The Economic Offences Wing of Mumbai police in June had arrested three people for allegedly running illegal stock exchange also known as dabba trading.
The cyber cell of Mumbai city crime branch on Saturday arrested a man for allegedly selling stolen live data of National Stock Exchange (NSE). The said data was put on two websites and were given to customers on payment of subscription, police said. The arrested person has been identified as Rajendra Kumar Chell, 32, a native of Durgapur in West Bengal.
According to the police, the complainant in the case is manager at National Stock Exchange of India at Bandra-Kurla Complex, working on deputation at NSE's group company DOTEX International Ltd. NSE had given rights to DOTEX to sell live capital markets, futures and options, currency derivatives and wholesale debt market data. NSE had given such permission only to DOTEX.
"The said live data were legally provided to 33 other companies so far and there are agreements in this regard. In October 2015, it came to the notice of the complainant that a website was selling live data of NSE illegally. After consulting his superiors, the complainant contacted the customer care executive of the website and inquired if NSE's live data would be available. The executive told the complainant that the data is available and he would have to pay Rs 2,550. The executive also provided the bank account in which the money had to be deposited," said a cyber crime officer, requesting anonymity.
He said the complainant then deposited the money in the said account on October 28.
"The complainant then contacted the customer executive and was told to download Team Viewer and was given a user-ID and password and accordingly given access to the live data. By logging in the complainant came to NSE NOW TERMINAL system and the data available on the said system were only available for their legal vendors. The complainant then learnt that another website was illegally selling live data of NSE. He then contacted the said company officials and was told that he would have to deposit Rs 5,000 in a bank account to obtain the data. It was learnt that these website owners had stolen NSE's live data and were selling it illegally," the officer said.
In December 2015, the complainant received a call on his phone from an executive of one of the websites and the executive asked if the complainant wanted to increase the subscription, which the complainant refused. A complaint was then lodged in this regard with the cyber crime police on January 19. The complainant then provided all the communication and recording he had with the website and its executives to the police.
The police then contacted the banks in which the money was deposited by the complainant and asked for account holders details. "We learnt that the accounts were of Chell. Further analysis of accounts revealed that many customers were provided the live data by the websites. A police team then left for Durgapur and made inquiries with Chell. Chell then visited cyber crime police office in Mumbai and after his involvement was found in the said cheating case, he was placed under arrest. We are now probing from where Chell got live data of NSE. Probe revealed that both the websites were prepared to provide data. We are also probing if more persons are involved in the said crime," the officer said.
Chell has been booked under section 420 (cheating) of the Indian Penal Code section and sections 66 (computer related offences) and 66B (punishment for dishonestly receiving stolen computer resource or communication device) of the Information Technology Act.
The NSE spokesperson could not be reached for a comment.
Last month, the Economic Offences Wing of city police had arrested three people for allegedly running illegal stock exchange also known as dabba trading. It is alleged that the trio ran a parallel stock exchange and that the transactions were not punched on any of the software provided by the registered stock exchanges in India, causing loss to the government by not paying securities transactions tax, service tax, cess and other taxes to the government.
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