multi-locational crime.